<SEC-DOCUMENT>0001104659-23-034207.txt : 20230320
<SEC-HEADER>0001104659-23-034207.hdr.sgml : 20230320
<ACCEPTANCE-DATETIME>20230320070213
ACCESSION NUMBER:		0001104659-23-034207
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230320
DATE AS OF CHANGE:		20230320

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11204
		FILM NUMBER:		23744922

	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
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<TYPE>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SECURITIES AND EXCHANGE
COMMISSION</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Form&#160;8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Pursuant to Section&#160;13
or 15(d)&#160;of the</P>

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of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of
earliest event reported) March 20, 2023</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">AMERISERV
FINANCIAL, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(exact name of registrant
as specified in its charter)</P>

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    <TD STYLE="text-align: center; width: 49%"><FONT STYLE="font-size: 10pt">15901</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">N/A</P>

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if changed since last report.)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Check
the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#160;Written
communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</P>

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material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#160;Pre-commencement
communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Securities
registered pursuant to Section&#160;12(b)&#160;of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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    Of Each Class</FONT></TD>
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    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt">Trading
    Symbol</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (230.405
of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Emerging
growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Form&#160;8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt">Item 8.01</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other
                                            events.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="background-color: white">On
March&#160;20, 2023, AmeriServ Financial,&#160;Inc. (the &#8220;Company&#8221;) issued a press release, a copy of which is filed with
this Current Report on Form&#160;8-K as Exhibit&#160;99.1 and is incorporated herein by reference, regarding its filing of a lawsuit
in the Court of Common Pleas of Cambria County, Pennsylvania against Driver Opportunity Partners I LP and its purported director nominees
for the Company&#8217;s 2023 annual meeting of shareholders (the &#8220;Annual Meeting&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Important Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company intends to file a proxy statement
and <B>GOLD</B> proxy card with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with the Annual Meeting
and, in connection therewith, the Company, its directors and certain of its executive officers will be participants in the solicitation
of proxies from the Company&#8217;s shareholders in connection with such meeting. <B>SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED
TO READ SUCH PROXY STATEMENT, ACCOMPANYING GOLD PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING.</B> The Company&#8217;s definitive proxy
statement for the 2022 annual meeting of shareholders contains information regarding the direct and indirect interests, by security holdings
or otherwise, of the Company&#8217;s directors and executive officers in the Company&#8217;s securities. Information regarding subsequent
changes to their holdings of the Company&#8217;s securities can be found in the SEC filings on Forms 3, 4, and 5, which are available
on the Company&#8217;s website at http://investors.ameriserv.com/sec-filings/insider-filings or through the SEC&#8217;s website at www.sec.gov.
Information can also be found in the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2022 (when
it becomes available). Updated information regarding the identity of potential participants, and their direct or indirect interests,
by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in
connection with the Annual Meeting. Shareholders will be able to obtain the definitive proxy statement, any amendments or supplements
to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC&#8217;s website at www.sec.gov.
Copies will also be available at no charge at the Company&#8217;s website at http://investors.ameriserv.com/sec-filings/documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt">Item 9.01</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Financial
                                            Statements and Exhibits.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(d)&#160;Exhibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><A HREF="tm239938d2_ex99-1.htm"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="tm239938d2_ex99-1.htm"><FONT STYLE="font-size: 10pt">Press release dated March&#160;20,
2023 of AmeriServ Financial,&#160;Inc.</FONT></A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">104</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cover Page&#160;Interactive Data
File (embedded within the Inline XBRL document).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">AMERISERV FINANCIAL,&#160;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#160;</TD>
    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 47%">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: March&#160;20, 2023</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael D. Lynch</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-size: 10pt">Michael D. Lynch</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-size: 10pt">EVP&#160;&amp; CFO</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm239938d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AmeriServ
Financial Files Lawsuit Against Driver Management to Protect the Company and All Stakeholders</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Acts
to Prevent Driver from Waging a Costly, Distracting and Illegal Proxy Contest </I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Reiterates
Driver&rsquo;s Purported Notice of Nomination is Materially Deficient and Fails to Comply with the Company&rsquo;s Bylaws, Especially
with Regard to Disclosing Conflicts of Interest </I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JOHNSTOWN,
Pa., March 20, 2023 -- AmeriServ Financial, Inc. (&ldquo;AmeriServ&rdquo; or the &quot;Company&quot;) (NASDAQ: ASRV) today announced
that it has filed a lawsuit in the Court of Common Pleas of Cambria County, Pennsylvania, against Driver Opportunity Partners I LP (&ldquo;Driver&rdquo;),
its founder and managing member, J. Abbott R. Cooper, and Driver&rsquo;s purported director nominees Julius &ldquo;Izzy&rdquo; Rudolph
and Brandon L. Simmons. The lawsuit seeks declaratory judgement that Driver&rsquo;s purported notice of intent to nominate director candidates
(the &ldquo;Purported Notice&rdquo;) at the Company&rsquo;s 2023 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;) is
