<SEC-DOCUMENT>0001104659-23-063438.txt : 20230523
<SEC-HEADER>0001104659-23-063438.hdr.sgml : 20230523
<ACCEPTANCE-DATETIME>20230523083129
ACCESSION NUMBER:		0001104659-23-063438
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230523
DATE AS OF CHANGE:		20230523

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:		23946604

	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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by the
Registrant </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by a
Party other than the Registrant&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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    <TD STYLE="padding-right: 0.8pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.8pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 0.8pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="width: 0.25in; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.8pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>AMERISERV FINANCIAL,&nbsp;INC.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</P>

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

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

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    <TD STYLE="padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">On May&nbsp;23, 2023, AmeriServ Financial,&nbsp;Inc.
(the &ldquo;Company&rdquo;) issued the following press release, a copy of which is filed as Exhibit&nbsp;1.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, its directors, director nominees
and certain of its executive officers are participants in the solicitation of proxies from the Company&rsquo;s shareholders in connection
with its upcoming annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;). The Company filed its definitive proxy statement
and a&nbsp;<B>GOLD</B>&nbsp;proxy card with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on April&nbsp;26, 2023
in connection with such solicitation of proxies from the Company&rsquo;s shareholders.&nbsp;<B>SHAREHOLDERS OF THE COMPANY ARE STRONGLY
ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING THE COMPANY&rsquo;S&nbsp;<U>GOLD</U>&nbsp;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&rsquo;s definitive proxy statement for the Annual Meeting contains information regarding the direct and indirect interests,
by security holdings or otherwise, of the Company&rsquo;s directors, director nominees and executive officers in the Company&rsquo;s securities.
Information regarding subsequent changes to their holdings of the Company&rsquo;s securities can be found in the SEC filings on Forms
3, 4, and 5, which are available on the Company&rsquo;s website at http://investors.ameriserv.com/sec-filings/insider-filings or through
the SEC&rsquo;s website at www.sec.gov. Information can also be found in the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2022, filed on March&nbsp;27, 2023. 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&rsquo;s website at
www.sec.gov. Copies will also be available at no charge at the Company&rsquo;s website at http://investors.ameriserv.com/sec-filings/documents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>EXHIBIT 1</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AmeriServ Financial Announces Court Denial of Driver&rsquo;s
Request for Injunctive Relief</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Court Finds Driver is Unlikely to Prevail
on the Merits of its Claims</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Company to Hold Annual Meeting on May 26,
2023 and Urges Shareholders to Support Strategic <BR>
Direction by Voting for AmeriServ&rsquo;s Director Candidates </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JOHNSTOWN, Pa., May 23, 2023 -- AmeriServ Financial,
Inc. (&ldquo;AmeriServ&rdquo; or the &quot;Company&quot;) (NASDAQ: ASRV) today announced that the United States District Court for the
Western District of Pennsylvania (the &ldquo;Court&rdquo;) has denied Driver Opportunity Partners I LP&rsquo;s (&ldquo;Driver&rdquo;)
motion for a preliminary injunction to delay the Company&rsquo;s 2023 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;).
The Annual Meeting will take place as scheduled on May 26, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2023, AmeriServ announced that its Board
of Directors (the &ldquo;Board&rdquo;) had determined that Driver&rsquo;s purported nomination notice was invalid due to material defects
and failure to comply with the Company&rsquo;s bylaws. Driver subsequently filed a legal action with the Court. In its opinion issued
this week, the Court stated that <I>&ldquo;Driver has failed to meet its burden to demonstrate it is likely to prevail on the merits of
its claims [&hellip;]&rdquo;</I> The Court also declared that <I>&ldquo;Driver&rsquo;s inability to have its director nominees considered
for election at the 2023 Annual Meeting is entirely a result of its own failures, not as a result of AmeriServ&rsquo;s conduct.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AmeriServ is represented in legal proceedings
by Stevens &amp; Lee, P.C. and Vinson &amp; Elkins L.L.P.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #FEFEFE"><B>THE BOARD RECOMMENDS
SHAREHOLDERS VOTE &ldquo;<U>FOR ALL</U>&rdquo; OF AMERISERV&rsquo;S NOMINEES<BR>
(RICHARD &ldquo;RICK&rdquo; W. BLOOMINGDALE, DAVID J. HICKTON AND DANIEL A. ONORATO)<BR>
BY USING THE&nbsp;COMPANY&rsquo;S <U>GOLD</U>&nbsp;PROXY CARD.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions or require any assistance
in voting your shares, or if you would like additional copies of the proxy materials, please contact our proxy solicitor:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Morrow Sodali LLC</B><BR>
509 Madison Avenue Suite 1206<BR>
New York, NY 10022<BR>
Shareholders Call Toll Free: (800) 662-5200<BR>
Brokers, Banks, and Other Nominees Call Collect: (203) 658-9400<BR>
Email: <U>ASRV@investor.morrowsodali.com</U></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>About AmeriServ Financial, Inc.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">AmeriServ Financial,
Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in 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 March 31, 2023,
AmeriServ had total assets of $1.346 billion and a book value of $6.18 per common share. For more information, visit <U>www.ameriserv.com</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>Forward Looking
Statements</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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; expense and reputational impact on the Company
as a result of its ongoing proxy contest and related litigation; and the inability to successfully implement or expand new lines of business
or new products and services. 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 December 31, 2022,
filed on March 27, 2023. 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company,&nbsp;its directors, director nominees
and certain of its executive officers are participants in the solicitation of proxies from the Company&rsquo;s&nbsp;shareholders&nbsp;in
connection with the Annual Meeting. The Company filed its definitive proxy statement and a&nbsp;<B>GOLD</B>&nbsp;proxy card with the
SEC on April&nbsp;26, 2023 in connection with such solicitation of proxies from the Company&rsquo;s&nbsp;shareholders.&nbsp;<B>SHAREHOLDERS
OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING&nbsp;<U>GOLD</U>&nbsp;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>&nbsp;The Company&rsquo;s definitive proxy statement for the&nbsp;Annual&nbsp;Meeting contains information regarding the
direct and indirect interests, by security holdings or otherwise, of the Company&rsquo;s directors, director nominees and executive officers
in the Company&rsquo;s securities. Information regarding subsequent changes to their holdings of the Company&rsquo;s securities can be
found in the SEC filings on Forms 3, 4, and 5, which are available on the Company&rsquo;s website at&nbsp;http://investors.ameriserv.com/sec-filings/insider-filings&nbsp;or
through the SEC&rsquo;s website at&nbsp;www.sec.gov. Information can also be found in the Company&rsquo;s Annual Report on Form 10-K
for the year ended December 31, 2022, filed on March 27, 2023.&nbsp;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&rsquo;s
website at&nbsp;www.sec.gov. Copies will also be available at no charge at the Company&rsquo;s website at&nbsp;<U>http://investors.ameriserv.com/sec-filings/documents</U>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Joe Germani / David Reingold</P>

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

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