Abacus Federal Savings Bank was founded in 1984 by a group of business leaders from the Chinese community in New York City. The founders' purpose was to provide financial services to immigrants and local residents of lower Manhattan. Abacus Bank has expanded its size and now has 6 branches covering New York, New Jersey and Pennsylvania. Abacus Bank provides deposit services, safe deposit boxes and loans for both residential and commercial real estate properties to its communities. Besides the traditional banking services, Abacus Bank also provides life insurance and annuities to its customer through its subsidiary, Abacus Insurance Agency Corp.