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Branch Acquisition | 3 Months Ended
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Mar. 31, 2021
Branch Acquisition |
Branch Acquisition | 21. Branch Aquisition On January 12, 2021, AmeriServ Financial Bank, the Company’s wholly owned banking subsidiary, entered into a branch purchase and assumption agreement related to the branch and deposit customers of Citizen’s Neighborhood Bank (CNB), an operating division of Riverview Bank, located in Meyersdale, Pennsylvania and to the deposit customers of CNB at the branch located in Somerset, Pennsylvania. As of March 31, 2021, the related deposits totaled approximately $45 million and will be acquired for a 3.71% deposit premium. The Meyersdale branch will continue in operation under the AmeriServ name, and the Somerset branch customers will be serviced from the neighboring full service AmeriServ office at 108 West Main Street. On a pro forma basis, AmeriServ will have the fourth largest deposit market share in Somerset County with four branches and $150 million in deposits. This transaction will be immediately accretive to the Company’s earnings and the approximate 2% dilution to the Company’s tangible book value will be earned back in less than three years. The transaction has received the necessary regulatory approvals and is scheduled to close on May 22, 2021.

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