JOHNSTOWN, Pa., March 3 /PRNewswire-FirstCall/ -- AmeriServ Financial,
Inc. (Nasdaq: ASRV) today announced the decision to close the company's
investment advisory subsidiary, AmeriServ Associates, Inc. AmeriServ Financial
President and CEO Allan R. Dennison said that the subsidiary no longer fits
the company's strategic direction. AmeriServ Associates, Inc., with one office
in Central Pennsylvania, specializes in investment portfolio management and
asset liability management. Clients include community banks and credit unions.
AmeriServ Associates, Inc. was opened as a registered investment advisory firm
in 1997.
AmeriServ Associates, Inc. will cease normal operations on March 31, 2006.
A new private firm not affiliated with AmeriServ Financial will continue after
March 31. Ray M. Fisher, the current president of AmeriServ Associates, Inc.,
will leave AmeriServ to manage the new firm.
"We've made it clear over the last few years that AmeriServ is first and
foremost a community bank," said Dennison. "To stay true to our customers and
shareholders, we have exited AmeriServ Associates, Inc. and other non-
community bank lines of business."
SOURCE AmeriServ Financial, Inc.
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Related links:
http://www.ameriservfinancial.com
CONTACT:
Jeffrey Powers of AmeriServ Financial,
+1-814-533-5139
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