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Stock Market & Financial Investment News

News Breaks
April 19, 2012
16:03 EDTASRVAmeriserve Financial increases repurchase program
AmeriServ Financial announced 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 $2.58M in the aggregate from an institutional shareholder. This transaction is expected to be completed on April 20. 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.
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September 25, 2014
08:44 EDTASRVAmeriserve Financial reports impairment charges and profitability improvement
AmeriServ Financial expects to record a Q3 non-cash goodwill impairment charge of approximately $675K related to West Chester Capital Advisors, its registered investment advisor subsidiary. The company's Q3 financial results will also include approximately $150K of non-recurring expenses related to a profitability improvement project. The company engaged a consulting firm which provided the company with recommendations to reduce expenses and improve future profitability beginning in Q4 and continuing into 2015. The company also recently offered an early retirement incentive program to employees that were at least age 60 with 15 years of pension benefit service. A total of 46 employees, or approximately 13% of our workforce, are eligible for the program. The company expects to incur a one-time charge in Q4 currently anticipated to be approximately $550K at maximum if all 46 eligible employees elect to participate. The company initially expects that between the profitability improvement project and the early retirement incentive program, it should be able to reduce future non-interest expenses by $1.5M annually once these programs are fully implemented.

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