<SEC-DOCUMENT>0000707605-12-000094.txt : 20120628
<SEC-HEADER>0000707605-12-000094.hdr.sgml : 20120628
<ACCEPTANCE-DATETIME>20120628073720
ACCESSION NUMBER:		0000707605-12-000094
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120628
DATE AS OF CHANGE:		20120628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERISERV FINANCIAL INC /PA/
		CENTRAL INDEX KEY:			0000707605
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				251424278
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11204
		FILM NUMBER:		12930846

	BUSINESS ADDRESS:	
		STREET 1:		MAIN & FRANKLIN STS
		STREET 2:		PO BOX 430
		CITY:			JOHNSTOWN
		STATE:			PA
		ZIP:			15907
		BUSINESS PHONE:		8145335300

	MAIL ADDRESS:	
		STREET 1:		MAIN & FRANKLIN STS
		STREET 2:		PO BOX 430
		CITY:			JOHNSTOWN
		STATE:			PA
		ZIP:			15907
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>frm11k11.htm
<DESCRIPTION>FORM 11-K AS OF DECEMBER 31, 2011
<TEXT>
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<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
<META NAME="author" CONTENT="Layton, William">
<META NAME="date" CONTENT="06/26/2012">
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>FORM 11-K</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>[ X ] &nbsp;&nbsp;&nbsp;&nbsp;Annual Report pursuant to Section 15(d) of the<BR>
Securities Exchange Act of 1934 for the fiscal year<BR>
ended December&nbsp;31, 2011.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>[ &nbsp;&nbsp;] &nbsp;&nbsp;&nbsp;&nbsp;Transition Report pursuant to Section 15(d) of the<BR>
Securities Exchange Act of 1934 for the transition<BR>
period from ____________ to ______________.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Commission File Number: &nbsp;0-11204</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Ameriserv Financial<BR>
401(k) Profit Sharing Plan<BR>
(Full title of the plan)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Ameriserv Financial, Inc.<BR>
Main and Franklin Streets<BR>
<U> &nbsp;Johnstown, PA &nbsp;15901 &nbsp;<BR>
</U>(Name of issuer of the securities held pursuant to the plan and <BR>
the address of its principal executive office.)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Registrant's telephone number, including area code: &nbsp;(814) 533-5300</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Notices and communications from the Securities and Exchange<BR>
Commission relating to this report should be forwarded to:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Ameriserv Financial, Inc.<BR>
Main and Franklin Streets<BR>
Johnstown, PA &nbsp;15901</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Attention: &nbsp;Nicholas E. Debias, Jr.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>With a copy to:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Wesley R. Kelso, Esquire<BR>
Stevens &amp; Lee<BR>
Suite 602<BR>
25 North Queen Street<BR>
Lancaster, PA &nbsp;17603<BR>
(717) 399-6632</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Item 1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>Financial Statements and Exhibits</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>a.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>Financial Statements</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:144px; font-size:12pt">Report of Independent Registered Public Accounting Firm.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:144px; font-size:12pt">Statement of Net Assets Available for Benefits as of December&nbsp;31, 2011 and 2010.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt">3.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:144px; font-size:12pt">Statement of Changes in Net Assets Available for Benefits for the years ended December&nbsp;31, 2011 and 2010.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt">4.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:144px; font-size:12pt">Notes to Financial Statements.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">b.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Exhibits</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Consent of S. R. Snodgrass, A.C.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
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<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>2</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B><U>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">To the Trustees of Ameriserv Financial 401(k) Profit Sharing Plan</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Johnstown, Pennsylvania</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>We have audited the accompanying statement of net assets available for benefits of Ameriserv</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Financial 401(k) Profit Sharing Plan (the &#147;Plan&#148;) as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>We conducted our audits in accordance with the standards of the Public Company Accounting</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Oversight Board (United States). Those standards require that we plan and perform the audit to</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>obtain reasonable assurance about whether the financial statements are free of material</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>disclosures in the financial statements. An audit also includes assessing the accounting principles</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>used and significant estimates made by management, as well as evaluating the overall financial</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>In our opinion, the financial statements referred to above present fairly, in all material respects,</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>the net assets available for benefits of Ameriserv Financial 401(k) Profit Sharing Plan as of</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>December 31, 2011 and 2010, and the changes in net assets available for benefits for the years</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>then ended, in conformity with U.S. generally accepted accounting principles.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) as of December 31, 2011, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the United States Department of Labor&#146;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of Plan&#146;s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">/s/S.R. Snodgrass, A.C.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Wexford, PA</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">June 25, 2012</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>3</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:14.667px; font-size:12pt" align=center><B>AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN<BR>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS</B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=359.2></TD><TD width=139.6></TD><TD width=139.6></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD width=279.2 colspan=2><P style="margin:0px" align=center>December&nbsp;31,</P>
</TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center>2011</P>
</TD><TD valign=top width=139.6><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>ASSETS</P>
</TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:24px" align=justify>Investments, at fair value:</P>
</TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:48px" align=justify>Common / Collective Funds</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,349,958</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,735,045</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:48px" align=justify>Mutual Funds &nbsp;</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,084,569</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,126,117</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:48px" align=justify>Ameriserv Financial, Inc. Common Stock</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273,294</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213,125</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:48px" align=justify>Ameriserv Financial Capital Trust Preferred Stock</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184,169</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,000</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:48px" align=justify>Money Market/Cash Equivalent</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,325,762</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,642,309</U></P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px; text-indent:71px" align=justify>Total Investments</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,217,752</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,761,596</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,658</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,563</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Receivable From Participants</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340,120</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381,203</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution Receivable From Employer</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,886</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution Receivable From Participants</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,136</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Receivable</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,826</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,405</U></P>
</TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P style="margin:0px" align=justify>NET ASSETS AVAILABLE FOR BENEFITS</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,617,378</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,149,767</U></P>
</TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=359.2><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD width=638.4 colspan=3><P style="margin:0px" align=justify>The accompanying notes are an integral part of these financial statements.</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:14.667px; font-size:12pt" align=center><B>AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN<BR>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=368></TD><TD width=139.6></TD><TD width=139.6></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD width=279.2 colspan=2><P style="margin:0px" align=center>Year Ended December&nbsp;31,</P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center>2011</P>
</TD><TD valign=top width=139.6><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px" align=justify>ADDITIONS IN NET ASSETS ATTRIBUTED TO:</P>
</TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>INVESTMENT INCOME:</P>
</TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation (depreciation) in fair value of<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540,414)</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,015,111</P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268,695 &nbsp;&nbsp;</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231,487</U></P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:71px" align=justify>Total Investment Income (Loss)</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271,719)</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,246,598</U></P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>Contributions by participants</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919,805</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860,237</P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>Contributions by employer</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,726</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195,048</P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>Rollovers</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108,890</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,272</U></P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:48px" align=justify>Total Contributions</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,257,421 &nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,135,557</U></P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:48px" align=justify>Total Additions</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985,702 </U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,382,155</U></P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px" align=justify>DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:</P>
</TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>Benefits paid directly to participants</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,518,091</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,151,472</U></P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:71px" align=justify>Net (decrease) increase</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532,389) &nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,230,683</P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px" align=justify>NET ASSETS AVAILABLE FOR BENEFITS:</P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><BR></P>
</TD><TD valign=top width=139.6><P style="margin:0px" align=justify><BR></P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>Beginning of the year</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,149,767</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify>&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,919,084</U></P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P style="margin:0px; text-indent:24px" align=justify>End of the year</P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>$ &nbsp;&nbsp;23,617,378</U></P>
</TD><TD valign=top width=139.6><P style="margin:0px; text-indent:9.8px" align=justify><U>$ &nbsp;&nbsp;&nbsp;&nbsp;24,149,767</U></P>
</TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=368><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD><TD valign=top width=139.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=647.2 colspan=3><P style="margin:0px" align=justify>The accompanying notes are an integral part of these financial statements.</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:14.667px; font-size:12pt" align=center><B>AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN<BR>
NOTES TO FINANCIAL STATEMENTS</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 1 - DESCRIPTION OF PLAN</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The following brief description of the Ameriserv Financial 401(k) Profit Sharing Plan (the &#147;Plan&#148;) is provided for general information purposes only. &nbsp;Participants should refer to the Plan Document for a more comprehensive description of the Plan&#146;s provisions.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:(normal text); font-size:12pt">1<FONT style="font-family:Times New Roman"><U>General</U></FONT></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The Plan is a defined contribution plan covering the employees of Ameriserv Financial, Inc., and its wholly owned subsidiaries Ameriserv Financial Bank, Ameriserv Trust and Financial Services, (the &#147;Companies&#148;), including members of the United Steelworkers of America, AFL-CIO-CLC, Local Union 2653-06 (the &#147;Union&#148;) who have attained the age of 21 and the earlier of completion of 12 consecutive months of service with at least 500 hours of service (employee deferrals) or 1,000 hours of service (employer discretionary contribution). &nbsp;The Plan includes a 401(k) before-tax savings feature, which permits participants to defer compensation under Section 401(k) of the Internal Revenue Code. &nbsp;It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. &nbsp;The Plan is not covered by the Pension Benefit Guaranty Corporation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Contributions</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Employees may elect to contribute, through the 401(k) feature, 1 percent to 100 percent of their base salaries each period to the maximum amount permitted by the Internal Revenue Code. &nbsp;Employees may elect to have their contributions, in 5 percent increments, invested in one or more of 43 mutual funds, 6 common/collective portfolios, 3 money market/cash equivalent &nbsp;funds, and the Ameriserv Financial, Inc. common or preferred stock administered by the Plan&#146;s trustee. &nbsp;The diversified mutual fund investment options include a bond and government securities fund and various U.S. and foreign stock funds.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The Companies have the right to make a discretionary contribution to the Plan. &nbsp;Any contribution to be made will be on an annual basis, and such contribution is allocated as a percentage of compensation of eligible participants for the year. &nbsp;In addition, the Companies contribute 4 percent of employees&#146; gross compensation on behalf of Union employees. Effective July 1, 2011 Ameriserv Financial began a 401(k) match for all eligible non-union employees. The match was 50 percent of the first 2 percent of pretax 401(k) contributions. Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Participant Accounts</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Each participant&#146;s account is credited with the participant&#146;s contribution and allocation of the company&#146;s contribution (if applicable) plus plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant&#146;s vested balance.