<SEC-DOCUMENT>0000707605-17-000107.txt : 20171019
<SEC-HEADER>0000707605-17-000107.hdr.sgml : 20171019
<ACCEPTANCE-DATETIME>20171019160118
ACCESSION NUMBER:		0000707605-17-000107
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171019
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20171019
DATE AS OF CHANGE:		20171019

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:		171144798

	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>div10178k.htm
<DESCRIPTION>PRESS RELEASE ANNOUNING QUARTERLY COMMON STOCK CASH DIVIDEND AND NEW FOUR YEAR CONTRACT WITH UNION WORKFORCE
<TEXT>
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<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Layton, William">
<META NAME="date" CONTENT="2017-10-19T14:06:00Z">
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<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px; font-size:18pt"><B>UNITED STATES</B></P>
<P style="margin:0px; font-size:18pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px"><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:18pt"><B>FORM 8-K</B></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:12pt"><B>CURRENT REPORT</B></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:12pt"><B>Pursuant to Section 13 or 15(d) of</B></P>
<P style="margin:0px; font-size:12pt"><B>The Securities Exchange Act of 1934</B></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px"><B>October 19, 2017</B></P>
<P style="margin:0px">Date of Report (Date of earliest event reported)</P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:18pt"><B>AMERISERV FINANCIAL, INC.</B></P>
<P style="margin:0px">(Exact name of registrant as specified in its charter)</P>
<P style="margin:0px">&#160;</P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=230 /><TD width=14 /><TD width=230 /><TD width=1 /><TD width=13 /><TD width=1 /><TD width=229 /><TD width=1 /><TD width=1 /></TR>
<TR><TD style="margin-top:0px; padding:0px" width=230><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=14><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=230><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=14 colspan=2><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=230 colspan=2><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center><B>Pennsylvania</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center><B>0-11204</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center><B>25-1424278</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>(State or other jurisdiction</P>
<P style="margin:0px" align=center>of incorporation)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>(Commission</P>
<P style="margin:0px" align=center>File Number)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center>(IRS Employer</P>
<P style="margin:0px" align=center>Ident. No.)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center>&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=475 colspan=4><P style="margin:0px" align=center><B>Main and Franklin Streets, Johnstown, Pennsylvania</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center><B>15901</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=0.933 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=475 colspan=4><P style="margin:0px" align=center>(Address of principal executive offices)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center>(Zip Code)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=0.933 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center>&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center><B>(814) 533-5300</B></P>
<P style="margin:0px" align=center>Registrant<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s telephone number, including area code</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center>&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center><B>N/A</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center>(Former name or former address, if changed since last report.)</P>
</TD></TR>
</TABLE>
<DIV style="width:624px"><P style="margin:0px"><BR></P>
<P style="margin:0px">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&#160;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #7F0000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR>
<BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; page-break-before:always"><B>Item 8.01 &nbsp;&nbsp;&nbsp;&nbsp;Other Events.</B></P>
<P style="margin-top:0px; margin-bottom:11.133px; padding-right:54px; text-indent:48px" align=justify>On October 19, 2017, AmeriServ Financial, Inc. issued a press release announcing that its Board of Directors had declared a cash dividend of $0.015 per share quarterly common stock cash dividend. &nbsp;The cash dividend is payable November 20, 2017 to shareholders of record on November 6, 2017. &nbsp;This cash dividend represents an approximate 1.5% annualized yield using the October 18, 2017 closing common stock price of $4.05 and represents an approximate payout ratio of 19% based upon the Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s recently reported third quarter 2017 earnings per share of $0.08. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:11.133px; padding-right:54px; text-indent:48px" align=justify>The Company also announced that it has reached a new four-year contract with its unionized workforce. &nbsp;The Unionized employees voted to accept the contract at a meeting held on Sunday, October 15, 2017 in Johnstown. &nbsp;The new contract covers the workforce through October 15, 2021.</P>
<P style="margin-top:0px; margin-bottom:11.133px; padding-right:54px; text-indent:48px" align=justify>The press release, attached hereto as Exhibit 99.1, is incorporated herein.</P>
<P style="margin-top:0px; margin-bottom:11.133px"><B>Item 9.01 &nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</B></P>
<P style="margin:0px; text-indent:-2px">Exhibits:</P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px">99.1</P>
<P style="margin:0px; text-indent:-2px">Press release, dated October 19,<FONT style="font-family:'inherit,Times New Roman,Times New Roman'"> 2017</FONT> of AmeriServ Financial, Inc. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&#160;</P>
<P style="margin:0px" align=center><U>SIGNATURES</U></P>
<P style="margin:0px">&#160;</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">&#160;</P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=426 /><TD width=34 /><TD width=11 /><TD width=197 /><TD width=50 /><TD width=1 /></TR>
<TR><TD style="margin-top:0px; padding:0px" width=426><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=34><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=11><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=197><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=50><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=1><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=293 colspan=5><P style="margin:0px">AMERISERV FINANCIAL, INC.</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=259 colspan=4><P style="margin:0px">&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;<FONT style="font-size:10pt">Dated: &nbsp;</FONT><FONT style="font-size:10pt">October</FONT><FONT style="font-size:10pt"> </FONT><FONT style="font-size:10pt">19</FONT><FONT style="font-size:10pt">, 2017</FONT></P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px">By:</P>
