Business
AmeriServ Financial, Inc. To Acquire A Branch And Deposits Of Riverview Financial Corporation
JOHNSTOWN, Pa., Jan. 15, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 15, 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 execution of a definitive agreement whereby AmeriServ will acquire Citizen's 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 agreement date, the related deposits total approximately $48 million and will be acquired for a 3.71% deposit premium. The Meyersdale branch will continue in operation 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. This transaction will be immediately accretive to AmeriServ earnings and the approximate 2% dilution to ASRV's tangible book value will be earned back in less than three years. \nJeffrey A. Stopko, President and CEO of AmeriServ said of the transaction: \"We know these markets very well and we are excited about this opportunity that fits in so perfectly with our operational strategies for growth; adding a profitable branch and additional deposits in our core markets. We are looking forward to welcoming the branch employees and customers (many of whom were customers of the former Citizens National Bank of Meyersdale) into the AmeriServ family.\"\nBrett D. Fulk, President and CEO of Riverview commented: \"This transaction is consistent with our ongoing focus upon operational efficiencies, which includes a comprehensive retail office repositioning and brand consolidation strategy. We are pleased to have found the right partner in AmeriServ Financial Bank for our CNB deposit customers and retail employees. I am confident the transition from CNB will be seamless for our customers and employees.\"\nThe transaction is subject to regulatory approvals and satisfaction of customary closing conditions and is expected to close in the second quarter of 2021....