Abacus: Small Enough to Jail

Only one bank faced criminal indictments related to the 2008 financial meltdown: Abacus Federal Savings Bank, a small community bank in Chinatown, New York City. Thomas Sung founded the bank in 1985 to help his fellow Chinese immigrants gain a financial foothold in America on their way to citizenship. Abacus was the first bank indicted in over 20 years.

Total CPB Investment: 

$50,000

Made Possible by CPB's: 

Steve James and Julie Goldman
Chicago, IL
TVPRG - ITVS subgrant
$50,000

Topics: 

History & Biography
Diversity
News & Public Affairs