Abacus Federal Savings Bank

What Abacus Federal Savings Bank does

Abacus Federal Savings Bank is a privately held, federally chartered savings bank founded in December 1984 in New York's Chinatown by Chinese community business leaders. The bank operates six branches across the New York–New Jersey–Pennsylvania tri-state (Manhattan/Bowery, Brooklyn, Flushing, Edison, and Philadelphia) and serves primarily Chinese-American individuals, families, and small businesses, with bilingual English and Mandarin service across branch, call center (212-285-4770), 24/7 telephone banking, online banking, and a mobile banking app. The Sung family has controlled the bank across two generations: Thomas Sung as Founder and Chairman, Jill Sung as President and CEO, and Vera Sung as Director. The bank earned a BauerFinancial 5-Star Superior Rating, maintained continuously since 2017 and most recently confirmed in March 2026.

The product set is a full-service community bank offering built around three pillars: personal banking (checking, savings, CDs, IRAs, secured and unsecured credit cards), business banking (three-tier checking from $10 to $50/month, money market, business credit cards, payroll services, and merchant card acceptance), and lending (residential and commercial mortgages, SBA loans, HELOC, overdraft lines, and specialized products such as the Foreign National Elite Program and the Homebuyer Dream Program providing up to $15,000 in down-payment grants). Credit cards are issued through TCM Bank N.A. and merchant processing is delivered via Heartland/Elavon, including the VirtuaMerchant Mobile point-of-sale solution, allowing Abacus to offer card and payments products without taking issuing or acquiring risk on its own balance sheet. A six-entity subsidiary structure supports adjacent services such as insurance and annuities (Abacus Insurance Agency Corp.), international capital (Abacus International Capital Corp.), and real estate holding.

Revenue is generated primarily through net interest income on the residential, commercial, and consumer loan book funded by retail and business deposits, supplemented by transaction and service fees on business checking accounts, interchange from TCM Bank-issued credit cards, and processing residuals from Heartland merchant services. Go-to-market is relationship-driven and community-led: financial literacy seminars, elder-fraud prevention workshops (AARP BankSafe), mortgage education at community associations, and Chinese-language media coverage (Sinovision, World Journal, Singtao Daily) are the primary acquisition channels, with the bank also acting as a conduit for federal and FHLBNY programs (PPP, SBRG grants). The customer base is concentrated in cash-heavy small businesses and immigrant households that mainstream banks underserve, a positioning reinforced by the bank's Oscar-nominated 2017 documentary 'Abacus: Small Enough to Jail.'

Name

Abacus Federal Savings Bank

Legal name

Abacus Federal Savings Bank

Website

https://abacusbank.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

101–250 employees

Short description

Abacus Federal Savings Bank is a privately held, family-owned community bank founded in 1984 that operates six branches across New York, New Jersey, and Pennsylvania, providing bilingual personal, business, and mortgage banking services primarily to Chinese-American individuals, families, and small businesses.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking services
• Residential mortgage lending
• Small business banking
• Merchant card processing
• Bilingual financial services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Loans: Primary revenue stream from residential mortgages, commercial mortgages, business loans, and consumer credit products. The bank offers fixed and adjustable rate products with terms from 10 to 30 years.
2. Deposit Services: Checking accounts, savings accounts, money market accounts, and certificates of deposit providing float income and funding for lending operations.
3. Business Checking and Deposit Fees: Monthly maintenance fees, transaction fees, cash counting fees, and earnings credit programs for business checking accounts. Basic checking $10/month, Advance checking $20/month, Premier checking $50/month.
4. Credit Card Revenue: Credit cards issued through TCM Bank N.A. partnership generate interchange fees and interest income on revolving balances.
5. Merchant Services: Credit card processing fees charged to business customers for accepting Mastercard, Visa, AMEX, and Discover payments through partnership with Heartland.
6. Payroll Services: Third-party business online payroll service generating flat monthly fees from business customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Abacus Federal Savings Bank is a community bank offering deposit products (checking, savings, money market, CDs, IRAs), lending products (residential and commercial mortgages, SBA business loans, HELOCs, overdraft lines of credit), and fee-based services (merchant card processing, payroll services, wire transfers, safe deposit boxes) to individuals and small businesses in the Chinese-American community across New York, New Jersey, and Pennsylvania. Credit cards are issued via partnership with TCM Bank N.A., and merchant processing is provided via partnership with Heartland.