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>NOTE 1 - DESCRIPTION OF PLAN (continued)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Vesting</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Participants are immediately vested in their voluntary contributions plus actual earnings thereon. &nbsp;Vesting in the companies&#146; contributions in the Plan is based on completion of credited service years. &nbsp;A credited service year is considered one in which the participant completed at least 1,000 hours of service. &nbsp;Employees become 100 percent vested after five years of service.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Notes Receivable from Participants</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. &nbsp;The loans are secured by the balance in the participant&#146;s account and bear interest rates that are commensurate with the median of local prevailing rates as determined upon loan request by the plan administrator. &nbsp;Principal and interest is paid ratably through bi-weekly payroll deductions. Interest rates on the Notes Receivable ranged from 3.89% to 13.50%, while the maturity dates ranged from January 15, 2012 to December 15, 2016.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Payment of Benefits</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>On termination of service, a participant will receive a lump sum amount equal to the vested value of his or her account. &nbsp;The Plan also provides for normal retirement benefits to be paid in the form of a lump sum upon reaching age 65 or termination of employment and has provisions for deferred, death, disability and retirement benefits, and hardship withdrawals.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Forfeitures</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Forfeitures of a participant&#146;s non-vested account shall be restored upon rehire if such rehire happens at any time during his or her 5th consecutive one-year break in service. At the end of the Plan year in which the former participant incurs his or her 5th consecutive one-year break in service, the forfeitures held on behalf of the participant will be allocated to all participants eligible to share in the allocations in the same proportion that each participant&#146;s account balance bears to all account balances for such year. &nbsp;At December&nbsp;31, 2011 and 2010, the forfeiture account had a balance of $24,799 and $28,697 respectively. &nbsp;Forfeitures totaling $4,353 and $4,342 for the years ended December&nbsp;31, 2011 and 2010, respectively, were reallocated to participants&#146; accounts.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The accounting principles followed by the Plan and the methods of applying these principles conform with U.S. generally accepted accounting principles.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>A summary of the significant accounting and reporting policies applied in the presentation of the accompanying financial statements follows:</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Accounting Estimates </U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The financial statements have been prepared in conformity with U.S. generally accepted accounting principles. &nbsp;In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts and disclosures. &nbsp;Actual results could differ significantly from those estimates.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Valuation of Investments and Income Recognition</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Purchase and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the plan&#146;s gains and losses on investments bought and sold as well as held during the year.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify><U>Notes Receivable from Participants</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Payment of Benefits</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Benefit payments to participants are recorded upon distribution.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Administrative Expenses</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Certain administrative functions are performed by officers and employees of the Companies. &nbsp;No such officer or employee receives compensation from the Plan. &nbsp;Certain other administrative expenses are paid directly by the Companies. &nbsp;Such costs amounted to $84,462 and $65,020 for the years ended December&nbsp;31, 2011 and 2010, respectively. &nbsp;&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify><U>Reclassification of Comparative Amounts</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Certain comparative amounts for the prior year have been reclassified to conform to current-year classifications. &nbsp;Such classifications had no effect on net income or stockholders&#146; equity.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 3 - INVESTMENTS</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The Plan investments are administered by Ameriserv Trust and Financial Services (Trustee). &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The Plan&#146;s investments (including investments bought and sold, as well as, held during the year) (depreciated) appreciated in value by ($540,414) and $2,015,111 for the years ended December&nbsp;31, 2011 and 2010, respectively. &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=400></TD><TD width=115.8></TD><TD width=115.8></TD></TR>
<TR><TD valign=top width=400><P style="line-height:14pt; margin:0px; font-size:12pt">NOTE 3 &#150; INVESTMENTS (continued)</P>
</TD><TD width=231.6 colspan=2><P style="margin:0px" align=center>Net Appreciation (Depreciation)<BR>
in Fair Value During Year</P>
</TD></TR>
<TR><TD valign=top width=400><P>&nbsp;</P></TD><TD valign=top width=115.8><P>&nbsp;</P></TD><TD valign=top width=115.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=400><P>&nbsp;</P></TD><TD valign=top width=115.8><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center>2011</P>
</TD><TD valign=top width=115.8><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=400><P>&nbsp;</P></TD><TD valign=top width=115.8><P>&nbsp;</P></TD><TD valign=top width=115.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=400><P style="margin:0px; padding-left:16.4px; text-indent:-16px">Investments, at fair value:</P>
</TD><TD valign=top width=115.8><P>&nbsp;</P></TD><TD valign=top width=115.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=400><P style="margin:0px; text-indent:32.4px">Common / Collective Funds</P>
</TD><TD valign=top width=115.8><P style="margin:0px; text-indent:6px">$ &nbsp;&nbsp;&nbsp;(146,113)</P>
</TD><TD valign=top width=115.8><P style="margin:0px; text-indent:6px">$ &nbsp;1,277,135</P>
</TD></TR>
<TR><TD valign=top width=400><P style="margin:0px; text-indent:32.4px">Mutual Funds</P>
</TD><TD valign=top width=115.8><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452,769)</P>
</TD><TD valign=top width=115.8><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729,511</P>
</TD></TR>
<TR><TD valign=top width=400><P style="margin:0px; text-indent:32.4px">Ameriserv Financial, Inc. Stocks</P>
</TD><TD valign=top width=115.8><P style="margin:0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,468 </U></P>
</TD><TD valign=top width=115.8><P style="margin:0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,465 </U></P>
</TD></TR>
<TR><TD valign=top width=400><P>&nbsp;</P></TD><TD valign=top width=115.8><P style="margin:0px"><BR></P>
</TD><TD valign=top width=115.8><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=top width=400><P style="margin:0px">Net appreciation (depreciation) in fair value</P>
</TD><TD valign=top width=115.8><P style="margin:0px; text-indent:6px"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;(540,414)</U></P>
</TD><TD valign=top width=115.8><P style="margin:0px; text-indent:6px"><U>$ &nbsp;2,015,111</U></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Investments representing 5 percent or more of the Plan&#146;s net assets at December&nbsp;31 are as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=96></TD><TD width=265.333></TD><TD width=21.333></TD><TD width=81.333></TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P>&nbsp;</P></TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=265.333><P>&nbsp;</P></TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom width=81.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=265.333><P>&nbsp;</P></TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=center>2011</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333 rowspan=2><P>&nbsp;</P></TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=center>Fair</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=81.333><P style="margin:0px" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P>&nbsp;</P></TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Goldman Sachs Financial Prime Obligations</P>
