{"id":415660,"date":"2021-01-15T08:03:28","date_gmt":"2021-01-15T13:03:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=415660"},"modified":"2021-01-15T08:03:28","modified_gmt":"2021-01-15T13:03:28","slug":"ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation\/","title":{"rendered":"AmeriServ Financial, Inc. To Acquire A Branch And Deposits Of Riverview Financial Corporation"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">JOHNSTOWN, Pa.<\/span>, <span class=\"xn-chron\">Jan. 15, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0AmeriServ Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview Financial Corporation\u00a0(NASDAQ: RIVE), the parent\u00a0company of Riverview Bank\u00a0and its operating divisions, jointly announced today the execution of a definitive agreement whereby AmeriServ will acquire Citizen&#8217;s Neighborhood Bank&#8217;s (CNB), an operating division of Riverview Bank, branch\u00a0and deposit customers\u00a0in <span class=\"xn-location\">Meyersdale<\/span>, as well as the deposit customers of CNB&#8217;s\u00a0leased branch in the Borough of Somerset.\u00a0 Both of these locations are in <span class=\"xn-location\">Somerset County<\/span> in southwestern <span class=\"xn-location\">Pennsylvania<\/span>.<\/p>\n<p>As of the agreement date, the related deposits total approximately <span class=\"xn-money\">$48 million<\/span> and will be acquired for a 3.71% deposit premium.\u00a0 The <span class=\"xn-location\">Meyersdale<\/span> branch will continue in operation under the AmeriServ name, and <span class=\"xn-location\">Somerset<\/span> branch customers will be serviced from the neighboring full service AmeriServ office at 108 West Main Street.\u00a0 On a pro forma basis, ASRV will have the fourth largest deposit market share in <span class=\"xn-location\">Somerset County<\/span> with four branches and <span class=\"xn-money\">$150 million<\/span> in deposits. This transaction will be immediately accretive to AmeriServ earnings and the approximate 2% dilution to ASRV&#8217;s tangible book value will be earned back in less than three years. <\/p>\n<p>\n        <span class=\"xn-person\">Jeffrey A. Stopko<\/span>, <span class=\"xn-location\">President<\/span> and CEO of AmeriServ said of the transaction: &#8220;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.\u00a0 We are looking forward to welcoming the branch employees and customers (many of whom were customers of the former Citizens National Bank of <span class=\"xn-location\">Meyersdale<\/span>) into the AmeriServ family.&#8221;<\/p>\n<p>\n        <span class=\"xn-person\">Brett D. Fulk<\/span>, <span class=\"xn-location\">President<\/span> and CEO of <span class=\"xn-location\">Riverview<\/span> commented: &#8220;This transaction is consistent with our ongoing focus upon operational efficiencies, which includes a comprehensive retail office repositioning and brand consolidation strategy.\u00a0 We are pleased to have found the right partner in AmeriServ Financial Bank for our CNB deposit customers and retail employees.\u00a0 I am confident the transition from CNB will be seamless for our customers and employees.&#8221;<\/p>\n<p>The transaction is subject to regulatory approvals and satisfaction of customary closing conditions and is expected to close in the second quarter of 2021. Stevens &amp; Lee\u00a0is serving as legal counsel and Griffin Financial Group is serving as financial advisor to AmeriServ. <span class=\"xn-person\">Luse Gorman, PC<\/span> is serving as legal counsel and Ategra Capital Management is serving as financial advisor to <span class=\"xn-location\">Riverview<\/span>.<\/p>\n<p>\n        <b>About AmeriServ Financial, Inc. <br \/><\/b>AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in <span class=\"xn-location\">Johnstown<\/span>, PA.\u00a0 The Company&#8217;s subsidiaries provide full-service banking and wealth management services through sixteen community offices in southwestern <span class=\"xn-location\">Pennsylvania<\/span> and <span class=\"xn-location\">Hagerstown<\/span>, Maryland.\u00a0 The Company also operates loan production offices in <span class=\"xn-location\">Altoona<\/span> and <span class=\"xn-location\">Monroeville<\/span>, Pennsylvania.