Product overview

Abacus Federal Savings Bank is a community bank founded in 1984 serving Chinese-American communities across New York, New Jersey, and Pennsylvania with 6 branches. The bank operates as a full-service financial institution offering a comprehensive suite of banking products and services centered around three core pillars: Personal Banking (checking, savings, credit cards, IRAs, CDs), Business Banking (business checking, money market, online banking, payroll services, merchant services, business credit cards), and Lending (residential mortgages, commercial mortgages, business loans, HELOCs, overdraft lines of credit). Digital banking capabilities include Abacus Online Banking and Abacus Mobile Banking platforms. The bank also provides ancillary services including wire transfers, safe deposit boxes, and through its Abacus Insurance Agency Corp. subsidiary, life insurance and annuity products. Credit cards are issued through partnership with TCM Bank N.A., while merchant services are powered by Heartland payment processing.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Consumer checking account products for individuals and families, with Abacus Everyday Checking offering affordable features and bilingual service.
• Personal Savings Accounts Consumer savings account products including the Early Start Savings Account (UTMA) for children, with interest-earning options and automatic transfer capabilities.
• Certificate of Deposit Time deposit product with fixed interest rates for various terms, FDIC insured up to $250,000.
• Individual Retirement Account (IRA) Tax-advantaged retirement savings account offering Traditional and Roth IRA options with high-interest fixed-rate CD choices.
• Personal Credit Cards (Visa Platinum) Visa Platinum consumer credit cards issued by TCM Bank N.A. with Rewards Platinum, Cash Rewards Platinum, and Platinum Edition options, featuring 0% intro APR for 12 billing cycles and no annual fee.
• Secured Credit Card Credit-building card requiring a security deposit, issued by TCM Bank N.A. for customers establishing or rebuilding credit.
• Business Checking Accounts Three-tier business checking product: Business Basic Checking ($10/month), Business Advance Checking ($20/month), and Business Premier Checking ($50/month), with features including earnings credit programs, free wires, stop payments, and payroll sub-accounts.
• Business Money Market Account Interest-earning business savings account with tiered rates, minimum $1,000 balance to open, and optional overdraft protection sweep from Business Checking.
• Business Online Banking Comprehensive online business banking platform with real-time account viewing, wire transfers, payroll processing, check ordering, and dual-control security features.
• Business Payroll Services Third-party business online payroll service with tax calculation, filing, W-2 and 1099 processing, and time-clock integration, billed as a flat monthly fee.
• Merchant Services Credit and debit card processing for Mastercard, Visa, AMEX, and Discover through Heartland, with VirtuaMerchant Mobile turning smartphones/iPads into payment terminals and electronic check processing.
• Business Credit Cards (Visa Platinum) Visa Platinum Business credit cards issued by TCM Bank N.A. with employee cards, transaction reporting, fraud protection, and travel accident insurance.
• Residential Mortgages Residential mortgage lending for 1-4 family houses, townhouses, condominiums, and co-ops, with fixed and adjustable rates, including first-time homebuyer programs.
• Commercial Mortgages Commercial real estate lending for mixed-use, multi-family, and single-use properties, including underlying co-op mortgages, in NY, NJ, and PA markets.
• Business Loans SBA-partnered small business financing including term loans and lines of credit for working capital, equipment, leasehold improvements, and real estate.
• HELOC (Home Equity Line of Credit) Revolving credit line using home equity as collateral for flexible consumer borrowing needs.
• First Time Home Buyer Program Government grant program through the Homebuyer Dream Program (HDP) offering up to $15,000 in down payment and closing cost assistance for eligible first-time buyers.
• Foreign National Elite Program Mortgage product designed for foreign nationals and non-resident aliens purchasing property in the US.
• Overdraft Line of Credit Revolving credit line attached to checking accounts to cover insufficient balances, with flexible paydown and no penalties.
• Wire Transfer Services Domestic and international wire transfer capabilities available online (with approval) and in-branch.
• Safe Deposit Boxes Secure storage containers available at branch locations for valuables and important documents.
• Life Insurance and Annuities Insurance and annuity products offered through wholly-owned subsidiary Abacus Insurance Agency Corp.

