Business
AmeriServ Financial, Inc. and Riverview Financial Corporation Complete Previously Announced Branch Purchase Transaction
JOHNSTOWN, Pa., May 24, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview Financial
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., May 24, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview Financial Corporation (NASDAQ: RIVE), the parent company of Riverview Bank and its operating divisions, jointly announced today the completion of their previously announced transaction providing for AmeriServ's acquisition of Citizens Neighborhood Bank's (CNB), an operating division of Riverview Bank, branch and deposit customers in Meyersdale, as well as the deposit customers of CNB's leased branch in the Borough of Somerset. Both of these locations are in Somerset County in southwestern Pennsylvania.\nAs of the closing date, AmeriServ acquired related deposits of approximately $43.7 million for a 3.71% deposit premium. The Meyersdale branch will continue to operate under the AmeriServ name, and Somerset branch customers will be serviced from the neighboring full service AmeriServ office at 108 West Main Street. On a pro forma basis, ASRV will have the fourth largest deposit market share in Somerset County with four branches and $150 million in deposits. \nJeffrey A. Stopko, AmeriServ Financial President & CEO stated: \"This strategic branch acquisition has been successfully completed and AmeriServ Financial is excited to now offer our Banking for Life community bank business model to customers in Meyersdale and Somerset. I am very appreciative of the hard work by many employees to complete this branch acquisition and I am also pleased with how well the AmeriServ and Riverview teams worked together to make this a seamless transition for our new customers.\"\n Brett D. Fulk, President and CEO of Riverview Financial Corporation stated: \"We are pleased to announce the successful completion of this office and deposit disposition transaction. This transaction is part of ongoing efforts to address both strategic branch realignment and cost containment at Riverview. We have successfully consolidated, closed, or divested through sale a total of ten (10) retail locations since 2019, equating to a 33% reduction, while continuing to grow deposit balances and reducing our costs of deposits. I would like to thank the team members at both AmeriServ and Riverview that worked tirelessly to make this transaction a success for both companies.\" \nAbout AmeriServ Financial, Inc.AmeriServ Financial, ...