\u00a0 At <span class=\"xn-chron\">September 30, 2020<\/span>, AmeriServ had total assets of <span class=\"xn-money\">$1.3 billion<\/span> and a tangible book value of <span class=\"xn-money\">$5.36<\/span> per common share.\u00a0 The Company&#8217;s common stock trades on the NASDAQ Global Market under the symbol &#8220;ASRV&#8221;.\u00a0 For more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3037837-1&amp;h=4192478443&amp;u=http%3A%2F%2Fwww.ameriserv.com%2F&amp;a=www.ameriserv.com\" rel=\"nofollow noopener noreferrer\">www.ameriserv.com<\/a>.<\/p>\n<p>\n        <b>About Riverview Financial Corporation <br \/><\/b>Riverview Financial Corporation is the parent company of Riverview Bank. An independent community bank, Riverview Bank serves the <span class=\"xn-location\">Pennsylvania<\/span> market areas of <span class=\"xn-location\">Berks<\/span>, <span class=\"xn-location\">Blair<\/span>, <span class=\"xn-location\">Bucks<\/span>, <span class=\"xn-location\">Centre<\/span>, <span class=\"xn-location\">Clearfield<\/span>, <span class=\"xn-location\">Cumberland<\/span>, <span class=\"xn-location\">Dauphin<\/span>, <span class=\"xn-location\">Huntingdon<\/span>, <span class=\"xn-location\">Lebanon<\/span>, <span class=\"xn-location\">Lehigh<\/span>, <span class=\"xn-location\">Lycoming<\/span>, <span class=\"xn-location\">Perry<\/span>, <span class=\"xn-location\">Schuylkill<\/span> and <span class=\"xn-location\">Somerset<\/span> Counties through 27 community banking offices and three limited purpose offices. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. <span class=\"xn-location\">Riverview&#8217;s<\/span> business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision making, flexible and reasonable operating procedures and consistently applied credit policies. The Company&#8217;s common stock trades on the NASDAQ Global Market under the symbol &#8220;RIVE&#8221;. The Investor Relations site can be accessed at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3037837-1&amp;h=605140563&amp;u=https%3A%2F%2Fwww.riverviewbankpa.com%2F&amp;a=https%3A%2F%2Fwww.riverviewbankpa.com%2F\" rel=\"nofollow noopener noreferrer\">https:\/\/www.riverviewbankpa.com\/<\/a>.<\/p>\n<p>\n        <b>Caution Regarding Forward-Looking Statements <br \/><\/b>This release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein.\u00a0 Such statements are not historical facts and include expressions about management&#8217;s expectations, strategies and similar matters.\u00a0 Forward-looking statements may be identified by words such as &#8220;continuing,&#8221; &#8220;expect,&#8221; &#8220;look,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;projects,&#8221; &#8220;strategy,&#8221; or similar statements.\u00a0 Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement.\u00a0 Forward-looking statements involve risks and uncertainties that could cause results to differ materially from current expectations.\u00a0 Such risks and uncertainties are described in the filings made by AmeriServ and <span class=\"xn-location\">Riverview<\/span> with the Securities and Exchange Commission, including their respective Annual Reports on Form 10-K for the year ended <span class=\"xn-chron\">December 31<\/span>, 2019.\u00a0 Forward-looking statements are based on the beliefs and assumptions of management and on currently available information. The statements in this release are made as of the date of this press release, even if subsequently made available by on a website or otherwise.\u00a0 AmeriServ and <span class=\"xn-location\">Riverview<\/span> undertake no responsibility to publicly update or revise any forward-looking statement included herein to reflect future events or developments.