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Stock Market & Financial Investment News

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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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