<SEC-DOCUMENT>0000921895-23-000155.txt : 20230120
<SEC-HEADER>0000921895-23-000155.hdr.sgml : 20230120
<ACCEPTANCE-DATETIME>20230120160454
ACCESSION NUMBER:		0000921895-23-000155
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230120
DATE AS OF CHANGE:		20230120

SUBJECT COMPANY:	

	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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11204
		FILM NUMBER:		23540971

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Driver Management Co LLC
		CENTRAL INDEX KEY:			0001756372
		IRS NUMBER:				831994022
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		250 PARK AVENUE
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10177
		BUSINESS PHONE:		212-572-4811

	MAIL ADDRESS:	
		STREET 1:		250 PARK AVENUE
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10177
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a12447006_01202023.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMERISERV FINANCIAL, INC.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DRIVER MANAGEMENT COMPANY LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DRIVER OPPORTUNITY PARTNERS I LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">J. ABBOTT R. COOPER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JULIUS D. RUDOLPH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BRANDON L. SIMMONS</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials</TD></TR></TABLE>



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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Driver Management Company
LLC together with the other participants named herein (collectively, &ldquo;Driver&rdquo;), intends to file a preliminary proxy statement
and accompanying WHITE universal proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of
its slate of highly-qualified director nominees at the 2023 annual meeting of shareholders of AmeriServ Financial, Inc., a Pennsylvania
corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On January 20, 2023, Driver
sent the following letter to the Company&rsquo;s Chief Executive Officer, Jeffrey Stopko:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 79px; width: 135px"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right">January 20, 2023</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Jeffrey Stopko<BR>
Chief Executive Officer<BR>
AmeriServ Financial, Inc.<BR>
216 Franklin Street<BR>
Johnstown, PA 15901</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Via Email and FedEx</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Mr. Stopko,</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">By letter dated December 20, 2022 (the &ldquo;<U>December 20
Letter</U>&rdquo;; a copy of which is transmitted herewith), Allan Dennison, chairman of the board (the (&ldquo;<U>Board</U>&rdquo;) of
AmeriServ Financial, Inc. (the &ldquo;<U>Corporation</U>&rdquo; or &ldquo;<U>ASRV</U>&rdquo;) made reference to &ldquo;<I>unique economic
realities</I>&rdquo; affecting ASRV. Driver Opportunity Partners I LP (together with its general partner, Driver Management Company LLC,
 &ldquo;<U>Driver</U>&rdquo;) is the record owner of 1,000 shares of the common stock (the &ldquo;<U>Common Stock</U>&rdquo;), par value
$0.01, of the Corporation. Driver is the beneficial owner of 1,477,919 shares of the Common Stock and one of, if not the, largest holders
of shares of the Corporation. Based on the undersigned&rsquo;s review of reports filed by the Corporation with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, Driver can find no description of any &ldquo;<I>unique economic realities</I>&rdquo;
affecting ASRV, let alone any explanation of how such &ldquo;<I>unique economic realities</I>&rdquo; might impact the Corporation&rsquo;s
business, results of operations or financial condition.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Pursuant to 15 Pa. C.S. &sect; 1508(b), Driver is hereby exercising
its right to inspect certain books and records and demands to inspect (and make copies or extracts therefrom) the following (collectively,
the &ldquo;<U>Books and Records</U>&rdquo;) documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>All documents describing, listing, detailing, or summarizing the facts and circumstances constituting the &ldquo;<I>unique economic
realities</I>&rdquo; facing, impacting, or otherwise affecting the Corporation referenced in the December 20 Letter (such facts and circumstances,
the &ldquo;<U>Unique Economic Realities</U>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>All documents quantifying, analyzing or referencing the impact of the Unique Economic Realities on the Corporation&rsquo;s past, current
and prospective business, financial condition, and/or results, including, to the extent that such impact is negative, how such negative
impact might be mitigated or any steps taken in an effort to mitigate any such impact;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Any documents relating to any public disclosure of the Unique Economic Realities, including, without limitation, any documents regarding
whether and to what extent disclosure of the Unique Economic Realities may be required pursuant to the Securities Act of 1933 (and the
rules and regulations promulgated thereunder), the Securities Exchange Act of 1934 (and the rules and regulations promulgated thereunder)(the
 &ldquo;<U>Securities Exchange Act</U>&rdquo;), or any Nasdaq listing rule, as well as any documents reflecting any discussion, analysis
or consideration regarding whether such disclosure should be made; and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>All documents relating to any communication concerning of the Unique Economic Realities with any current or former holder of shares
of the Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Under Pennsylvania law, Driver has the right to make its own
inspection of the Books and Records for any proper purpose, including to make its own determination as to whether the Corporation is being
properly managed.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> Broadly speaking, there are two purposes
of this investigation.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">The first purpose is to determine the nature and extent of the
