JOHNSTOWN, Pa., March 7 /PRNewswire-FirstCall/ -- AmeriServ Financial,
Inc. (Nasdaq: ASRV) today announced that it has received regulatory
approval and has completed the purchase of West Chester Capital Advisors
(WCCA) of West Chester, Pennsylvania. WCCA is a registered investment
advisor with expertise in large cap stocks, and currently manages $215
million in assets.
WCCA is now a wholly owned subsidiary of AmeriServ Financial Bank. The
company expects the transaction to be accretive to earnings in year one.
Allan Dennison, president & CEO of AmeriServ Financial, said, "This
completed acquisition expands our sources of non-interest revenue and
provides valuable synergy with the investment offerings of our growing
Trust Company. The AmeriServ board of directors have committed to our
shareholders to take action to counteract the current rate environment
pressures facing community banks. This successful acquisition advances the
goals of our strategic plan and provides new opportunity in a difficult
rate environment."
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.
Bruce Marra, president of West Chester Capital Advisors, said, "This is
a good strategic fit, and there is great similarity in our firms. With the
acquisition behind us we are now focusing on developing our combined
resources to improve the company."
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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