![]() All had gone smoothly: identifications verified, documents signed, checks. The Abacus Bank trial still serves as a lesson for prosecutors to understand and use as future guidance in how they should remain aware of cultural context and implicit biases when exercising their discretion in targeting businesses that cater to underserved minority communities. In the heart of New York’s Chinatown, a mortgage closing at the Abacus Federal Savings Bank was just about complete. This analysis addresses why Abacus Bank did not attempt to allege selective prosecution to quash the DA's case and also never brought a suit against the government in connection with the aggressive prosecution tactics used by the DA. saga of the Chinese immigrant Sung family, owners of Abacus Federal Savings of. Vance pushed the boundaries in his aggressive pursuit of a lowest hanging fruit minority bank. Abacus: Small Enough to Jail is a documentary film directed by Steve. bank indicted for mortgage fraud related to the 2008 crisis. Ultimately, after a four-month jury trial and 10 million dollars in defensive litigation costs, Abacus Bank, a bank deemed "small enough to jail" as opposed to "too big to fail," remains the only U.S. Yet, the Manhattan District Attorney aggressively prosecuted Abacus Bank with a 184-count indictment. ![]() Moreover, institutions such as Abacus provide critical services to underbanked populations and support the economic prosperity of minority communities. This small, family-run community bank based in NYC's Chinatown, catering primarily to Chinese immigrants, never invested in the mortgage-backed securities nor originated the subprime mortgages that were at the root of the financial crisis. economic disaster since the Great Depression, resulted in the criminal prosecution of just one, singular bank: Abacus Federal Savings Bank. Please contact Vermonie Ngu, for all press-related inquiries at For your protection, DO NOT include confidential personal information such as account numbers or Social Security numbers in your message to us.The 2008 financial crisis, described as the worst U.S. The founders' original purpose was to provide banking services to immigrants and local residents of lower Manhattan. The principal organizer was Thomas Sung, an attorney active in community affairs. For other inquires or issues, please call the main number 21 then followed by a 4 digits extension number, Monday through Friday, 9:00am to 5:00pm EST.įor account-related issues please email: you are an Online Banking customer, please log in to Abacus Federal Savings online banking to send a secure email.įor loan payment questions please email: mortgage-related issues please email: Inquiries Abacus Federal Savings Bank was founded in December, 1984 by a group of business leaders in the Chinese community in New York City. ![]() Telephone banking is available in English and Mandarin.
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