JOHNSTOWN, Pa., Feb. 21 /PRNewswire-FirstCall/ -- AmeriServ Financial Inc.
(Nasdaq: ASRV) announced today that the Federal Reserve Bank of Philadelphia
and Pennsylvania Department of Banking have terminated the Memorandum of
Understanding (MOU) that the Company had been operating under since Feb. 28,
2003.
The MOU was enacted to address prior deficiencies in asset quality, credit
administration, and other matters. AmeriServ's successful actions to improve
asset quality, strengthen capital, reduce interest rate risk, and enhance
administrative procedures, were the key factors that led to the termination of
this regulatory enforcement action.
"This news is very satisfying given all the focused effort that our Board
of Directors and employees have put into strengthening our balance sheet and
improving our capital over the past two years," said AmeriServ President and
CEO Allan Dennison. "The termination of the MOU validates our actions to date
and will allow us to sharpen our focus and energy toward providing quality
service to our customers and improving earnings performance."
The termination of the MOU will mean lower insurance and regulatory costs
and reduces the administrative burdens on AmeriServ so the Company can focus
on the development of new business within the context of a community bank
based strategic plan.
This news release may contain forward-looking statements that involve
risks and uncertainties, as defined in the Private Securities Litigation
Reform Act of 1995, including the risks detailed in the Company's Form 10-K to
the Securities and Exchange Commission. Actual results may differ materially.
SOURCE AmeriServ Financial, Inc.
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Related links:
http://www.ameriservfinancial.com
CONTACT:
Allan Dennison of AmeriServ Financial, Inc.,
+1-814-533-5337
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