Profile: AmeriServ Financial, Inc. (ASRV.O)

AmeriServ Financial, Inc. (the Company) is a bank holding company that owns all of the outstanding shares of AmeriServ Financial Bank (the Bank). The Company’s other wholly owned subsidiaries include AmeriServ Trust and Financial Services Company (the Trust Company). The Company’s principal activities consist of owning and operating its three wholly owned subsidiary entities.

AmeriServ Financial Bank

The Bank operates 21 automated bank teller machines (ATMs) through its 24-Hour Banking Network. Through 18 locations in Allegheny, Cambria, Centre, Somerset, and Westmoreland Counties, Pennsylvania, AmeriServ Financial Bank conducts a general banking business. It is a full-service bank offering retail banking services, such as demand, savings and time deposits, money market accounts, secured and unsecured loans, mortgage loans, safe deposit boxes, holiday club accounts, collection services, money orders, and traveler's checks, and lending, depository and related financial services to commercial, industrial, financial, and governmental customers, such as real estate-mortgage loans, short- and medium-term loans, revolving credit arrangements, lines of credit, inventory and accounts receivable financing, real estate-construction loans, business savings accounts, certificates of deposit, wire transfers, night depository, and lock box services.

Commercial category includes credit extensions to commercial and industrial borrowers. Commercial Loans Secured by Real Estate category includes various types of loans, including acquisition and construction of investment property, owner-occupied property and operating property. Real Estate-Mortgage category includes mortgages that are secured by residential property. Consumer category includes consumer installment loans and revolving credit plans. The Bank has a core deposit base made up of traditional commercial bank products that exhibits little fluctuation, other than jumbo certificate of deposits (CDs), which demonstrate some seasonality. The bank also utilizes certain Trust Company specialty deposits related to the Erect Fund as a funding source which serve as an alternative to wholesale borrowings and could exhibit some degree of volatility. The Bank, when needed, uses both overnight borrowings and term advances from the Federal Home Loan Bank of Pittsburgh for liquidity management purposes. The Residential Lending department of the Bank originates one-to-four family mortgage loans for both outside investors in the secondary market and for the AmeriServ portfolio.

AmeriServ Trust and Financial Services Company

AmeriServ Trust and Financial Services Company is a trust company. As a provider of trust and investment management products and services between Pittsburgh and Harrisburg, AmeriServ Trust and Financial Services Company delivers personalized, professional service to its clients. The Trust Company has two primary business divisions, traditional trust and union collective investment funds. Traditional trust includes personal trust products and services, such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. Also, institutional trust products and services, such as 401(k) plans, defined benefit and defined contribution employee benefit plans, and individual retirement accounts are included in this division. The union collective investment funds, namely the ERECT and BUILD Funds (includes Build Fund of America and Build Fund of Indiana), are designed to invest union pension dollars in construction projects that utilize union labor. The Trust Investment Division focuses on producing better-than-average investment returns by offering an array of individually managed accounts and several asset allocation disciplines utilizing non-proprietary mutual funds.

AmeriServ Life

AmeriServ Life is a captive insurance company. AmeriServ Life engages in underwriting as reinsurer of credit life and disability insurance within the Company’s market area. Operations of AmeriServ Life are conducted in each office of the Company’s banking subsidiary.