The abacus, also called a counting frame, is a calculating tool used primarily in parts of Asia for performing arithmetic processes.
Today, abaci are often constructed as a bamboo frame with beads sliding on wires, but originally they were beans or stones moved in grooves in sand or on tablets of wood, stone, or metal. The abacus was in use centuries before the adoption of the written modern numeral system and is still widely used by merchants, traders and clerks in Asia, Africa, and elsewhere. The user of an abacus is called an abacist.[2]
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Abacus Federal Savings Bank was founded in December, 1984 by a group of business leaders from the Chinese community in New York City.
The founders' original purpose was to provide banking services to immigrants and local residents of lower Manhattan . As the Chinese immigrant population grew in the 80's and 90's, the Bank retained its original mission, but expanded its size and scope. It now has 6 branches covering New York , New Jersey and Pennsylvania . Besides the traditional banking services, it also offers insurance and securities through its subsidiaries. Abacus is federally chartered. Its mortgage and other services extend to all states in the United States .
In the 90's, trade between U.S. and China grew exponentially. The Bank saw the need to establish contacts internationally to serve its customers who now include a broad segment of companies and individuals doing business with China . Abacus established correspondent relationships with government owned and/or ranked banks in China , Hong Kong and Taiwan to facilitate the flow of credit and funds between China and the United States .
Abacus's broad reach and access to key businesses and industries in China is wide.
Services to companies interested in trade with China include providing comprehensive business related reports of an industry or company in China . With an effective network of consultants, the Bank can liaison, provide credit and marketing information, and identify strategic partners for U.S. companies. To facilitate trade, the Bank can also assist in verifying the quantity and quality of merchandise shipment pursuant to the terms of letters of credit. The services provided by the Abacus are unique in the industry. Trading with China cannot be made easier with the Bank's facilities. If you need in depth of markets in China , contact Abacus.
For businesses and individual customers in China , the bank has easy procedures to open depository accounts. The bank can issue debit or credit cards to facilitate purchases. To facilitate trading, Abacus can provide credit information about U.S. companies. For Chinese companies that are interested in expanding to the US , the bank can provide marketing and investment information. The bank is the bridge to the U.S. for Chinese businesses and individuals.
Abacus has a wholly-owned insurance subsidiary, the Abacus Insurance Agency Corp. (AIAC). Through this subsidiary, life, health, accident and annuity insurances are provided to the Bank's customers with reliability.
Abacus has a wholly owned broker/dealer firm, the Abacus International Capital Corp. ( AICC). Stocks, bonds, mutual funds and options can be bought and sold with ease and dependability.
Abacus Federal Savings Bank is a full service financial institution. Banking with Abacus will give you the satisfaction of personal service and individual attention. Abacus believes that a bank is only as good as its services to its customers. At Abacus, your interest is the Bank's interest; you can count on us.__
ORDER TO CEASE AND DESIST
ABACUS FEDERAL SAVINGS BANK )
Effective Date: February 16,2011
Link ~ http://www.ots.treas.gov/_files/enforcement/97602.pdf