![]() ![]() The higher the capitalization number the more secure a bank is considered. You can easily view account balances and transaction history, make check deposits, transfer funds between Abacus bank accounts and pay bills right from your mobile device. It is easy to bank right from your mobile device anytime, anywhere. CapitalizationĪbacus Federal Savings Bank has a Capitalization of 16.68% versus the BestCashCow average of 10.44.Ĭapitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. Abacus iMobile is an easy, fast, secure and free service for Abacus Federal Savings Bank customers. ![]() A bank with a consistently high ROE can be considered well run.Ī bank with a consistently low ROE can be considered poorly run. Return on equity measures how efficiently a bank is making money from its capital. To cover these potential losses it had $51,799,000 in equity and $2,955,000 in loans loss reserves.Ībacus Federal Savings Bank has a Return on Equity of 2.56% versus the BestCashCow average of 10.02%. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bankĪbacus Federal Savings Bank had $1,094,000 in non-current loans and $145,000 in owned real estate. With its tangible common equity and its loan loss reserves.Ī lower Texas ratio indicates better coverage of problem loans. The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) Please call 21, press 4 then 1 to speak with a LIVE branch representative 7 days a week. No depositor has ever lost deposits that have been within the FDIC insurance limits. The following ratios and data are available to help you better understand the financial condition of Abacus Federal Savings Bank. He paired that with audio reenactments based on the trial transcript.Abacus Federal Savings Bank Ratio Analysis ![]() Unable to cover the trial with cameras or recording equipment, the director sent a courtroom illustrator to capture some of the action. If they're not quite so sympathetic as the Sungs, that begins with an astounding miscalculation: After indicting the Abacus employees, authorities chained them together and paraded them for a photo-op that even Vance calls "very unfortunate." Yet he's careful to present the government's case, and to include interviews with the DA, Cyrus Vance Jr., and the lead prosecutor, Polly Greenberg. James was introduced to the story by a friend of the Sungs, and spent most of his time with the family. Yu became the chief witness for the prosecution, and the trial process lasted five years. They reported their suspicions to banking regulators, and were rewarded with the indictments. Thomas Sung even once halted a bank run with the aplomb of James Stewart's George Bailey.Ībacus' managers did eventually learn of Yu's activities, and fired him and two others. Shanghai-born but all-American, Thomas Sung is a devotee of It's a Wonderful Life, an affection James could hardly help but exploit. That includes Jill Sung and Vera Sung, the English-speaking, Connecticut-raised sisters who had inherited day-to-day operations from their father, one of the bank's founders. Also, Yu spoke a dialect that even most of his fellow Abacus employees didn't understand. His activities were hard to track, because, as the film explains, Chinatown residents are more likely to make cash transactions than the average American consumer. The problem was a loan officer, Ken Yu, who asked borrowers for bribes and falsified income statements for mortgage applications. In fact, the bank had one of the lowest default rates in the country. The Chinatown-based bank also didn't package its mortgages into the sort of financial instruments that made The Big Short's machinations so arcane. It should engross most viewers, even those who've resisted learning what a subprime mortgage is.Īs it happens, Abacus didn't deal in subprime. That's because his Abacus: Small Enough to Jail is a compelling non-fiction thriller. The case was little covered at the time, and while its outcome is a matter of public record, James prefers that reviewers not reveal whether the verdict was guilty, innocent, or mixed. In May 2012, New York's district attorney brought charges against Abacus Federal Savings Bank and 19 of its employees. Hoop Dreams director Steve James is here to say that's not true. Vera Sung, Jill Sung, and Thomas Sung in Abacus: Too Small To Jail.įrom the pages of sober financial journals to Hollywood's slapstick-econ adaptation of The Big Short, commentators often note that no American banks were indicted in the wake of the 2008 financial cave-in. ![]()
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