USBANCORP, Inc. Is Now AmeriServ Financial, Inc.

Apr 24, 2001, 01:00 ET from USBANCORP, Inc.

    JOHNSTOWN, Pa., April 24 /PRNewswire/ --  USBANCORP, Inc. (Nasdaq: UBAN)
 -- Unprecedented geographic expansion and the ability to deliver more
 financial services than ever before has led USBANCORP, Inc. to change its name
 to AmeriServ Financial, Inc. according to USBANCORP, Inc. Chairman, President
 and CEO Orlando B. Hanselman.
     The new name was announced at the April 24 annual shareholders' meeting
 held at the Downtown Johnstown Holiday Inn.  AmeriServ Financial becomes the
 local bank's official name on May 7.
     AmeriServ Financial will be the "family" name for most of the bank's
 affiliates who are all currently within the USBANCORP, Inc. holding company.
 The new AmeriServ Financial, Inc. will trade on the Nasdaq Stock Exchange
 under the symbol ASRV beginning May 7, 2001.
     The bank and holding company's recent geographic expansion and a
 broadening of consumer services triggered the name change, according to
 Hanselman.
     "Our customers now recognize us as a complete financial services provider.
 The number and variety of our convenient products and services have grown as
 fast as our geographic expansion.  We need a name that reflects our complete
 menu of services -- services beyond a traditional bank -- and that name is
 AmeriServ Financial," he said.
     Before selecting AmeriServ Financial as the new name, the bank's senior
 management team, advertising agency and Board of Directors reviewed nearly
 500 possible names.  The list was narrowed to only those names that accurately
 reflected the bank's emphasis on service, convenience, and broad array of
 financial products.
     U.S. Bank's legal team, working together with outside trademark legal
 counsel, researched every name on the shortened list, and each finalist had to
 be available for national trademark registration.
     The next step in the name selection process was to conduct significant
 statistically valid consumer research of the qualifying names.  Telephone
 surveys of more than 800 people in Cambria, Somerset, Blair and Centre
 counties were completed during January and February.  The results established
 AmeriServ Financial as the clear consumer choice.  The bank's Board of
 Directors approved the new name on Feb. 23.
     "The name AmeriServ Financial is right for us," said Hanselman.  "`Ameri,'
 for America -- because we are expanding across the country.  `Serv' for
 service, because that is the principle upon which our mission is built.  The
 `Financial' makes it clear we are more than a traditional bank.  Extensive
 consumer surveys told us the name AmeriServ Financial immediately brings to
 mind a service orientation, helpful and quick service, and patriotism...all
 qualities that we value.
     "U.S. Bank still has the same great people providing the same great
 quality service, same wide variety of financial services, and the same market
 leading convenience," added Hanselman.
     Current U.S. Bank customers will continue to do business with AmeriServ
 Financial without any action or change on their part, according to Hanselman.
 "Customers will continue to use their current U.S. Bank checks, debit cards,
 credit cards, payment books and other supplies until the normal expiration
 dates, at which time new AmeriServ supplies will be issued," said Hanselman.
     There are other important factors that have led to the name change.  U.S.
