JOHNSTOWN, Pa., Aug. 26 /PRNewswire-FirstCall/ --
AmeriServ Financial, Inc. (Nasdaq: ASRV) announced that its Board of Directors
approved a quarterly cash dividend on its Common Stock. The dividend is $0.09
per share and is payable October 2, 2002, to shareholders of record
September 4, 2002.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020717/ASRVLOGO )
The Company stated in its second quarter earnings release on July 23, 2002
that it had adequate cash reserves to sustain the dividend at this level
through the end of 2002. Additionally, the Company is considered well
capitalized with an asset leverage ratio of 7.46% at June 30, 2002, well in
excess of the regulatory minimum of 5.0%. The Company's Board of Directors is
carefully evaluating the Company's future dividend policies given the current
economic climate and contingency strategies identified by management to
improve the Company's earnings performance. The first phase of the earnings
improvement program is designed to achieve at least $4 million of pre-tax
earnings improvement, largely through cost reduction. Because of related one-
time charges that have not yet been fully quantified, the implementation of
this earnings improvement program will have a negative impact on 2002 earnings
with full earnings benefit achieved in 2003. The Company's Board of Directors
expects to complete its evaluation of the specifics of the earnings
improvement program and the impact the program will have on future dividend
policies by September 30, 2002. Further detail regarding the earnings
improvement program and the Company's dividend policies will be announced
before the end of the third quarter.
AmeriServ Financial, Inc., a financial holding company is the parent of
AmeriServ Financial (the Bank) and AmeriServ Trust & Financial Services in
Johnstown, AmeriServ Associates of State College, and AmeriServ Life Insurance
Company in Arizona. The AmeriServ Financial, Inc. customer reach is extensive
beyond its primary dominant market of Cambria and Somerset Counties. The
Bank's mortgage subsidiary also has retail mortgage operations based in
Greensburg, State College, and Altoona. Standard Mortgage Corporation (also a
subsidiary of the Bank) has mortgage servicing operations based in Atlanta,
Georgia. AmeriServ Associates, the consulting subsidiary, has financial
services industry clients that are located in Pennsylvania, Ohio and Michigan.
AmeriServ Trust and Financial Services, with $1.2 billion of client assets
under management, has union investor clients in Pennsylvania, Ohio, Michigan,
West Virginia, and Indiana.
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:
Jeffrey A. Stopko, Senior Vice President &
Chief Financial Officer of AmeriServ Financial, +1-814-533-5310
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