<SEC-DOCUMENT>0000707605-14-000089.txt : 20140925
<SEC-HEADER>0000707605-14-000089.hdr.sgml : 20140925
<ACCEPTANCE-DATETIME>20140925083209
ACCESSION NUMBER:		0000707605-14-000089
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140925
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140925
DATE AS OF CHANGE:		20140925

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11204
		FILM NUMBER:		141119508

	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>8-K
<SEQUENCE>1
<FILENAME>wcca914k.htm
<DESCRIPTION>PRESS RELEASE ANNOUNCING A NON-CASH GOODWILL IMPAIRMENT
<TEXT>
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<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Stevens &amp; Lee">
<META NAME="date" CONTENT="09/24/2014">
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<DIV style="width:720px"><P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C.&nbsp; 20549</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Pursuant to Section&nbsp;13 or 15(d) of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>The Securities Exchange Act of 1934</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><B>September&nbsp;25, 2014</B></P>
<P style="margin:0px" align=center>Date of Report (Date of earliest event reported)</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>AMERISERV FINANCIAL,&nbsp;INC.</B></P>
<P style="margin:0px" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=230.4></TD><TD width=14.4></TD><TD width=230.4></TD><TD width=14.333></TD><TD width=230.467></TD></TR>
<TR><TD valign=top width=230.4><P style="margin:0px" align=center><B>Pennsylvania</B></P>
</TD><TD valign=bottom width=14.4><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=230.4><P style="margin:0px" align=center><B>0-11204</B></P>
</TD><TD valign=bottom width=14.333><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=230.467><P style="margin:0px" align=center><B>25-1424278</B></P>
</TD></TR>
<TR><TD valign=top width=230.4><P style="margin:0px" align=center>(State or other jurisdiction</P>
<P style="margin:0px" align=center>of incorporation)</P>
</TD><TD valign=bottom width=14.4><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=230.4><P style="margin:0px" align=center>(Commission</P>
<P style="margin:0px" align=center>File Number)</P>
</TD><TD valign=bottom width=14.333><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=230.467><P style="margin:0px" align=center>(IRS Employer</P>
<P style="margin:0px" align=center>Ident. No.)</P>
</TD></TR>
<TR><TD valign=top width=230.4><P style="margin:0px" align=center>&nbsp;</P>
</TD><TD valign=bottom width=14.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=230.4><P style="margin:0px" align=center>&nbsp;</P>
</TD><TD valign=bottom width=14.333><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=230.467><P style="margin:0px" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=475.2 colspan=3><P style="margin:0px" align=center><B>Main and Franklin Streets, Johnstown, Pennsylvania</B></P>
</TD><TD valign=bottom width=14.333><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=230.467><P style="margin:0px" align=center><B>15901</B></P>
</TD></TR>
<TR><TD valign=top width=475.2 colspan=3><P style="margin:0px" align=center>(Address of principal executive offices)</P>
</TD><TD valign=bottom width=14.333><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=230.467><P style="margin:0px" align=center>(Zip Code)</P>
</TD></TR>
<TR><TD valign=top width=720 colspan=5><P style="margin:0px" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=720 colspan=5><P style="margin:0px" align=center><B>(814) 533-5300</B></P>
<P style="margin:0px" align=center>Registrant&#146;s telephone number, including area code</P>
</TD></TR>
<TR><TD valign=top width=720 colspan=5><P style="margin:0px" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=720 colspan=5><P style="margin:0px" align=center><B>N/A</B></P>
</TD></TR>
<TR><TD valign=top width=720 colspan=5><P style="margin:0px" align=center>(Former name or former address, if changed since last report.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-family:Wingdings">o<FONT style="font-family:Times New Roman"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-family:Wingdings">o<FONT style="font-family:Times New Roman"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-family:Wingdings">o<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-family:Wingdings">o<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))</FONT></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&nbsp;</P>