</TD><TD valign=top width=21.333><P style="margin:0px" align=right>$</P>
</TD><TD valign=top width=81.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,950,038 </P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;SEI Stable Asset </P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>2,239,749</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Vanguard Institutional Index </P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>1,545,759</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Balance Growth &amp; Income</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>3,895,692</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Capital Appreciation &amp; Income</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>2,859,039</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Conservative Growth &amp; Income</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>2,173,405</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Long-Term Equity</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>1,234,791</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=265.333><P>&nbsp;</P></TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom width=81.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=265.333><P>&nbsp;</P></TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=center>2010</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333 rowspan=2><P>&nbsp;</P></TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=center>Fair</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=81.333><P style="margin:0px" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=265.333><P>&nbsp;</P></TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom width=81.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Goldman Sachs Financial Prime Obligations</P>
</TD><TD valign=top width=21.333><P style="margin:0px" align=right>$</P>
</TD><TD valign=top width=81.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,006,301 </P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;SEI Stable Asset </P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>2,585,936</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Vanguard Institutional Index </P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>1,648,368</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Balance Growth &amp; Income</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>3,901,969</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Capital Appreciation &amp; Income</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>2,655,211</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Conservative Growth &amp; Income</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>2,324,655</P>
</TD></TR>
<TR><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=top width=265.333><P style="margin:0px">&nbsp;Pathroad Long-Term Equity</P>
</TD><TD valign=top width=21.333><P>&nbsp;</P></TD><TD valign=top width=81.333><P style="margin:0px" align=right>1,220,854</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>6</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 4 - PLAN TERMINATION</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Although it has not expressed any intent to do so, the Companies have the right, under the Plan, to discontinue their contributions at any time and to terminate the Plan subject to the provisions of ERISA. &nbsp;In the event of termination of the Plan, participants will become 100 percent vested in their accounts.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 5 - TAX STATUS</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The Internal Revenue Service has determined and informed the Companies that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC) by letter dated July 27, 2005. &nbsp;The letter states that the prototype and related trust are designed in accordance with applicable sections of the IRC. &nbsp;Although the prototype plan has been amended since receiving the opinion letter, the prototype sponsor and the Plan administrator believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. The plan administrator has analyzed the tax positions taken by the plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. &nbsp;The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2008.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>NOTE 6 &#150; PARTY-IN-INTEREST TRANSACTIONS</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Certain Plan investments are shares of mutual funds that are managed by the Trustee of the Plan. The balance of these mutual funds is $11,349,958 and $10,735,045 representing 48% and 44% of net assets available for benefits as of December 31, 2011 and 2010, respectively. &nbsp;The Plan also invests in the Plan Sponsor&#146;s common and preferred stock. &nbsp;At December 31, 2011 and 2010, the Plan held 140,151 and 134,889 shares of AmeriServ Financial Inc. common stock and 7,032 and 1,875 shares of AmeriServ Financial Capital Trust preferred stock respectively. &nbsp;Dividends in the amount of $8,529 and $6,057 were received on preferred stock for the years ended December 31, 2011 and 2010, respectively. &nbsp;Therefore, related transactions qualify as related party transactions. All other transactions which may be considered parties-in-interest transactions relate to normal Plan management and administrative services and related payment of fees.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 7 - FAIR VALUE MEASUREMENTS</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The Plan provides enhanced disclosures about assets and liabilities carried at fair value. &nbsp;Disclosures follow a hierarchal framework that prioritizes the inputs to valuation techniques used to measure fair value. &nbsp;The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. &nbsp;The three levels of the fair value hierarchy are described below:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:84px; text-indent:-84px; font-size:12pt" align=justify>Level I:</P>
<P style="line-height:14pt; margin:0px; padding-left:84px; font-size:12pt" align=justify>Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>7</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 7 - FAIR VALUE MEASUREMENTS (continued)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:84px; text-indent:-84px; font-size:12pt" align=justify>Level II:</P>
<P style="line-height:14pt; margin:0px; padding-left:84px; font-size:12pt" align=justify>Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. &nbsp;If the asset or liability has a specified</P>
<P style="line-height:14pt; margin:0px; padding-left:84px; font-size:12pt" align=justify>(contractual) term, the Level II input must be observable for substantially the full term of the asset or liability.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:84px; text-indent:-84px; font-size:12pt" align=justify>Level III:</P>
<P style="line-height:14pt; margin:0px; padding-left:84px; font-size:12pt" align=justify>Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The asset&#146;s or liability&#146;s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. &nbsp;Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used for the years ending December 31, 2011 and 2010. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><I>Common and preferred stocks</I>: Valued at the closing price reported on the active market on which the individual securities are traded. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><I>Mutual funds</I>: Valued at the net asset value (&#147;NAV&#148;) of shares held by the plan at year end.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:normal; margin:0px; font-size:12pt" align=justify><I>Common/Collective Trusts</I>:<FONT style="font-size:10.5pt"> </FONT>Valued at the NAV of shares held by the plan at year end adjusted for any cash held for liquidity purposes and any fees imposed by the fund. The net asset value per unit is determined by dividing the net assets by the number of units outstanding on the day of valuation. In accordance with the terms of the Plan of Trust, the net asset value of the fund is determined daily. Units are issued and redeemed daily, at the daily net asset value. Also the net investment income and realized and unrealized gains on investments are not distributed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:normal; margin:0px; font-size:12pt" align=justify><I>Money Market</I>:<FONT style="font-size:10.5pt"> </FONT>Valued based on the closing price of the security as quoted by the principal exchange on which the security is traded, which represents fair value.