JOHNSTOWN, Pa., April 19, 2012 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) announced today that its Board of
Directors approved an increase in the size of its previously
announced common stock repurchase program. The Company can
now repurchase an additional 5% or approximately 1,007,000 shares
of its outstanding common stock. The shares may be purchased
in open market, negotiated, or block transactions. This
common stock repurchase program does not obligate the Company to
acquire any specific number of shares and may be suspended or
discontinued at any time.
As part of this expanded common stock buyback program, the
Company also announced that it had reached an agreement to
repurchase a large block of 1,045,000 shares of its common stock at
$2.47 per share for $2,581,000 in the aggregate from an institutional
shareholder. This transaction is expected to be completed on
April 20, 2012. The Company
expects that this transaction will have an accretive impact on both
book value and tangible book value per share which were
$4.46 and $3.84, respectively, at March 31, 2012.
This news release may contain forward-looking statements that
involve risks and uncertainties, as defined in the Private
Securities Litigation Reform Act of 1995, including the risks
detailed in the Company's Annual Report and Form 10-K to the
Securities and Exchange Commission. Actual results may differ
materially
SOURCE AmeriServ Financial, Inc.