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<P style="margin-top:0px; margin-bottom:13.333px; page-break-before:always"><B>Item&nbsp;2.06 &nbsp;&nbsp;Material Impairments.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:48px; font-family:inherit">On September&nbsp;25, 2014, AmeriServ Financial,&nbsp;Inc. (the&nbsp;&#8220;Company&#8221;) issued a press release announcing a non-cash goodwill impairment to be incurred in the third quarter of 2014. &nbsp;The press release, attached hereto as Exhibit&nbsp;99.1, is incorporated herein by reference.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>Item&nbsp;7.01 &nbsp;&nbsp;Regulation FD Disclosure.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:48px; font-family:inherit">On September&nbsp;25, 2014, the Company also issued a press release announcing certain profitability improvement initiatives. &nbsp;The press release, attached hereto as Exhibit&nbsp;99.1, is incorporated herein by reference.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>Item&nbsp;9.01 &nbsp;&nbsp;Financial Statements and Exhibits.</B></P>
<P style="margin-top:0px; margin-bottom:-16px">(d)</P>
<P style="margin:0px; text-indent:48px">Exhibits:</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">99.1</P>
<P style="margin:0px; padding-left:48px">Press release, dated September 25, 2014, of AmeriServ Financial,&nbsp;Inc.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&nbsp;<A NAME="id_7"></A><A NAME="id_8"></A></P>
<P style="margin:0px" align=center><U>SIGNATURES</U></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=426.2></TD><TD width=34.467></TD><TD width=11.6></TD><TD width=197.133></TD><TD width=50.533></TD></TR>
<TR><TD valign=top width=426.2><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=293.733 colspan=4><P style="margin:0px">AMERISERV FINANCIAL, INC.</P>
</TD></TR>
<TR><TD valign=top width=426.2><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=34.467><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=259.267 colspan=3><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=426.2><P style="margin:0px; font-size:1pt">&nbsp;<FONT style="font-size:10pt">Dated:&nbsp; September 25, 2014</FONT></P>
</TD><TD valign=top width=34.467><P style="margin:0px">By:</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=208.733 colspan=2><P style="margin:0px">/s/ &nbsp;Jeffrey A. Stopko</P>
</TD><TD valign=top width=50.533><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=426.2><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=34.467><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=11.6><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=247.667 colspan=2><P style="margin:0px">Jeffrey A. Stopko</P>
</TD></TR>
<TR><TD valign=top width=426.2><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=34.467><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=11.6><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD valign=top width=247.667 colspan=2><P style="margin:0px">Executive Vice President and<BR>
Chief Financial Officer</P>
</TD></TR>
<TR><TD width=426.2><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD width=34.467><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD width=11.6><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD width=197.133><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD><TD width=50.533><P style="margin:0px; font-size:8pt">&nbsp;</P>
</TD></TR>
</TABLE>
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<P style="margin:0px" align=center>&nbsp;<A NAME="id_9"></A><A NAME="id_10"></A></P>
<P style="margin:0px" align=center>EXHIBIT INDEX</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=100.733></TD><TD width=14.4></TD><TD width=597.533></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=100.733><P style="margin:0px" align=center>Exhibit Number</P>
</TD><TD valign=bottom width=14.4><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=597.533><P style="margin:0px" align=center>Description</P>
</TD></TR>
<TR><TD valign=top width=100.733><P style="margin:0px">&nbsp;</P>
</TD><TD valign=bottom width=14.4><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=597.533><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=100.733><P style="margin:0px" align=center>99.1</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=top width=597.533><P style="margin:0px">Press release, dated September 25, 2014, of AmeriServ Financial,&nbsp;Inc.</P>
</TD></TR>
<TR><TD valign=top width=100.733><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=top width=597.533><P>&nbsp;</P></TD></TR>
</TABLE>
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<P style="margin:0px; page-break-before:always">Exhibit 99.1</P>
