JOHNSTOWN, Pa., Jan. 28 /PRNewswire-FirstCall/ -- A yearlong national
search for a new AmeriServ Financial, Inc. (Nasdaq: ASRV) President and CEO
ended this morning with the announcement that Allan R. Dennison will lead the
region's largest community bank. Dennison has a strong background in community
banking which makes him an ideal candidate to lead AmeriServ Financial, Inc.
and its subsidiaries, according to Craig G. Ford. Ford has held the position
of Chairman, President and CEO of AmeriServ Financial, Inc. since
December 2002, and has led the AmeriServ turnaround and the search for the top
bank officer.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040128/CLW020 )
"Mr. Dennison's qualifications, experience and community banking
background are an excellent fit for AmeriServ. Since AmeriServ is locally
owned and managed, it is important that we maintain a relentless focus on the
needs of our communities. Selecting a well seasoned community bank
professional was the most important criteria in choosing Dennison from more
than 80 candidates. Mr. Dennison is an experienced professional who sets high
standards for himself, and therefore will lead by example," said Ford.
During 2003, the value of AmeriServ's common stock grew nearly 81 percent.
In addition, AmeriServ has reported positive earnings for the bank's three
most recent quarterly earnings reports. Today's announcement of a new
president and CEO with a strong community banking background is part of
AmeriServ's revised strategic direction, which was first communicated by Ford
in 2003. As Cambria County's largest community bank, AmeriServ currently
employs 474 people and operates 23 branch banking offices.
Dennison has more than 35 years of banking experience, most recently as
president and CEO of Swineford National Bank headquartered in Snyder County,
PA. Swineford National Bank is a $275 million community bank affiliated with
the Fulton Financial Corporation, a regional financial holding company with
$8 billion in assets. His past experience includes senior positions with
Mellon Bank of Pittsburgh and Huntington National Bank in Cleveland, OH.
Dennison is a native of McKeesport, PA and a graduate of Penn State
University.
"I like where this bank is headed," said Dennison. "Our commitment to
delivering the best customer service in the region, along with a keen interest
in helping the community to grow, attracted me to the position. While
completing the AmeriServ turnaround is important, I welcome the challenge of
making AmeriServ a consistently high performing bank."
Dennison will join AmeriServ in February and his office will be located in
the Downtown Johnstown headquarters building. The new AmeriServ leader will
relocate his family from Lewisburg, PA to Johnstown.
To ensure a smooth transition, the AmeriServ Board of Directors also
announced today that Ford will remain with AmeriServ as Chairman of the Board.
Ford joined AmeriServ on Dec. 2, 2002 as acting chairman, president and CEO.
AmeriServ Financial, Inc., is the parent of AmeriServ Financial Bank and
AmeriServ Trust & Financial Services Company in Johnstown, AmeriServ
Associates of State College, and AmeriServ Life Insurance Company.
SOURCE AmeriServ Financial, Inc.
 back to top
Related links:
http://www.ameriservfinancial.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040128/CLW020
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Jeffrey Powers of AmeriServ Financial,
+1-814-533-5139
|
