JOHNSTOWN, Pa., Feb. 23 /PRNewswire-FirstCall/ -- AmeriServ Financial,
Inc. (Nasdaq: ASRV) is interviewing prospective buyers for the 170-bed Ronald
Reagan Atrium I Nursing and Rehabilitation Center in Pittsburgh. AmeriServ is
collecting bids and interviewing with qualified elderly care services buyers,
according to Gary McKeown, AmeriServ Senior Vice President and Chief Lending
Officer.
"In the short time since we took possession of the facility we have
received inquiries from 11 qualified buyers. Each of the prospective buyers is
in the elderly care business, which is important to us," said McKeown. "We
would like to see the facility reopened under competent management for the
elderly in the Pittsburgh area. That was the original intent, and we are
proceeding mindful of our obligation to the elderly in that community."
AmeriServ will transfer the property to the Other Real Estate Owned
financial reporting category and continue to list it as a non-performing asset
until it is sold. McKeown expects to finalize a sale by June 30.
"We will write down the balance of the loan by $625,000 to establish a
conservative carrying value for the property which approximates the reserve we
established for this loan. We will recover a significant amount of the write
down through the resolution of this credit," stated McKeown.
The $4.8 million loan was originated in 1994 and is supported by an 80%
guaranty by the U.S. Department of Agriculture. The Center was the primary
asset of Alzheimer's Disease Alliance of Western Pennsylvania.
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
CONTACT:
Jeffrey Powers of AmeriServ Financial,
+1-814-533-5139
|
