JOHNSTOWN, Pa., March 31 /PRNewswire-FirstCall/ --
AmeriServ Financial, Inc. (Nasdaq: ASRV) today moved to consolidate the
management of the company's separate mortgage servicing operation in Atlanta,
GA, and its mortgage lending operations here in Western Pennsylvania.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020717/ASRVLOGO)
William D. Adams has been appointed to lead the Standard Mortgage
Corporation of Georgia (SMCG) mortgage servicing affiliate. Adams will serve
as president and CEO of SMCG in addition to his current position with
AmeriServ Financial Bank.
This management restructuring of SMCG will provide local control of the
Atlanta-based mortgage servicing company, according to Gary McKeown, Chief
Lending Officer for AmeriServ.
"Last year was a record year for local mortgage originations under the
direction of Bill Adams. As new president and CEO of SMCG, Bill will bring
stability to the SMCG affiliate in Atlanta," said McKeown. "He will direct
the restructuring of the Atlanta-based affiliate from Johnstown."
AmeriServ Financial, Inc. sold the servicing rights on approximately
$450 million of mortgage loans being serviced through SMCG in February. This
significant downsizing of the mortgage servicing asset at SMCG has contributed
to a more conservatively positioned balance sheet at AmeriServ Financial by
substantially reducing the level of interest rate risk and earnings
volatility. McKeown and Adams, working with the AmeriServ Board of Directors,
will continue to explore ways to further reduce the risk and earnings pressure
from SMCG. "There is no doubt that the Atlanta operation does not fit our
long term vision to return to more of a community banking focus," continued
McKeown.
Standard Mortgage Corporation of Georgia has been a subsidiary of the
AmeriServ holding company since 1994. The corporation was previously managed
from Atlanta.
This latest restructuring at SMCG will continue the strengthening of
AmeriServ, according to McKeown.
In a related announcement, AmeriServ Financial, Inc.'s local mortgage
lending subsidiary, AmeriServ Mortgage Company, will now become the
Residential Lending Division within AmeriServ Financial Bank. Adams, who has
served as AmeriServ Mortgage Company president since 1999, will also lead the
new division that is now organized within the bank.
Adams describes the changes as positive for local mortgage customers of
AmeriServ Financial.
"The goal is to bring our mortgage lending services closer to our core
customers in the Pennsylvania communities served by AmeriServ," said Adams.
"One way we are accomplishing this is by moving the local residential lending
division under the AmeriServ Financial Bank `umbrella' of community bank
services."
Adams joined AmeriServ Financial in 1999. He served as president for the
AmeriServ Mortgage Company subsidiary that is now organized as the Residential
Lending Division within AmeriServ Bank. Prior to joining AmeriServ, Adams
served as vice president for Horizon Financial, F.A., and later as vice
president for Bell Federal Savings and Loan Association. Adams earned a
Master of Business Administration Degree from the University of Pittsburgh
Executive Program, and is also a graduate of West Virginia's Bethany College
and the Income Property Institute at Michigan State University.
AmeriServ Financial, Inc., is the parent of AmeriServ Financial Bank and
AmeriServ Trust & Financial Services in Johnstown, AmeriServ Associates of
State College, and AmeriServ Life Insurance Company.
SOURCE AmeriServ Financial, Inc.
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Related links:
http://www.ameriservfinancial.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020717/ASRVLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
CONTACT:
Dan L. Hummel, Senior Vice President of
AmeriServ Financial, +1-814-533-5139
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