JOHNSTOWN, Pa., May 24, 2021 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ
Financial Bank, and Riverview Financial Corporation (NASDAQ:
RIVE), the parent company of Riverview Bank and its
operating divisions, jointly announced today the completion of
their previously announced transaction providing for AmeriServ's
acquisition of Citizens Neighborhood Bank's (CNB), an operating
division of Riverview Bank, branch and deposit
customers in Meyersdale, as
well as the deposit customers of CNB's leased branch in the
Borough of Somerset. Both of these locations are in
Somerset County in southwestern
Pennsylvania.
As of the closing date, AmeriServ acquired related deposits of
approximately $43.7 million for a
3.71% deposit premium. The Meyersdale branch will continue to
operate under the AmeriServ name, and Somerset branch customers will be serviced
from the neighboring full service AmeriServ office at 108 West Main
Street. On a pro forma basis, ASRV will have the fourth
largest deposit market share in Somerset
County with four branches and $150
million in deposits.
Jeffrey A. Stopko, AmeriServ
Financial President & CEO stated: "This strategic branch
acquisition has been successfully completed and AmeriServ Financial
is excited to now offer our Banking for Life community bank
business model to customers in Meyersdale and Somerset. I am very appreciative of the hard
work by many employees to complete this branch acquisition and I am
also pleased with how well the AmeriServ and Riverview teams worked together to make this a
seamless transition for our new customers."
Brett D. Fulk, President and CEO of Riverview Financial
Corporation stated: "We are pleased to announce the successful
completion of this office and deposit disposition transaction. This
transaction is part of ongoing efforts to address both strategic
branch realignment and cost containment at Riverview. We have
successfully consolidated, closed, or divested through sale a total
of ten (10) retail locations since 2019, equating to a 33%
reduction, while continuing to grow deposit balances and reducing
our costs of deposits. I would like to thank the team members
at both AmeriServ and Riverview
that worked tirelessly to make this transaction a success for both
companies."
About AmeriServ Financial, Inc.
AmeriServ Financial,
Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust
and Financial Services Company in Johnstown, PA. The Company's
subsidiaries provide full-service banking and wealth management
services through seventeen community offices in southwestern
Pennsylvania and Hagerstown, Maryland. The Company also
operates loan production offices in Altoona and Monroeville, Pennsylvania. At
March 31, 2021, AmeriServ had total
assets of $1.3 billion and a tangible
book value of $5.47 per common
share. The Company's common stock trades on the NASDAQ Global
Market under the symbol "ASRV". For more information,
visit www.ameriserv.com.
About Riverview Financial Corporation
Riverview
Financial Corporation is the parent company of Riverview Bank. An
independent community bank, Riverview Bank serves the Pennsylvania market areas of Berks, Blair,
Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, and Schuylkill Counties through 23 community
banking offices and three limited purpose offices. Each office,
interdependent with the community, offers a comprehensive array of
financial products and services to individuals, businesses,
not-for-profit organizations and government entities. Riverview's business philosophy includes
offering direct access to senior management and other officers and
providing friendly, informed and courteous service, local and
timely decision making, flexible and reasonable operating
procedures and consistently applied credit policies. The Company's
common stock trades on the NASDAQ Global Market under the symbol
"RIVE". The Investor Relations site can be accessed
at https://www.riverviewbankpa.com/.
Caution Regarding Forward-Looking Statements
This
release contains forward-looking statements as defined in the
Securities Exchange Act of 1934 and is subject to the safe harbors
created therein. Such statements are not historical facts and
include expressions about management's expectations, strategies and
similar matters. Forward-looking statements may be identified
by words such as "continuing," "expect," "look," "believe,"
"anticipate," "may," "will," "should," "projects," "strategy," or
similar statements. Actual results may differ materially from
such forward-looking statements, and no reliance should be placed
on any forward-looking statement. Forward-looking statements
involve risks and uncertainties that could cause results to differ
materially from current expectations. Such risks and
uncertainties are described in the filings made by AmeriServ and
Riverview with the Securities and
Exchange Commission, including their respective Annual Reports on
Form 10-K for the year ended December
31, 2020. Forward-looking statements are based on the
beliefs and assumptions of management and on currently available
information. The statements in this release are made as of the date
of this press release, even if subsequently made available by on a
website or otherwise. AmeriServ and Riverview undertake no responsibility to
publicly update or revise any forward-looking statement included
herein to reflect future events or developments.
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SOURCE AmeriServ Financial, Inc.