invalid and that Driver be enjoined from soliciting proxies in connection with the Annual Meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously announced, AmeriServ&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) determined that the Purported Notice contains material
defects, including omitting that one nominee&rsquo;s family members have sizable financial relationships with the Company. Additionally,
Driver&rsquo;s purported nomination of Mr. Cooper does not comply with the Company&rsquo;s interlocks bylaw that prohibits Board members
and nominees from, among other things, maintaining concurrent directorships at other depository institutions. Based on publicly available
information, Mr. Cooper is becoming a director of New York-based The First of Long Island Corporation, the parent company of The First
National Bank of Long Island.<SUP>1</SUP></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AmeriServ
is bringing this action to protect the Company and its stakeholders, including all shareholders. The Board believes allowing Driver to
disregard AmeriServ&rsquo;s bylaws and run a costly, distracting proxy contest to advance what appears to be its own short-term agenda
runs counter to shareholders&rsquo; best interests. When deciding to authorize this action, the Board took into account Driver&rsquo;s
explicit threat to imminently sue AmeriServ<SUP>2</SUP> and Driver&rsquo;s history of using litigation to advance its own economic
interests at the expense of its fellow shareholders.<SUP>3</SUP></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AmeriServ
looks forward to engaging with shareholders and supporting its refreshed slate of director candidates for this year&rsquo;s Annual Meeting,
including Richard &quot;Rick&quot; Bloomingdale, David Hickton&nbsp;and Daniel Onorato.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
AmeriServ Financial, Inc.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AmeriServ
Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in&nbsp;Johnstown,
Pennsylvania. The Company's subsidiaries provide full-service banking and wealth management services through 17 community offices in
southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville,
Pennsylvania. On December 31, 2022, AmeriServ had total assets of $1.4 billion and a book value of $6.20 per common share. For more
information, visit www.ameriserv.com.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP><U>Source</U>: Press Release, &ldquo;The First of Long Island Corporation Announces Additional Board Refreshment as Part of Ongoing
Commitment to Strong Corporate Governance&rdquo;, January 9, 2023: <U>https://www.globenewswire.com/news-release/2023/01/09/2585681/8695/en/The-First-of-Long-Island-Corporation-Announces-Additional-Board-Refreshment-as-Part-of-Ongoing-Commitment-to-Strong-Corporate-Governance.html</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2&nbsp;</SUP><U>Source</U>:
Letter from Counsel of Driver Opportunity Partners I LP, March 16, 2023: <U>https://www.sec.gov/Archives/edgar/data/707605/000092189523000700/ex1dfan14a12447006_031623.pdf</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3&nbsp;</SUP><U>Source</U>: American Banker, &ldquo;First United in Maryland buys out activist investor&rdquo;, April 19, 2021: <U>https://www.americanbanker.com/news/first-united-in-maryland-buys-out-activist-investor</U>.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forward-Looking
Statements</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release contains forward-looking statements as defined in the Securities Exchange Act of 1934, as amended, and is subject to the
safe harbors created therein. Such statements are not historical facts and include expressions about management's confidence and strategies
and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology,
market conditions, dividend program, and future payment obligations. These statements may be identified by such forward-looking terminology
as &quot;continuing,&quot; &quot;expect,&quot; &quot;look,&quot; &quot;believe,&quot; &quot;anticipate,&quot; &quot;may,&quot; &quot;will,&quot;
 &quot;should,&quot; &quot;projects,&quot; &quot;strategy,&quot; or similar statements. Actual results may differ materially from such
forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ
materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets, the
level of inflation, and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held
at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit
losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings;
a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher
or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss
of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes
in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk
of fraud by employees, customers or outsiders; unanticipated effects of our banking platform; risks and uncertainties relating to the
duration of the COVID-19 pandemic, and actions that may be taken by governmental authorities to contain the pandemic or to treat its
impact; and the inability to successfully implement or expand new lines of business or new products and services.&nbsp;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 U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
including our Annual Report on Form 10-K for the year ended&nbsp;December 31, 2022&nbsp;(when it becomes available). 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMPORTANT
ADDITIONAL INFORMATION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to file a proxy statement and&nbsp;<B>GOLD</B>&nbsp;proxy card with the SEC in connection with the Annual Meeting and,
in connection therewith, the Company, its directors and certain of its executive officers will be participants in the solicitation of
proxies from the Company's shareholders in connection with such meeting.&nbsp;<B>SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED
TO READ SUCH PROXY STATEMENT, ACCOMPANYING GOLD PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING.</B> The Company's definitive proxy statement
for the 2022 annual meeting of shareholders contains information regarding the direct and indirect interests, by security holdings or
otherwise, of the Company's directors and executive officers in the Company's securities. Information regarding subsequent changes to
their holdings of the Company's securities can be found in the SEC filings on Forms 3, 4, and 5, which are available on the Company's
website at&nbsp;<U>http://investors.ameriserv.com/sec-filings/insider-filings</U>&nbsp;or through the SEC's website at&nbsp;<U>www.sec.gov</U>.
Information can also be found in the Company's Annual Report on Form 10-K for the year ended&nbsp;December 31, 2022&nbsp;(when it becomes
available). Updated information regarding the identity of potential participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection
with the Annual Meeting. Shareholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy
statement and other documents filed by the Company with the SEC at no charge at the SEC's website at&nbsp;<U>www.sec.gov</U>. Copies
will also be available at no charge at the Company's website at&nbsp;<U>http://investors.ameriserv.com/sec-filings/documents</U>.&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTACTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longacre
Square Partners</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joe
Germani / Miller Winston</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>jgermani@longacresquare.com
</U>/ <U>mwinston@longacre.com</U></FONT></P>

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