On June 26, Abacus Federal Savings Bank announced that the Federal Home Loan Bank of New York (FHLBNY) had approved its grant application to provide funding for at least 11 nonprofit organizations serving communities across New York.
The same day, Chairman Thomas Sung, Director Vera Sung, President Jill Sung, and other bank representatives presented a $50,000 grant check during a ceremony at Abacus’s Manhattan branch.
Thomas Sung told Vision Times that Abacus has partnered with the FHLBNY for many years, with a shared commitment to supporting local communities through affordable housing and community development initiatives.
He said the bank looks forward to continuing its collaboration with the FHLBNY to further strengthen the communities it serves.
Sung added that Abacus differs from many traditional banks because it was founded with a community-first mission rather than a shareholder-driven focus on maximizing profits.
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Established in 1984 by a small group of business leaders from New York City’s Chinese community, Abacus Federal Savings Bank was created to provide financial services to immigrants and residents of Lower Manhattan.
Since then, the bank has expanded to six branches across New York, New Jersey, and Pennsylvania. In addition to traditional banking services, Abacus also offers life insurance and annuities through its subsidiary, Abacus Insurance Agency Corp.
Serving New York communities
The $50,000 in funding was made possible through FHLBNY’s Small Business Recovery Grant Program. FHLBNY’s purpose is to “promote affordable housing and community development.”
Abacus is a proud member of FHLBNY and plays a key role in advancing their mission.
Among the organizations funded by the grant are:
- New York Chinese School
- Welcome to Chinatown, Inc.
- CITYarts, Inc.
- Immigrant Social Services, Inc.
- Homecrest Community Services, Inc.
- Kiwanis Club for Community Care Foundation, Inc.
- CaringKind
- Chinatown Day Care Center, Inc.
- Concrete Safaris, Inc.
- Think!Chinatown
- Garden of Hope, Inc.
According to Abacus, the funds are “unrestricted,” meaning each organization has full discretion to use them as they see fit.
“These are unrestricted funds. They can use it for whatever they need,” Jill Sung told Vision Times. “We don’t restrict what they need it for. We know and trust them that they will use it for whatever is needed to help make sure they continue to do what they are able to do.”
Serving others
Vera Sung said, “the whole premise of why we were formed was so we could serve others, and part of giving this money is to enable others who are also doing what we are doing.”
She said the nonprofit organizations receiving the grants share that same commitment to helping others.
“Their mission is to serve others,” she said.
“Each one of them spoke today about what they do and what they actually need, and I imagine that they take these funds to go further with that purpose,” she said.
Personal service is one of Abacus’s guiding principles. The bank strives to meet and exceed each customer’s individual needs and takes pride in doing the “little things” that make every customer experience special.
Jill Sung said strong communities are built through partnerships among organizations with a shared commitment to serving others.
“In order for communities to thrive you have to collaborate among many different organizations, a bank like ours, if you get funding from our bank, we think it’s our responsibility to share it,” Jill Sung said.
“We’re helping the most needy. These are the organizations that really are helping people that really cannot find help elsewhere. So, that is our responsibility.”