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. &nbsp;Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The following tables sets forth by level, within the fair value hierarchy, the Plan&#146;s assets at fair value as of December 31, 2011 and 2010:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=83.333></TD><TD width=97.133></TD><TD width=10.267></TD><TD width=21.4></TD><TD width=73.533></TD><TD width=21.4></TD><TD width=3.733></TD><TD width=21.4></TD><TD width=50.2></TD><TD width=41.067></TD><TD width=15.733></TD><TD width=45.4></TD><TD width=21.067></TD><TD width=35.2></TD><TD width=21.4></TD><TD width=12.667></TD><TD width=21.067></TD><TD width=79.467></TD><TD width=8.2></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4 rowspan=3><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=376.6 colspan=13 rowspan=3><P style="margin:0px" align=center>December 31, 2011</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px" align=center>Level I</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>Level II</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-left:-3.933px; padding-right:-5.733px" align=center>Level III</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px" align=center>Total</P>
</TD></TR>
<TR><TD valign=bottom width=180.467 colspan=2><P style="margin:0px">Assets:</P>
</TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Common/Collective Trust</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=41.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>11,349,958</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=justify>&nbsp;$ </P>
</TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>11,349,958</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=180.467 colspan=2><P style="margin:0px">Mutual Funds:</P>
</TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Index Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>1,640,567</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>1,640,567</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Balanced Funds</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>1,041,178</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>1,041,178</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Growth Funds</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>2,902,131</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>2,902,131</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Fixed Income Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>1,207,476</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>1,207,476</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Other Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>293,217</P>
</TD><TD valign=bottom width=41.067><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>293,217</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Total Mutual Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>7,084,569</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>7,084,569</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=180.467 colspan=2><P style="margin:0px">Common Stock</P>
</TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Financial Institution</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>273,294</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>273,294</P>
</TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Preferred Stock</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Financial Institution</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>184,169</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>184,169</P>
</TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Money Market/Cash Equivalent</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>4,325,762</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=61.133 colspan=2><P style="margin:0px; padding-left:-12.067px; text-indent:12.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>4,325,762</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Total assets at fair value</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>11,867,794</P>
</TD><TD valign=bottom width=41.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>11,349,958</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>23,217,752</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3 rowspan=2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.4 rowspan=2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=376.6 colspan=13 rowspan=2><P style="margin:0px" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px" align=center>Level I</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>Level II</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=69.267 colspan=3><P style="margin:0px" align=center>Level III</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px" align=center>Total</P>
</TD></TR>
<TR><TD valign=bottom width=180.467 colspan=2><P style="margin:0px">Assets:</P>
</TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Common/Collective Trust</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=41.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>10,735,045</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>10,735,045</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=180.467 colspan=2><P style="margin:0px">Mutual Funds:</P>
</TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Index Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>1,717,634</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>1,717,634</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Balanced Funds</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>1,171,300</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>1,171,300</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Growth Funds</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>3,468,019</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>3,468,019</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Fixed Income Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>1,499,254</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>1,499,254</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Other Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>269,910</P>
</TD><TD valign=bottom width=41.067><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>269,910</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Total Mutual Funds</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>8,126,117</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>8,126,117</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=180.467 colspan=2><P style="margin:0px">Common Stock </P>
</TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Financial Institution</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>213,125</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>213,125</P>
</TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Preferred Stock</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=202.333 colspan=4><P style="margin:0px">Financial Institution</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>45,000</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>45,000</P>
</TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Money Market/Cash Equivalent</P>
</TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,642,309 </P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>4,642,309</P>
</TD></TR>
<TR><TD valign=bottom width=83.333><P>&nbsp;</P></TD><TD valign=bottom width=97.133><P>&nbsp;</P></TD><TD valign=bottom width=105.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=75.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=61.133 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=69.267 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=87.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=285.667 colspan=5><P style="margin:0px">Total assets at fair value</P>
</TD><TD valign=bottom width=21.4><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=75.333 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>13,026,551</P>
</TD><TD valign=bottom width=41.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=61.133 colspan=2><P style="margin:0px" align=center>-</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=69.267 colspan=3><P style="margin:0px; padding-right:-8.067px" align=right>10,735,045</P>
</TD><TD valign=bottom width=21.067><P style="margin:0px" align=right>&nbsp;$ </P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=87.667 colspan=2><P style="margin:0px; padding-right:-4.8px" align=right>23,761,596</P>
</TD></TR>