Unique Economic Realities and, in light thereof, determine whether the Corporation is being properly managed. As an experienced bank investor,
Driver has yet to come across a bank or bank holding company that claimed to be subject to any &ldquo;<I>unique economic realities</I>&rdquo;
and it does not appear that the Corporation has undertaken to provide any public disclosure regarding the Unique Economic Realities. Since,
by the Corporation&rsquo;s own admission, the Unique Economic Realities are &ldquo;<I>unique</I>&rdquo; operating within those Unique
Economic Realities must pose a &ldquo;<I>unique</I>&rdquo; challenge to proper management. In order to assess whether the Corporation
is being properly managed in light of the Unique Economic Realities, Driver first needs to understand the nature and extent of the Unique
Economic Realities.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">The second purpose is to assess whether, by failing to insist
on adequate public disclosure of the Unique Economic Realities, the Board has exposed the Corporation to potential liability under the
federal securities laws, including without limitation, section 10(b) of the Securities and Exchange Act. Since, again, in the Corporation&rsquo;s
own words, the Unique Economic Realities are &ldquo;<I>unique</I>&rdquo; and therefore not common to other similarly situation corporations,
it follows that the nature of the Unique Economic Realities, as well as their past, current and prospective impact on the Corporation&rsquo;s
business and financial condition and results, would be information that would be material to any past, current or prospective holder of
shares of the Common Stock. Driver believes that proper management includes, at a minimum, not creating legal liability for failing to
disclose material information known to the Board.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Pursuant to 15 Pa. C.S. &sect; 1508(c), the Corporation has
five business days from recepit of this demand to reply substantively to this demand. Please advise the undersigned as promptly as practicable
when and where the books and records covered by this demand will be made available to Driver. To the extent the Corporation wishes to
provide Driver with copies of the books and records covered by this demand, Driver will bear the reasonable out of pocket costs incurred
by the Corporation in copying and delivering those books and records to Driver. If the Corporation contends this demand is incomplete
or deficient in any respect, please notify the undersigned immediately in writing setting forth the facts that the Corporation contends
support its position and specifying any additional information believed to be required. In the absence of such prompt notice, Driver will
assume that this demand complies in all respects with the requirements of 15 Pa. C.S. &sect; 1508(b).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Driver Opportunity Partners I LP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Driver Management Company, its general partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ J. Abbott R. Cooper</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">J. Abbott R. Cooper</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Member</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">I verify that the statements made in this demand are true and
correct. I understand that any false statements made herein are subject to the penalties of 18 Pa. C.S. &sect; 4904.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;January 20, 2023</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Signed:&nbsp;&nbsp;J. Abbott R. Cooper</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> See, <U>Zerbey v. J.H. Zerbey Newspapers, Inc.</U>, 560 A.2d 191, 198 (Pa. Super. Ct. 1989)(holding that wanting to determine whether a corporation &ldquo;is being properly managed in a general sense&rdquo; constitutes a proper purpose under 15 Pa. C.S. &sect; 1508).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Driver Management Company LLC (&ldquo;Driver Management&rdquo;),
together with the other participants named herein (collectively, &ldquo;Driver&rdquo;), intends to file a preliminary proxy statement
and accompanying WHITE universal proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit votes
for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of shareholders of AmeriServ Financial,
Inc., a Pennsylvania corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 152.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DRIVER STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY
TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY
MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT&nbsp;<FONT STYLE="color: #79A2BD"><U>HTTP://WWW.SEC.GOV</U></FONT>.
IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON
REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The participants in the proxy solicitation are anticipated
to be Driver Management, Driver Opportunity Partners I LP (&ldquo;Driver Opportunity&rdquo;), J. Abbott R. Cooper, Julius D. Rudolph and
Brandon L. Simmons.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">As of the date hereof, the participants
in the proxy solicitation beneficially own in the aggregate 1,477,919 shares of Common Stock, par value $0.01 per share, of the Company
(the &ldquo;Common Stock&rdquo;). As of the date hereof, Driver Opportunity directly beneficially owns 201,000 shares of Common Stock,
including 1,000 shares held in record name. Driver Management, as the general partner of Driver Opportunity and investment manager to
certain separately managed accounts (the &ldquo;SMAs&rdquo;), may be deemed to beneficially own the (i) 201,000 shares of Common Stock
directly beneficially owned by Driver Opportunity and (ii) 1,276,919 shares of Common Stock held in the SMAs. Mr. Cooper, as the managing
member of Driver Management, may be deemed to beneficially own the (i) 201,000 shares of Common Stock directly beneficially owned by
Driver Opportunity and (ii) 1,276,919 shares of Common Stock held in the SMAs. Neither of Messrs. Rudolph or Simmons beneficially own
any securities of the Company.</P>

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