 Bank's strategic growth as a company -- and growth in services beyond
 traditional bank offerings -- has positioned the bank as a direct competitor
 with another substantially larger bank company which shares the USBANCORP and
 U.S. Bank names.  Headquartered in Minneapolis, Minnesota, the other USBancorp
 and its banking affiliate -- also U.S. Bank -- hold the oldest national
 registration for the names.
      The Minnesota-based USBancorp is the eighth largest financial holding
 company in the country with total assets in excess of $160 billion.  They
 serve more than 10 million customers, primarily in 24 states in the West and
 Midwest.  The financial company has no bank branch offices in Pennsylvania,
 but has several locations in neighboring Ohio, which is the eastern most state
 in their branch office network.
     The local U.S. Bank could continue to use the name in its traditional
 west-central Pennsylvania market, but its increased geographic expansion
 beyond that market leaves the local entity unprotected by federal trademark
 laws.  The Johnstown-based bank is also planning to introduce a full-service
 transactional Internet site during the third quarter of 2001, which would
 cause further confusion for banking consumers.
     The total expense of $650,000 in 2001 for the name change to AmeriServ
 Financial has been significantly offset because of an agreement reached with
 the Minnesota-based USBancorp.  Johnstown's U.S. Bank controlled the rights to
 the names and logo in the west-central Pennsylvania markets where it currently
 does business.  U.S. Bank in Johnstown aggressively pursued the "other"
 USBancorp, Inc. to sell them the legal rights to the names and eagle logo.
 The Minnesota company accepted the offer and has paid the local U.S. Bank
 $300,000 for the rights.  Therefore, the net 2001 name change expense is
 limited to $350,000.
     Hanselman will host a conference call that will be webcast live over the
 Internet on April 25, 2001 at 2:00 p.m. EDT.  Hanselman will recap his
 presentation that was made to shareholders at the Company's annual meeting
 held on Tuesday, April 24, 2001, and will also address the Company's recently
 announced strategic initiatives and first quarter financial results.  To
 listen live over the Internet to the webcast, simply log on to
 http://www.videonewswire.com/USBANCORP/042501, or to participate in the
 conference call dial 800-903-0247 and use password UBAN.
     AmeriServ Financial, Inc., a financial holding company (pursuant to the
 Gramm-Leach-Bliley Act), will be the parent of AmeriServ Financial and
 AmeriServ Trust & Financial Services in Johnstown, Standard Mortgage
 Corporation in Atlanta, Georgia, AmeriServ Associates of State College, and
 AmeriServ Life Insurance Company in Arizona.
     The Company's AmeriServ Mortgage subsidiary will also have retail mortgage
 operations based in Greensburg, State College, and Altoona.  The AmeriServ
 Financial, Inc. customer reach will remain extensive beyond its primary
 dominant market of Cambria and Somerset Counties.  Standard Mortgage
 Corporation has mortgage servicing operations in Atlanta, Georgia.  AmeriServ
 Associates, the consulting subsidiary, has financial services industry clients
 that are located in Pennsylvania, Ohio and Florida.  AmeriServ Trust and
 Financial Services, with $1.4 billion of client assets under management, has
 union investor clients in Pennsylvania, Ohio, Michigan, West Virginia, and
 Indiana.
 
