AmeriServ Financial, Inc. Announces Leadership Change

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Dec 11, 2014, 04:30 ET

JOHNSTOWN, Pa., Dec. 11, 2014 /PRNewswire/ -- AmeriServ Financial Inc. (NASDAQ: ASRV) (the "Company") announced today that Glenn L. Wilson will resign from his position as President and Chief Executive Officer of the Company effective January 9, 2015. Mr. 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. Mr. Wilson's resignation did not result from any disagreement he has with the Company about the operations, policies or practices of the Company or any of its subsidiaries or affiliates.

The Board of Directors has appointed, effective January 9, 2015, Jeffrey A. Stopko as interim President and Chief Executive Officer of AmeriServ Financial, Inc. and James T. Huerth as interim President and Chief Executive Officer of AmeriServ Financial Bank (the "Bank") until permanent successors for Mr. Wilson are named. Mr. Stopko has served as Executive Vice President and Chief Financial Officer, a position he has held since 1997; Mr. Huerth was most recently Executive Vice President and Director – Retail and Commercial Banking, a position he has held since 2010.

Mr. Wilson joined the organization in 2009 as President and Chief Executive Officer. During his tenure with AmeriServ Financial, the Bank grew from $967 million in assets to $1.07 billion at September 30, 2014 while maintaining excellent asset quality. In discussing his time with AmeriServ, he said, "I have been honored to lead this community bank and help it grow into the organization it is today. It is important to reinvest in the communities we serve; and our people are committed to delivering the very highest level of service. I have enjoyed my time here at AmeriServ and believe the bank is well positioned for the future."

According to Craig G. Ford, the Company's Chairman, "Under Glenn's leadership, we have been able to build our bank into a true community bank that focuses on servicing its customers while offering all of the benefits and services normally associated with large, regional and national competitors. The business strategies we have put into place provide a strong foundation from where we will continue to foster steady progress and continued growth."

AmeriServ Financial Bank is a community bank, headquartered in Johnstown, PA, and its holding company is publicly traded on NASDAQ under the symbol ASRV. The Company has total assets of $1.07 billion and currently operates 17 community banking offices encompassing five counties in western Pennsylvania.

Forward-Looking Statements

This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding the Company's business strategies and programs. These forward-looking statements involve risks and uncertainties that could cause the Company's results to differ materially from management's current expectations. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013. Forward-looking statements are based on the beliefs and assumptions of the Company's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no responsibility to publicly update or revise any forward-looking statement.

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SOURCE AmeriServ Financial, Inc.