When you think about the 2008 financial crisis, the conversation usually focuses on the subprime mortgage crisis and big banks getting bailouts. But for Abacus Federal Savings Bank, the New York-based community bank, owned and operated by the Sung family, the crisis sparked a legal battle like no other. Abacus Bank was – and still is – the only US bank to face criminal charges related to the 2008 financial crisis.
Last week, Financial Narrative had the honor of hosting a conversation with the Sung sisters, Jill and Vera Sung, to discuss the seismic shift of the 2008 financial crisis, the ins-and-outs of their family’s successful legal battle, and the role of community banks in today’s environment.
Thank you to our fantastic guests, Jill and Vera Sung, Director and President/CEO of Abacus Federal Savings Banks (and the focus of the award-wining film: Small Enough to Jail) and Daniel P. Simon, Vested’s CEO, who hosted the discussion.
The full recording of the webinar is available here: https://youtu.be/C5fjwX8eWVc