<\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder9708\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/353886\/ameriserv_financial_inc_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/353886\/ameriserv_financial_inc_Logo.jpg\" title=\"AmeriServ Financial, Inc. logo\" alt=\"AmeriServ Financial, Inc. logo\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NE49217&amp;sd=2021-01-15\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation-301209293.html\">http:\/\/www.prnewswire.com\/news-releases\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation-301209293.html<\/a><\/p>\n<p>SOURCE  AmeriServ Financial, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NE49217&amp;Transmission_Id=202101150800PR_NEWS_USPR_____NE49217&amp;DateId=20210115\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire JOHNSTOWN, Pa., Jan. 15, 2021 \/PRNewswire\/ &#8212;\u00a0AmeriServ Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview Financial Corporation\u00a0(NASDAQ: RIVE), the parent\u00a0company of Riverview Bank\u00a0and its operating divisions, jointly announced today the execution of a definitive agreement whereby AmeriServ will acquire Citizen&#8217;s Neighborhood Bank&#8217;s (CNB), an operating division of Riverview Bank, branch\u00a0and deposit customers\u00a0in Meyersdale, as well as the deposit customers of CNB&#8217;s\u00a0leased branch in the Borough of Somerset.\u00a0 Both of these locations are in Somerset County in southwestern Pennsylvania. As of the agreement date, the related deposits total approximately $48 million and will be acquired for a 3.71% deposit premium.\u00a0 The Meyersdale branch will continue in operation under the AmeriServ name, and Somerset branch &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AmeriServ Financial, Inc. To Acquire A Branch And Deposits Of Riverview Financial Corporation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-415660","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AmeriServ Financial, Inc. To Acquire A Branch And Deposits Of Riverview Financial Corporation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AmeriServ Financial, Inc. To Acquire A Branch And Deposits Of Riverview Financial Corporation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire JOHNSTOWN, Pa., Jan. 15, 2021 \/PRNewswire\/ &#8212;\u00a0AmeriServ Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview Financial Corporation\u00a0(NASDAQ: RIVE), the parent\u00a0company of Riverview Bank\u00a0and its operating divisions, jointly announced today the execution of a definitive agreement whereby AmeriServ will acquire Citizen&#8217;s Neighborhood Bank&#8217;s (CNB), an operating division of Riverview Bank, branch\u00a0and deposit customers\u00a0in Meyersdale, as well as the deposit customers of CNB&#8217;s\u00a0leased branch in the Borough of Somerset.\u00a0 Both of these locations are in Somerset County in southwestern Pennsylvania. As of the agreement date, the related deposits total approximately $48 million and will be acquired for a 3.71% deposit premium.\u00a0 The Meyersdale branch will continue in operation under the AmeriServ name, and Somerset branch &hellip; Continue reading &quot;AmeriServ Financial, Inc. 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(NASDAQ: ASRV), the parent company of AmeriServ Financial Bank, and Riverview Financial Corporation\u00a0(NASDAQ: RIVE), the parent\u00a0company of Riverview Bank\u00a0and its operating divisions, jointly announced today the execution of a definitive agreement whereby AmeriServ will acquire Citizen&#8217;s Neighborhood Bank&#8217;s (CNB), an operating division of Riverview Bank, branch\u00a0and deposit customers\u00a0in Meyersdale, as well as the deposit customers of CNB&#8217;s\u00a0leased branch in the Borough of Somerset.\u00a0 Both of these locations are in Somerset County in southwestern Pennsylvania. As of the agreement date, the related deposits total approximately $48 million and will be acquired for a 3.71% deposit premium.\u00a0 The Meyersdale branch will continue in operation under the AmeriServ name, and Somerset branch &hellip; Continue reading \"AmeriServ Financial, Inc. To Acquire A Branch And Deposits Of Riverview Financial Corporation\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-15T13:03:28+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/353886\/ameriserv_financial_inc_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ameriserv-financial-inc-to-acquire-a-branch-and-deposits-of-riverview-financial-corporation\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AmeriServ Financial, Inc. 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