Quantifiable outcome

• 5-star rating from BauerFinancial maintained since 2017
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• TCM Bank, N.A.coreChannel Partner/ Reseller/ Distributor · 11 April 2016TCM Bank, N.A. issues Visa Platinum credit cards for Abacus customers including consumer credit cards (Rewards Platinum, Cash Rewards Platinum, Platinum Edition) and business credit cards. Cards feature 0% intro APR, no annual fee, and various rewards programs. The partnership allows Abacus to offer credit cards without being the issuing bank.
• Heartland (Elavon)coreTechnology or IntegrationHeartland provides payment processing technology for Abacus merchant services. Solutions include credit and debit card processing, electronic check, gift cards, mobile payments, and cross-border acquiring. Mobile merchant service (VirtuaMerchant Mobile) turns cellphones into payment terminals.
• AARPcoreGTM or Marketing PartnerAARP BankSafe initiative trains Abacus staff to recognize and prevent elder financial exploitation. Abacus earned the AARP BankSafe Trained Seal demonstrating commitment to protecting elderly customers from fraud and scams targeting seniors.
• Independent Community Bankers of America (ICBA)minorGTM or Marketing PartnerICBA is a national bankers' association with over 3,000 community bank members. Jill Sung has served on ICBA Minority Bank Council since 2011 and as Director-At-Large on ICBA Board since 2021. ICBA allocated $1,500 donation for Abacus to give to a community organization.
• OCA-NY (Asian Pacific American Organization)minorGTM or Marketing PartnerOCA-NY partnered with Abacus for voter registration drives and APA Women in Business panels. Collaboration on community events to serve Asian-American community members.
• Association for a Better New York (ABNY)minorGTM or Marketing PartnerABNY partnered with Abacus for 'Meet Us In Chinatown' event in June 2021 to celebrate Chinatown's history, combat anti-Asian sentiments, and encourage economic recovery during COVID-19 pandemic.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Cathay Bank: A Chinese-American focused commercial bank headquartered in Los Angeles with a strong presence in NY/NJ. Direct peer to Abacus in targeting the Chinese-American immigrant and small-business segment with bilingual services, commercial real estate lending, and SBA programs.
• East West Bank: The largest Asian-American focused bank in the U.S. with deep Chinese-American deposit franchise across the West Coast and growing East Coast presence. Directly comparable in mission to serve immigrant communities with cross-border trade, foreign national lending, and small-business banking.
• Preferred Bank: An LA-based commercial bank focused on the Chinese-American and broader Asian-American small-business and commercial real estate segments. Comparable to Abacus in core customer profile, bilingual service model, and concentration in commercial lending to immigrant entrepreneurs.
• Carver Federal Savings Bank: A federally chartered community savings bank headquartered in NYC that serves minority and underserved communities. Highly comparable structure (federally chartered, minority-mission, multi-branch NYC), offering a direct structural analog although serving a different demographic niche.
• Bank of Hope: The largest Korean-American focused bank in the U.S., formed by combining several community institutions. Directly comparable as an Asian-American community bank with similar mission-driven orientation, small-business focus, and reliance on immigrant-segment deposit gathering.
• Pacific City Bank: An Asian-American focused community bank in Southern California emphasizing small business, SBA lending, and services to immigrant entrepreneurs. Closely comparable mission, customer segment, and product mix to Abacus but operating in a different geography.
• Flushing Bank: A NY-based community bank with strong presence in Flushing, Queens — directly competing with Abacus's Flushing branch for the same Chinese-American and broader Asian-American small-business and consumer market.

Broad incumbents

• Amalgamated Bank: A publicly traded, mission-driven bank in NYC owned by Workers United. Similar in serving progressive and community-oriented customer segments with NYC branch footprint, but broader in focus (labor unions, ESG-oriented accounts) rather than a single ethnic niche.
• Berkshire Bank: A Northeast-focused community bank with multi-state branch network serving NY/NJ/PA markets. Comparable in branch scale, geographic overlap, and community bank orientation, though broader retail rather than specifically Chinese-American focused.

Regional players

• Spring Bank: A NYC-based community development bank certified as a CDFI serving underbanked communities in the Bronx and Manhattan. Comparable in mission-driven orientation, small-scale NYC footprint, and focus on serving immigrant and minority customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Abacus Federal Savings Bank