ADCO's Chairman was
the first individual to a acquire
a mutual savings bank.

East River Savings Bank/RB Asset, Inc.

In 1985, Alvin Dworman, Founder and Chairman
of ADCO, acquired East River Savings Bank (originally established in 1848), a, then troubled New York FDIC-insured savings institution with over $2.5 billion in assets. At the time of the acquisition, East River was losing $1.5 million per month. Under ADCO's stewardship, within four years earnings rose to over $40 million annually.


East River holding company, River Bank America, sold its banking branches to HSBC in 1996, retaining $350 million of assets. In 1998, River Bank was renamed RB Asset, a company which continues today to successfully manage and enhance the value of a number of real estate assets.