VERA SUNG, Abacus Director: At the actual closing, many of the borrowers bring their whole family with them. And then later on, they will take that money and use it to buy a home. And then they’re willing to put their money into the bank and they’ll let the money grow. JILL SUNG: So it starts with the safe deposit boxes. There’s no place for them to place their valuables except in a bank vault. The Chinese people, particularly the immigrants, they rent houses in very tight quarters. THOMAS SUNG: Have you ever seen so many boxes? There are 8,000-plus boxes in this vault─ 8,000. An example of that is the safe deposit boxes. JILL SUNG: We serve people who’ve never even dealt with a banking system before, and you try to bring them into the banking system. China regard abacus as a national treasure. THOMAS SUNG: Abacus, you know, is the Chinese calculator. And I remember we all tried to design something. HEATHER SUNG: I remember when we were children and my dad was excited about this venture that he was going to start, and he involved us in the decisions of what would be the symbol for the bank. So that’s why he started the bank because he felt that wasn’t fair to the community. JILL SUNG, Abacus President & CEO: He always told us stories that they were willing to take his deposits, but they weren’t willing to give him credit, loans. And I went to the bank to try to borrow money, but they do not lend money and deal with the community. THOMAS SUNG: At that time, banks in this community had several hundred millions of dollars of Chinese deposits. And he sees home in the soft, sweet smile of the teller. What is it about the bank that makes our man feel at home? The very design─ beautifully bright with the primary Chinese colors. THOMAS SUNG: Back when I was a lawyer, there was no bank that was owned by Chinese and serving the Chinese.īANK COMMERCIAL: This is Chinatown, New York City─ warm, colorful, cheerful, a wonderful place for sightseeing. This association sponsored a school, and I obtained the charter from Department of Education.Īnd people in the community, older people particularly, remembers me, knows what I’ve done. I represented the association for years and years and years. This─ this─ this building with the Chinese national flag, this is the Chinese Community Center, and in there is the headquarter of Chinese Consolidated Benevolent Association.
#ABACUS FEDERAL SAVINGS BANK LOS ANGELES PRO#
There was not many Chinese lawyers, so I did a lot of pro bono work. At the age of 16, I immigrated to the United States and went to law school. Anyway, this is a very tasty noodle shop if you go in there! THOMAS SUNG: When I walk around here, of course, I feel very much at home. Too big to fail, you know, turns into, small enough to jail. They’re going to lose their charter, and it’s going to enormously impact that community. MATT TAIBBI, Journalist and Author, The Divide: If that prosecution goes through, that bank is going to go out of business. We have evidence of conspiracy, larceny and systemic fraud. Sung is entitled to his opinions, but in Abacus’s loan department, mortgages were based upon false documentation. THOMAS SUNG: The DA made such a big parade, bringing people from Washington, all these tough law enforcement officers, and making such a big announcement that we are part of the cause of the financial crisis of 2008. If we have learned anything from the recent mortgage crisis, it’s that at some point, these schemes unravel and taxpayers can be left holding the bag. But in reality, it is not that simple.ĬYRUS VANCE, Jr., District Attorney, New York County: Today, we are announcing the indictment of 19 individuals on charges including mortgage fraud, securities fraud and conspiracy, as well as the indictment of Abacus Federal Savings Bank, a federally chartered bank that has been catering to the Chinese immigrant community since 1984.
THOMAS SUNG: I wish this story could end the same way as It’s a Wonderful Life.
#ABACUS FEDERAL SAVINGS BANK LOS ANGELES MOVIE#
HWEI LIN SUNG: This movie touches me so much─ the family, the friends. THOMAS SUNG: And that’s exactly the same purpose, that when we started the bank, it was our motivation to help a lot of people, a lot of immigrants. Me, Giuseppe Martini, I own my own house! THOMAS SUNG: George was lending money to the community residents to buy houses. THOMAS SUNG, Founder & Chairman, Abacus Federal Savings Bank: First time I saw It’s A Wonderful Life, I had tremendous respect for George Bailey, who is the main character.
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