<SEC-DOCUMENT>0001104659-24-011177.txt : 20240207
<SEC-HEADER>0001104659-24-011177.hdr.sgml : 20240207
<ACCEPTANCE-DATETIME>20240206174831
ACCESSION NUMBER:		0001104659-24-011177
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240207
DATE AS OF CHANGE:		20240206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERISERV FINANCIAL INC /PA/
		CENTRAL INDEX KEY:			0000707605
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		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:		24601442

	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-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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Securities Exchange Act
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) February 6, 2024</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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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-size: 10pt">Main and Franklin Streets, Johnstown, PA</FONT></TD>
    <TD STYLE="text-align: center; width: 50%"><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">Registrant's telephone number, including area
code: 814-533-5300</P>

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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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Former name or former address,
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>

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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;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>

<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;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>

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    Of Each Class</FONT></TD>
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    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt">Trading
    Symbol</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt">Name
    of Each Exchange On Which Registered</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">ASRV</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">The NASDAQ Stock Market LLC</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; 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: Wingdings">&#168;</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; 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: Wingdings">&#168;</FONT></P>

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<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: 0pt 0">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="background-color: white">On
February&#160;6, 2024, AmeriServ Financial,&#160;Inc. (the &#8220;Company&#8221;) sent an internal communication to its employees, a
copy of which is attached to this Current Report on Form&#160;8-K as Exhibit&#160;99.1 and incorporated herein by reference.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company intends to file a proxy statement and&#160;<B>GOLD</B>&#160;proxy card with the U.S. Securities and Exchange Commission (the
 &#8220;SEC&#8221;) in connection with Company&#8217;s 2024 annual meeting of shareholders (the &#8220;Annual Meeting&#8221;) 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.&#160;<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>&#160;The Company&#8217;s definitive proxy
statement for the 2023 annual meeting of shareholders contains information in&#160;the section entitled &#8220;Security Ownership of
Directors and Management&#8221; 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. Supplemental information regarding their holdings of the Company&#8217;s
securities can be found in the SEC filings on Forms 3, 4, and 5, which are available through the SEC&#8217;s website at </FONT><FONT STYLE="text-decoration: underline">www.sec.gov</FONT>.
Information can also be found in the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2023 (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 <FONT STYLE="text-decoration: underline">http://investors.ameriserv.com/sec-filings/documents</FONT>.</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0">&#160;</P>

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Internal communication dated <FONT STYLE="background-color: white">February&#160;6,
2024 </FONT>of AmeriServ Financial,&#160;Inc.</FONT></A></TD>
</TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0">&#160;</P>

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

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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Date: <FONT STYLE="background-color: white">February&#160;6,
    2024</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Michael D. Lynch</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EVP&#160;&amp; CFO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="margin: 0; text-align: right"><B><A NAME="a_001"></A>Exhibit 99.1</B></P>

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

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>All-Employee Email</B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To:</B></FONT></TD><TD STYLE="text-align: justify">AmeriServ Colleagues</TD>
</TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>From:</B></FONT></TD><TD STYLE="text-align: justify">Jeff Stopko</TD>
</TR></TABLE>

<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"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD><TD STYLE="text-align: justify">February&nbsp;6, 2024</TD>
</TR></TABLE>

<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"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="text-align: justify">Recent Statements from Activist Investor Driver Management</TD>
</TR></TABLE>

<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">Dear Colleagues,</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">You may recall that last year Driver Management
Company LLC (&ldquo;Driver&rdquo;), an activist hedge fund that has targeted numerous community banks, attempted to elect three individuals
to AmeriServ&rsquo;s Board of Directors. After this effort failed, Driver continued to issue public communications criticizing our Company
and its leadership for a variety of reasons, while also ensnaring us in multiple litigations.</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">We have purposely not commented on Driver&rsquo;s
relentless attacks because we have been focused on running the business. Last week, however, Driver&rsquo;s principal, J. Abbott R. Cooper,
issued two letters to shareholders that contain highly destructive allegations that cannot go unanswered.</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">Here are the key facts you should know:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Driver&rsquo;s accusations are wildly irresponsible and unfounded. </B>While we are limited in what
we can say due to ongoing litigation with former employee Jack Babich, we strongly disagree with Mr.&nbsp;Cooper&rsquo;s baseless accusations
of any &ldquo;illegal misconduct&rdquo; and believe that using such terms without any factual basis is harmful to the Company. Mr.&nbsp;Cooper&rsquo;s
conduct is not at all surprising &ndash; and is far from credible &ndash; given his regular critiques of our Company and Driver&rsquo;s
history of attacks on other similar companies.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Driver continues to unsuccessfully bring litigation against the Company. </B>Mr.&nbsp;Cooper&rsquo;s
complaints about the amount of money AmeriServ has been forced to spend in litigation are tough to swallow given that he has been the
source of all of this litigation &ndash; and given that the Company&rsquo;s actions have been validated by a federal court. In fact, back
in December, a federal judge granted the Company&rsquo;s motion to dismiss ongoing litigation brought by Driver related to its attempt
to elect directors to the Board last year. The same judge had previously ruled that our Board operated in accordance with AmeriServ&rsquo;s
Bylaws in invalidating Driver&rsquo;s notice of director nominations. We will always defend the Company against unwarranted litigation,
and the results in court have proven this to be the correct path.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Mr.&nbsp;Cooper has shown that he is more concerned about himself than other long-term shareholders
of the companies in which he invests. </B>Shareholders should remain wary of Driver&rsquo;s motivations given its track record. For example,
in 2021, Driver &ldquo;greenmailed&rdquo; Maryland-based bank holding company First United Corporation into buying back Driver&rsquo;s
shares for $6.5 million, while also paying $3.3 million to settle litigation that Driver had brought against that company.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Further, Driver has a history of buying community bank stocks and then substantially exiting its positions after a short period of time.
We do not find such actions to be those of a shareholder-aligned investor.</TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>We
are focused on protecting the best interests of all stakeholders, including you, our employees, as well as our shareholders, customers
and communities. </B></FONT>We remain confident in our strategy and are seeing positive momentum across key business lines. As we recently
announced, in the fourth quarter of 2023, we had a 3.6% increase in total loans and notched our fourth consecutive quarter of wealth management
revenue growth. Additionally, we experienced deposit growth in 2023 during a difficult period for the banking industry. We believe that
AmeriServ has a bright future. I would like to sincerely thank each of you for your continued hard work and commitment to our Company.</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">At this time, we should all remain focused on
our roles and doing the best job possible. If any customers reach out to you about Driver, please refer them to me or to Mike Lynch. We
will be glad to address any questions that they might have.</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">Jeff</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"></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></FONT>Source: &ldquo;First&nbsp;United&nbsp;in Maryland buys out activist investor,&rdquo; April 19, 2021,&nbsp;<I>American Banker</I>.</P>

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