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<P style="line-height:14pt; margin:0px; padding-left:48px; padding-right:48px; font-family:Arial; font-size:12pt" align=center><B>AMERISERV FINANCIAL, INC. ANNOUNCES EXPECTED THIRD QUARTER GOODWILL IMPAIRMENT CHARGE AND PROFITABILITY IMPROVEMENT INITIATIVES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; padding-right:48px; text-indent:48px; font-family:Arial; font-size:12pt" align=justify>JOHNSTOWN, PA &#150; AmeriServ Financial, Inc. (NASDAQ: ASRV) announced that it expects to record a third quarter non-cash goodwill impairment charge of approximately $675,000 related to West Chester Capital Advisors (WCCA), its registered investment advisor subsidiary. &nbsp;As previously disclosed in our filings with the Securities and Exchange Commission, the voluntary departure of WCCA&#146;s former CEO and the related litigation against him for violations of his employment agreement, caused disruption within the WCCA customer base during 2014. &nbsp;This disruption ultimately led to the loss of certain clients and a reduction in the projected earnings capacity of WCCA which caused the goodwill impairment charge. &nbsp;The Company remains strategically committed to its asset management subsidiary. &nbsp;WCCA is well integrated into our wealth management businesses and is expected to improve its earnings power with new business development in future periods.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; padding-right:48px; text-indent:48px; font-family:Arial; font-size:12pt" align=justify>The Company&#146;s financial results for the third quarter of 2014 will also include approximately $150,000 of non-recurring expenses related to a profitability improvement project. &nbsp;The Company engaged a consulting firm that specializes in the areas of expense rationalization and profit improvement for community banks. &nbsp;This firm completed a thorough analysis of our business operations and practices during the third quarter. &nbsp;As a result of this project, the firm provided the Company with recommendations to reduce expenses and improve future profitability that we will evaluate and prioritize for implementation beginning in the fourth quarter of 2014 and continuing into 2015. &nbsp;The Company expects that its payback on this project will be significant. &nbsp;</P>
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<P style="line-height:14pt; margin:0px; padding-left:48px; padding-right:48px; text-indent:48px; font-family:Arial; font-size:12pt" align=justify>The Company also recently offered an early retirement incentive program to employees that were at least age 60 with 15 years of pension benefit service. &nbsp;A total of 46 employees, or approximately 13% of our workforce, are eligible for the program. &nbsp;The Company expects to incur a one-time charge in the fourth quarter of 2014 to record a special termination benefit for those employees that elect to participate in this early retirement incentive program. &nbsp;We currently anticipate that the maximum amount of such charge would be approximately $550,000 if all 46 eligible employees elect to participate in this early retirement incentive program. &nbsp;The final amount of the charge, however, will not be determined until the fourth quarter when participant election decisions are due. &nbsp;The Company offered this program in an attempt to reduce future employee costs particularly the expenses associated with its defined benefit pension plan. &nbsp;The ongoing future savings resulting from this program also cannot be finalized until the fourth quarter of 2014 when participant elections are made. However, the Company initially expects that between the profitability improvement project and the early retirement incentive program, we should be able to reduce future non-interest expenses by $1.5 million annually once these programs are fully implemented. &nbsp;&nbsp;&nbsp;&nbsp;</P>
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<P style="line-height:14pt; margin:0px; padding-left:48px; padding-right:48px; text-indent:48px; font-family:Arial; font-size:12pt" align=justify>AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown. &nbsp;The Company&#146;s subsidiaries provide full-service banking and trust and wealth management services through seventeen community offices in southwestern Pennsylvania. &nbsp;At June 30, 2014, AmeriServ had total assets of $1.06 billion, a book value of $5.05 per common share and a tangible book value of $4.38 per common share. &nbsp;</P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; padding-right:48px; font-family:Arial; font-size:12pt" align=justify><B>Forward-Looking Statements</B> </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; padding-right:48px; font-family:Arial; font-size:12pt" align=justify>This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. These forward-looking statements involve risks and uncertainties that could cause AmeriServ's results to differ materially from management's current expectations. Such risks and uncertainties include those related to the Company&#146;s ability to realize the non-interest and other expense savings described in this press release and are also detailed in AmeriServ's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2013. Forward-looking statements are based on the beliefs and assumptions of AmeriServ's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement. </P>
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