</TD><TD style="margin-top:0px; padding:0px; border-bottom:1px solid #000000" valign=top width=208 colspan=2><P style="margin:0px">/s/ &nbsp;Michael D. Lynch</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=50><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=1><P style="margin:0px; font-size:1pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=11><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=247 colspan=2><P style="margin:0px">Michael D. Lynch</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=11><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=247 colspan=2><P style="margin:0px">Senior Vice President and<BR>
Chief Financial Officer</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" width=426><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=34><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=11><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=197><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=50><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=1><P style="margin:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<DIV style="width:624px"><P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&#160;</P>
<P style="margin:0px" align=center>EXHIBIT INDEX</P>
<P style="margin:0px">&#160;</P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=100 /><TD width=14 /><TD width=597 /></TR>
<TR><TD style="margin-top:0px; padding:0px" width=100><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=14><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=597><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px; border-bottom:1px solid #000000" valign=top width=100><P style="margin:0px" align=center>Exhibit Number</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px; border-bottom:1px solid #000000" valign=top width=597><P style="margin:0px" align=center>Description</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=100><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=597><P style="margin:0px">&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=100><P style="margin:0px" align=center>99.1</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=597><P style="margin:0px">Press release, dated October 19<FONT style="font-family:'inherit,Times New Roman,Times New Roman'">, 2017</FONT>, of AmeriServ Financial, Inc.</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=100><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=597><P style="margin:0px">&#160;</P>
</TD></TR>
</TABLE>
<DIV style="width:624px"><P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&#160;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #7F0000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:2.2px; margin-bottom:13.333px" align=center><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR></P>
<P style="margin-top:2.667px; margin-bottom:0px" align=center><BR></P>
<P style="margin-top:11.133px; margin-bottom:0px"><B>Exhibit 99.1</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:31.667px; padding-right:-18px; font-size:14pt" align=center><B>AMERISERV FINANCIAL ANNOUNCES A NEW LABOR CONTRACT AND DECLARATION OF QUARTERLY COMMON STOCK DIVIDEND</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt">JOHNSTOWN, PA <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font>AmeriServ Financial Bank, the banking subsidiary of AmeriServ Financial, Inc. (NASDAQ: ASRV), and United Steelworkers (USW) Local 2635-06 have agreed to a new four-year contract. &nbsp;Unionized employees voted to accept the contract at a meeting held on Sunday, October 15, 2017 in Johnstown. The new contract covers the workforce through October 15, 2021.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">The ratified contract is positive news for AmeriServ and the community, according to AmeriServ President and CEO Jeffrey Stopko. &nbsp;<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>This new agreement allows us to continue focusing on our banking for life strategy. &nbsp;As an organization, we are committed to servicing our customers and communities. &nbsp;Together, our union and non-union employees are working to provide our shareholders, customers as well as the communities we serve with a positive banking for life experience today, tomorrow and into the future.<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">USW Local 2635-06 Unit President Bob Gilles agrees on the importance of the new contract to AmeriServ. &nbsp;<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>The approved agreement indicates to me that our membership believes in AmeriServ<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s continued commitment to being a leading community bank in our region while providing employees with good career opportunities.<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Key financial terms of the new contract include annual wage increases of 3% and the movement of union employees to a new exclusive provider organization health care plan that will promote better control of future health care costs. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Additionally, the Company announced that its Board of Directors declared a $0.015 per share quarterly common stock cash dividend. &nbsp;The cash dividend is payable November 20, 2017 to shareholders of record on November 6, 2017. &nbsp;This cash dividend represents an approximate 1.5% annualized yield using the October 18, 2017 closing common stock price of $4.05 and represents an approximate payout ratio of 19% based upon the Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s recently reported third quarter 2017 earnings per share of $0.08. &nbsp;</P>
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<P style="margin:0px; font-size:12pt">AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown. &nbsp;The Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s subsidiaries provide full-service banking and trust and wealth management services through sixteen community offices in southwestern Pennsylvania and also operates loan production offices in Altoona and Monroeville, PA and Hagerstown, Maryland. &nbsp;At September 30, 2017, AmeriServ had total assets of $1.17 billion, a book value of $5.31 per common share and a tangible book value of $4.66 per common share. &nbsp;</P>
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<P style="margin:0px; font-size:12pt; page-break-before:always"><B>Forward-Looking Statements </B></P>
<P style="margin:0px; font-size:12pt">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. The forward-looking statements contained herein include, but are not limited to, information regarding AmeriServ's dividend program and future payment obligations. 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 are 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, 2016. 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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