JOHNSTOWN, Pa., Jan. 22 /PRNewswire-FirstCall/ -- AmeriServ Financial,
Inc. (Nasdaq: ASRV) today announced that it has signed a Definitive
Agreement to acquire West Chester Capital Advisors (WCCA) of West Chester,
Pennsylvania. WCCA is a registered investment advisor with expertise in
large cap stocks, and currently has $215 million in assets under
management. The company was formed in 1994.
When the acquisition is completed, WCCA will be a wholly owned
subsidiary of AmeriServ Financial Bank. Because this will be a cash
transaction, AmeriServ will not be issuing any stock to execute the
purchase. Therefore, there will be no ownership dilution to current
AmeriServ stockholders, and the company expects the transaction to be
accretive to earnings in year one.
Allan Dennison, president & CEO of AmeriServ Financial, said, "One of
our strategic goals has been to further strengthen our sources of
non-interest revenue in this very difficult rate environment. With the
addition of West Chester Capital Advisors, AmeriServ will immediately
broaden its fee-based product options. Furthermore, this will launch
AmeriServ's entry into a new and lucrative geographic market."
Once acquired by AmeriServ, the two principals of WCCA, Bruce Marra and
Tom McKeon, will continue to manage the operation and its staff. WCCA will
remain headquartered in Chester County, the most affluent and fastest
growing county in Pennsylvania according to the most recent U.S. Census
data.
"We are truly excited about joining the AmeriServ family. Together we
appear to have a good strategic fit, and there is great similarity in our
firms," said WCCA's President Bruce Marra.
The transaction, which is subject to regulatory approval, is scheduled
to close sometime during the first quarter, 2007.
SOURCE AmeriServ Financial, Inc.
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Related links:
http://www.ameriservfinancial.com
CONTACT:
Jeff Powers, Assistant Vice President of
AmeriServ Financial, Inc., +1-814-533-5139
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