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NY’s Abacus Federal Savings Bank Distributes $50,000 to Local Chinese Non-profits

Published: December 5, 2023
Community members gather at the Abacus Federal Reserve Bank where $50,000 was distributed to 10 local Chinese non-profit organizations on Dec. 1 in New York City. (Image: Vision Times/Vision Times Staff)

On Nov. 24 the Abacus Federal Savings Bank  announced that it would be distributing a total of $50,000 to ten local non-profit Chinese organizations following approval by the Federal Home Loan Bank of New York (FHLBNY).

The FHLBNY is a federal bank that’s mission is to help provide mortgages and promote community development. Abacus Bank is a member of FHLBNY.

Each organization received $5,000 to help with their operations and were given the funds on Dec. 1 at the Bowery branch of Abacus Bank.

The ten non-profit organizations are:

  • New York Chinese School
  • Chinatown Day Care Centre Inc.
  • Immigrant Social Services Inc.
  • CITYarts Inc.
  • Homecrest Community Services
  • Welcome to Chinatown Inc.
  • Pediatric Lyme Disease Emergency Fund
  • United East Athletics Association
  • New York District Kiwanis Foundation Inc.
  • UA3 Inc.

A long history of serving the community

Abacus Federal Savings Bank was founded in December 1984 by a group of business leaders from the Chinese community. Its mission has remained the same over the past nearly 40 years; to provide financial services to immigrants and local residents.

As the Chinese immigrant population in New York grew, so did the bank which now has four branches operating across New York City and two other branches out of state.  

One of the bank’s founders and Chairman, Thomas Sung’s daughters, Jill and Vera Sung, have taken over the reins and serve as the CEO and Director of the bank, respectively.

In conversation with Vision Times, Jill Sung said that the bank’s goal is to empower both the community and individuals. 

“Anything we can do to empower the community, to empower the individual, this is all part of our mission,” she said, adding that the bank seeks to build long term relationships with the community  to “help people over time and [to] help organizations over time.”

Remarking on the bank’s longevity, Jill Sung said, “Sometimes the community may not need us, but every once in a while there’s a story, there’s an incident, that you realize that the community needs to be together,” adding that, “We are here as long as the community needs us, and that seems to be, we still need each other. So, I think the thing is we are here as long as we need each other.”


‘I wish we could give so much more’

Vera Sung told Vision Times that she wished they could do more for local organizations.

“I wish we could give so much more. I wish there could be so much more that we can give because there is much need to give to these different organizations who are truly trying to help other people and we have to try to help other people, help other people,” she said, adding that, “That’s very important. As a community bank, that’s what we do.”

When asked how they determined which organizations to give to, Vera Sung said that “the focus has been different” over the years but that the bank generally tries to contribute to causes focused on education, the arts and culture. 

She said the bank intends on continuing to give back to the community over the coming years.

“We still see the need. We still feel the need,” she said, adding that her father always said, “If the need for us ever disappears, and we are no longer needed, he is satisfied.” 

She said that while the bank continues to strive for longevity and existence, that serving and contributing to the broader community will remain a focus. 

“I’m here for the need, as long as the need is there,” she said her father used to say, adding that, “That’s always how he has felt. That’s honestly, that’s how we are.”