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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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December 11, 2014
16:35 EDTASRVAmeriserve Financial CEO Glenn Wilson resigning, succeeded by Jeffrey Stopko
AmeriServ Financial CEO Glenn L. Wilson will resign from his position effective January 9, 2015. Wilson will also step down as a director of the company, and from all director, committee membership, officer and other positions that he has with the company and each of its subsidiaries. Wilson's resignation did not result from any disagreement he has with the company. The Board of Directors has appointed, effective January 9, 2015, Jeffrey A. Stopko as interim President and CEO of AmeriServ Financial and James T. Huerth as interim President and CEO of AmeriServ Financial Bank until permanent successors for Mr. Wilson are named. Stopko has served as Executive VP and CFO since 1997.

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