JOHNSTOWN, Pa., July 25, 2016 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) announced that its Board of
Directors declared a $0.015 per share
quarterly common stock cash dividend. This new quarterly
dividend amount represents a 50% increase from the previous
$0.01 per share quarterly
dividend. The cash dividend is payable August 22, 2016 to shareholders of record on
August 8, 2016. This increased
cash dividend represents a 1.9% annualized yield using the
July 21, 2016 closing common stock
price of $3.13 and represents an
approximate payout ratio of 21% based upon the Company's recently
reported second quarter 2016 earnings per share of $0.07.
Jeffrey A. Stopko, President
& Chief Executive Officer, commented on the increased
dividend: "Our focus in 2015 was on increasing earnings and
building cash in order to pay off our SBLF preferred stock before
the rate would sharply increase. With the successful
redemption of the SBLF preferred stock in the first quarter of 2016
and the Company's rapid return to more typical profitability levels
in the second quarter of 2016, our Board of Directors is confident
that this is the appropriate time to begin to return more capital
to our shareholders."
AmeriServ Financial, Inc. is the parent of AmeriServ Financial
Bank and AmeriServ Trust and Financial Services Company in
Johnstown. The Company's subsidiaries provide full-service
banking and trust and wealth management services through sixteen
community offices in southwestern Pennsylvania. At
June 30, 2016, AmeriServ had total
assets of $1.1 billion, a book value
of $5.25 per common share and a
tangible book value of $4.62 per
common share.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
AmeriServ's dividend program and future payment obligations. 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 Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2015.
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.
Logo - http://photos.prnewswire.com/prnh/20160411/353886LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameriserv-financial-inc-increases-quarterly-common-stock-cash-dividend-300303158.html
SOURCE AmeriServ Financial, Inc.