 

SOURCE USBANCORP, Inc.
    JOHNSTOWN, Pa., April 24 /PRNewswire/ --  USBANCORP, Inc. (Nasdaq: UBAN)
 -- Unprecedented geographic expansion and the ability to deliver more
 financial services than ever before has led USBANCORP, Inc. to change its name
 to AmeriServ Financial, Inc. according to USBANCORP, Inc. Chairman, President
 and CEO Orlando B. Hanselman.
     The new name was announced at the April 24 annual shareholders' meeting
 held at the Downtown Johnstown Holiday Inn.  AmeriServ Financial becomes the
 local bank's official name on May 7.
     AmeriServ Financial will be the "family" name for most of the bank's
 affiliates who are all currently within the USBANCORP, Inc. holding company.
 The new AmeriServ Financial, Inc. will trade on the Nasdaq Stock Exchange
 under the symbol ASRV beginning May 7, 2001.
     The bank and holding company's recent geographic expansion and a
 broadening of consumer services triggered the name change, according to
 Hanselman.
     "Our customers now recognize us as a complete financial services provider.
 The number and variety of our convenient products and services have grown as
 fast as our geographic expansion.  We need a name that reflects our complete
 menu of services -- services beyond a traditional bank -- and that name is
 AmeriServ Financial," he said.
     Before selecting AmeriServ Financial as the new name, the bank's senior
 management team, advertising agency and Board of Directors reviewed nearly
 500 possible names.  The list was narrowed to only those names that accurately
 reflected the bank's emphasis on service, convenience, and broad array of
 financial products.
     U.S. Bank's legal team, working together with outside trademark legal
 counsel, researched every name on the shortened list, and each finalist had to
 be available for national trademark registration.
     The next step in the name selection process was to conduct significant
 statistically valid consumer research of the qualifying names.  Telephone
 surveys of more than 800 people in Cambria, Somerset, Blair and Centre
 counties were completed during January and February.  The results established
 AmeriServ Financial as the clear consumer choice.  The bank's Board of
 Directors approved the new name on Feb. 23.
     "The name AmeriServ Financial is right for us," said Hanselman.  "`Ameri,'
 for America -- because we are expanding across the country.  `Serv' for
 service, because that is the principle upon which our mission is built.  The
 `Financial' makes it clear we are more than a traditional bank.  Extensive
 consumer surveys told us the name AmeriServ Financial immediately brings to
 mind a service orientation, helpful and quick service, and patriotism...all
 qualities that we value.
     "U.S. Bank still has the same great people providing the same great
 quality service, same wide variety of financial services, and the same market
 leading convenience," added Hanselman.
     Current U.S. Bank customers will continue to do business with AmeriServ
 Financial without any action or change on their part, according to Hanselman.
 "Customers will continue to use their current U.S. Bank checks, debit cards,
 credit cards, payment books and other supplies until the normal expiration
 dates, at which time new AmeriServ supplies will be issued," said Hanselman.
     There are other important factors that have led to the name change.  U.S.
 Bank's strategic growth as a company -- and growth in services beyond
 traditional bank offerings -- has positioned the bank as a direct competitor
 with another substantially larger bank company which shares the USBANCORP and
 U.S. Bank names.  Headquartered in Minneapolis, Minnesota, the other USBancorp
 and its banking affiliate -- also U.S. Bank -- hold the oldest national
 registration for the names.
      The Minnesota-based USBancorp is the eighth largest financial holding
 company in the country with total assets in excess of $160 billion.  They
 serve more than 10 million customers, primarily in 24 states in the West and
 Midwest.  The financial company has no bank branch offices in Pennsylvania,
 but has several locations in neighboring Ohio, which is the eastern most state
 in their branch office network.
     The local U.S. Bank could continue to use the name in its traditional
 west-central Pennsylvania market, but its increased geographic expansion
 beyond that market leaves the local entity unprotected by federal trademark
 laws.  The Johnstown-based bank is also planning to introduce a full-service
 transactional Internet site during the third quarter of 2001, which would
 cause further confusion for banking consumers.
     The total expense of $650,000 in 2001 for the name change to AmeriServ
 Financial has been significantly offset because of an agreement reached with
 the Minnesota-based USBancorp.  Johnstown's U.S. Bank controlled the rights to
 the names and logo in the west-central Pennsylvania markets where it currently
 does business.  U.S. Bank in Johnstown aggressively pursued the "other"
 USBancorp, Inc. to sell them the legal rights to the names and eagle logo.
 The Minnesota company accepted the offer and has paid the local U.S. Bank
 $300,000 for the rights.  Therefore, the net 2001 name change expense is
 limited to $350,000.
     Hanselman will host a conference call that will be webcast live over the
 Internet on April 25, 2001 at 2:00 p.m. EDT.  Hanselman will recap his
 presentation that was made to shareholders at the Company's annual meeting
 held on Tuesday, April 24, 2001, and will also address the Company's recently
 announced strategic initiatives and first quarter financial results.  To
 listen live over the Internet to the webcast, simply log on to
 http://www.videonewswire.com/USBANCORP/042501, or to participate in the
 conference call dial 800-903-0247 and use password UBAN.
     AmeriServ Financial, Inc., a financial holding company (pursuant to the
 Gramm-Leach-Bliley Act), will be the parent of AmeriServ Financial and
 AmeriServ Trust & Financial Services in Johnstown, Standard Mortgage
 Corporation in Atlanta, Georgia, AmeriServ Associates of State College, and
 AmeriServ Life Insurance Company in Arizona.
     The Company's AmeriServ Mortgage subsidiary will also have retail mortgage
 operations based in Greensburg, State College, and Altoona.  The AmeriServ
 Financial, Inc. customer reach will remain extensive beyond its primary
 dominant market of Cambria and Somerset Counties.  Standard Mortgage
 Corporation has mortgage servicing operations in Atlanta, Georgia.  AmeriServ
 Associates, the consulting subsidiary, has financial services industry clients
 that are located in Pennsylvania, Ohio and Florida.  AmeriServ Trust and
 Financial Services, with $1.4 billion of client assets under management, has
 union investor clients in Pennsylvania, Ohio, Michigan, West Virginia, and
 Indiana.
 
 SOURCE  USBANCORP, Inc.