<TR><TD valign=bottom width=190.733 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=98.667 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=91.267 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=15.733><P>&nbsp;</P></TD><TD valign=bottom width=101.667 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=21.4><P>&nbsp;</P></TD><TD valign=bottom width=121.4 colspan=4><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>8</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 7 - FAIR VALUE MEASUREMENTS (continued)</P>
<P style="line-height:14pt; margin:0px; padding-right:-18px; font-size:12pt" align=justify>The table below sets forth a summary of changes in the fair value of the Plan&#146;s Level III assets for the years ended December 31, 2011 and 2010.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=289.333></TD><TD width=40></TD><TD width=109.667></TD><TD width=37></TD><TD width=113></TD></TR>
<TR><TD valign=bottom width=289.333><P>&nbsp;</P></TD><TD valign=bottom width=40><P>&nbsp;</P></TD><TD valign=bottom width=109.667><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>2011 Common /</P>
</TD><TD valign=bottom width=37><P>&nbsp;</P></TD><TD valign=bottom width=113><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>2010 Common /</P>
</TD></TR>
<TR><TD valign=bottom width=289.333><P>&nbsp;</P></TD><TD valign=bottom width=40><P>&nbsp;</P></TD><TD valign=bottom width=109.667><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Collective</P>
</TD><TD valign=bottom width=37><P>&nbsp;</P></TD><TD valign=bottom width=113><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Collective</P>
</TD></TR>
<TR><TD valign=top width=289.333><P>&nbsp;</P></TD><TD valign=top width=40><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=top width=109.667><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Trusts</P>
</TD><TD valign=top width=37><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=top width=113><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Trusts</P>
</TD></TR>
<TR><TD valign=top width=289.333><P>&nbsp;</P></TD><TD valign=top width=40><P>&nbsp;</P></TD><TD valign=top width=109.667><P>&nbsp;</P></TD><TD valign=top width=37><P>&nbsp;</P></TD><TD valign=top width=113><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.333 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">Balance, beginning of the year</P>
</TD><TD valign=bottom width=40 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>$</P>
</TD><TD valign=bottom width=109.667 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>10,735,045</P>
</TD><TD valign=bottom width=37 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>$</P>
</TD><TD valign=bottom width=113 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>8,377,202</P>
</TD></TR>
<TR></TR>
<TR><TD valign=bottom width=289.333 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">Realized gains </P>
</TD><TD valign=bottom width=40 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=109.667 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>299,153</P>
</TD><TD valign=bottom width=37 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=113 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>242,182</P>
</TD></TR>
<TR></TR>
<TR><TD valign=bottom width=289.333 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">Unrealized (losses) gains related to instruments &nbsp;&nbsp;still held at the reporting date</P>
</TD><TD valign=bottom width=40 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=109.667 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>(445,266)</P>
</TD><TD valign=bottom width=37 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=113 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1,034,953</P>
</TD></TR>
<TR></TR>
<TR><TD valign=bottom width=289.333 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">Purchases, sales, issuances and settlements (net)</P>
</TD><TD valign=bottom width=40><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=109.667 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>761,026</P>
</TD><TD valign=bottom width=37><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=113 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1,080,708</P>
</TD></TR>
<TR><TD valign=bottom width=40><P>&nbsp;</P></TD><TD valign=bottom width=37><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.333><P>&nbsp;</P></TD><TD valign=bottom width=40><P>&nbsp;</P></TD><TD valign=bottom width=109.667><P>&nbsp;</P></TD><TD valign=bottom width=37><P>&nbsp;</P></TD><TD valign=bottom width=113><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.333 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Balance, End of Year</P>
</TD><TD valign=bottom width=40 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=109.667 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>11,349,958</P>
</TD><TD valign=bottom width=37 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=113 rowspan=2><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>10,735,045</P>
</TD></TR>
<TR></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=15.733></TD></TR>
<TR><TD valign=top width=15.733><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to assets still held at the reporting date.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; text-indent:288px; font-size:10.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2011</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:432px; font-size:10.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2010</U></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:288px; font-size:10.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;(445,226)</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;1,034,953</U> &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">NOTE 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Financial instruments are defined as cash, evidence of ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. &nbsp;Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced liquidation or sale. &nbsp;If a quoted market price is available for a financial instrument, the estimated fair value would be calculated based upon the market price per trading unit of the instrument.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Investments in mutual funds, money market funds, notes receivable from participants, common/collective funds, Ameriserv Financial Inc. common and preferred stock, contributions receivable, accrued interest receivable, and cash would be considered financial instruments. At December&nbsp;31, 2011 and 2010, the carrying amounts of these financial instruments approximate fair value.</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>9</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>NOTE 9 &#150; RISKS AND UNCERTAINTIES</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>The Plan invests in various investment securities. &nbsp;Investment securities are exposed to various risks such as interest rate, market, and credit risks. &nbsp;Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants&#146; account balances and the amounts reported in the Statement of Net Assets Available for Benefits.</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>10</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<A NAME="OLE_LINK2"></A><A NAME="RANGE!A1"></A><TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=14.933></TD><TD width=14.267></TD><TD width=0.667></TD><TD width=133.733></TD><TD width=85.133></TD><TD width=183.733></TD><TD width=62.4></TD><TD width=61.067></TD><TD width=21.067></TD><TD width=90></TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD AT END OF YEAR</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>EMPLOYER IDENTIFICATION NUMBER 25-0851535</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>PLAN NUMBER &#150; 002</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>DECEMBER 31, 2011</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P style="margin:0px">(a)</P>
</TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">(b) Identity of issue, borrower, lessor, </P>
</TD><TD valign=top width=183.733><P style="margin:0px">(c) Description of investment </P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P style="margin:0px" align=center>(d) Cost</P>
</TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px" align=center>(e) Current </P>
</TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or similar party</P>
</TD><TD valign=top width=183.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including maturity date,</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px" align=center>&nbsp;&nbsp;Value</P>
</TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rate of interest, collateral, </P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;par or maturity value</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B><U>Common Stock</U></B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">AmeriServ Bank</P>
</TD><TD valign=top width=183.733><P style="margin:0px">Ameriserv Financial, Inc.</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>273,294</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B>Total Common Stock</B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>273,294</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B><U>Preferred Stock</U></B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">AmeriServ Bank</P>
</TD><TD valign=top width=246.133 colspan=2><P style="margin:0px">Ameriserv Financial Capital Trust</P>
</TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>184,169</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B>Total Preferred Stock</B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>184,169</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733 rowspan=2><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067 rowspan=2><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90 rowspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B><U>Mutual Funds</U></B></P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Alger</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Large Cap Growth</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>16,339</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Alger</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Midcap Growth</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>60,219</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Calvert </P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Calvert Social Equity</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>67</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">CGM</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Focus Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>105,789</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Dodge &amp; Cox </P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Balanced Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>1,041,177</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Federated</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Kaufmann Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>159,688</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Fidelity</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">New Insights</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>31,158</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Fidelity</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Leveraged Co. Stock</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>352,123</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Fidelity</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Low-Priced Stock Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>567,155</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Fidelity</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">New Markets</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>54,308</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Franklin</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Biotechnology Discovery</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>103,185</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Franklin</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Mutual Beacon</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>323,467</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Heartland</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Value Plus</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>143,777</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Janus</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Contrarian Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>106,499</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Janus</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Growth &amp; Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>17,457</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Janus</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Overseas Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>63,665</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Legg Mason</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Opportunity Trust</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>48,338</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Legg Mason</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Value Trust</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>54,318</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Loomis Sayles</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Bond Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>211,040</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">MFS</P>
</TD><TD valign=top width=307.2 colspan=3><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;International New Discovery Fund</P>
</TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>261,397</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Northern Technology</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Technology Fund</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>65,981</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Pimco</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Total Return</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>464,756</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Rydex</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">S&amp;P 500</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>94,808</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">Symons</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Small Cap</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>45,646</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Equity Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>237,789</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Financial Services</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>21,993</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2015</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>44,377</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2025</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>7,277</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2030</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>692</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2035</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>1,603</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:13.333px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2040</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>70</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD AT END OF YEAR</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>EMPLOYER IDENTIFICATION NUMBER 25-0851535</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>PLAN NUMBER &#150; 002</P>
</TD></TR>
<TR><TD valign=bottom width=667 colspan=10><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>DECEMBER 31, 2011 (continued)</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P style="margin:0px">(a)</P>
</TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">(b) Identity of issue, borrower, lessor, </P>
</TD><TD valign=top width=183.733><P style="margin:0px">(c) Description of investment </P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P style="margin:0px" align=center>(d) Cost</P>
</TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px" align=center>(e) Current </P>
</TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or similar party</P>
</TD><TD valign=top width=183.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including maturity date,</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px" align=center>&nbsp;&nbsp;Value</P>
</TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rate of interest, collateral, </P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;par or maturity value</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2050</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>11</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Retire 2020</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>1,240</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">T. Rowe Price</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Spectrum</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>13,520</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">Tweedy Browne</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Global Value</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>238,451</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">Vanguard</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">GNMA</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>195,381</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">Vanguard</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Health Care</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>102,058</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">Vanguard</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Institutional Index</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>1,545,759</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">Vanguard</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Short-Term Admiral</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>198,783</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">Vanguard</P>
</TD><TD valign=top width=183.733><P style="margin:0px; text-indent:13.333px">Total Bond Market Index</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>83,208</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=111.067 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px; text-indent:26.667px"><B>Total Mutual Funds</B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>7,084,569</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B><U>Common / Collective Funds</U></B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">Pathroad Tactical Balance Growth &amp; Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>3,895,692</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">Pathroad Tactical Capital Appreciation &amp; Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>2,859,039</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">Pathroad Conservative Fixed Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>446,744</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">Pathroad Tactical Conservative Growth &amp; Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>2,173,405</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">Pathroad Tactical Intermediate-Term Fixed Income</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>740,287</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P style="margin:0px; font-family:Calibri">*</P>
</TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">Pathroad Tactical Long-Term Equity</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>1,234,791</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=403.267 colspan=4><P style="margin:0px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common/Collective Funds</B></P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>11,349,958</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=403.267 colspan=4><P style="margin:0px"><B><U>Money Market Funds/Cash Equivalent</U></B></P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">&nbsp;Goldman Sachs Financial Prime Obligations</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>1,950,038</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=403.267 colspan=4><P style="margin:0px">&nbsp;Goldman Sachs Financial Prime Obligations</P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>135,975</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px">&nbsp;SEI Stable Asset</P>
</TD><TD valign=top width=183.733 rowspan=2><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>2,239,749</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=403.267 colspan=4><P style="margin:0px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Money Market Funds/Cash Equivalent</B></P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>4,325,762</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B><U>Participant Loans</U></B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>340,120</P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=134.4 colspan=2><P>&nbsp;</P></TD><TD valign=top width=268.867 colspan=2><P style="margin:0px">Interest rates ranging from 3.89% to 13.50% </P>
</TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=134.4 colspan=2><P>&nbsp;</P></TD><TD valign=top width=331.267 colspan=3><P style="margin:0px">Maturity dates ranging from 1/15/12 to 12/15/16</P>
<P style="margin:0px"><BR></P>
</TD><TD valign=top width=61.067><P>&nbsp;</P></TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD valign=top width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=top width=219.533 colspan=3><P style="margin:0px"><B>Total</B></P>
</TD><TD valign=top width=183.733><P>&nbsp;</P></TD><TD valign=top width=62.4><P>&nbsp;</P></TD><TD valign=top width=61.067><P style="margin:0px" align=right>$</P>
</TD><TD valign=top width=21.067><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=top width=90><P style="margin:0px; padding-right:-7.2px" align=right>&nbsp;&nbsp;&nbsp;23,557,872 </P>
</TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=248.733 colspan=5><P style="margin:0px">* Party-in-Interest</P>
</TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=29.2 colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=219.533 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=183.733><P>&nbsp;</P></TD><TD valign=bottom width=62.4><P>&nbsp;</P></TD><TD valign=bottom width=61.067><P>&nbsp;</P></TD><TD valign=bottom width=21.067><P>&nbsp;</P></TD><TD valign=bottom width=90><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=14.933><P>&nbsp;</P></TD><TD valign=top width=652.067 colspan=9><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B><U>SIGNATURES</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees of the AmeriServ Financial 401(k) Profit Sharing Plan have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Dated: &nbsp;June 27, 2012</P>
<P style="line-height:14pt; margin:0px; text-indent:144px; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriServ Financial 401(k) Profit Sharing Plan</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriServ Trust and Financial</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Company, as Trustee</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt" align=justify>By</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:24px; font-size:12pt" align=justify>/s/David M. Margetan</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:24px; font-size:12pt" align=justify>David M. Margetan, Vice President</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:24px; font-size:12pt" align=justify>Assistant Manager Retirement Services</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>11</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B><U>Exhibit Index</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify><U>Exhibit</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:72px; text-indent:-48px; font-size:12pt" align=justify>1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:72px; font-size:12pt" align=justify>Consent of S. R. Snodgrass, A.C</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>18</P>
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<DIV style="width:624px"><P style="line-height:14pt; margin:0px; font-size:11pt">Exhibit 1</P>
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<P style="line-height:14pt; margin:0px; font-size:11pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
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<P style="line-height:14pt; margin:0px; font-size:11pt">Trustees of AmeriServ Financial 401(k) Profit Sharing Plan</P>
<P style="line-height:14pt; margin:0px; font-size:11pt">Johnstown, Pennsylvania</P>
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<P style="line-height:14pt; margin:0px; font-size:11pt">We consent to the incorporation by reference in the Registration Statement Nos. 033-53935, 033-</P>
<P style="line-height:14pt; margin:0px; font-size:11pt">55845, 033-55207, 033-55211, 333-67600, and 333-176869 on Forms S-8 of AmeriServ</P>
<P style="line-height:14pt; margin:0px; font-size:11pt">Financial, Inc. of our report dated June 25, 2012, relating to the financial statements and</P>
<P style="line-height:14pt; margin:0px; font-size:11pt">supplemental schedule of the AmeriServ Financial 401(k) Profit Sharing Plan as of and for the</P>
<P style="line-height:14pt; margin:0px; font-size:11pt">year ended December 31, 2011, appearing in this Annual Report on Form 11-K.</P>
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<P style="line-height:14pt; margin:0px; font-size:11pt">/s/S.R. Snodgrass, A. C.</P>
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<P style="line-height:14pt; margin:0px; font-size:11pt">Wexford, Pennsylvania</P>
<P style="line-height:14.65pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt">June 25, 2012</P>
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