JOHNSTOWN, Penn., Aug. 26 /PRNewswire-FirstCall/ -- AmeriServ Financial,
Inc. (Nasdaq: ASRV) officials today announced that the former Ronald Reagan
Atrium I Nursing and Rehabilitation Center in Pittsburgh will soon be returned
to the community as a children, youth and family services center. AmeriServ
Financial took possession of the facility in January, and immediately began
seeking bids for a new buyer. A sale of the facility to The Bradley Center was
completed in July. The Bradley Center provides social services to children,
youths and their families.
A priority was placed on identifying potential buyers from the nursing
home industry, or other community service organizations beneficial to
Allegheny County, according to Gary McKeown, AmeriServ Financial Senior Vice
President and Chief Lending Officer.
"We were aware of our obligation to respect the importance of the facility
to the people of Allegheny County. We spoke with several senior care providers
and other similar organizations, including The Bradley Center, who were eager
and financially qualified to provide needed social services to Allegheny
County," said McKeown
With the sale of the facility now complete, AmeriServ Financial recovers
all the debt and most of the expenses incurred by the bank. The bank's non-
performing assets have now been reduced by approximately $4 million from the
level reported at the time the bank took possession of the property in
January.
"It is our hope that with this completed sale, everyone involved can be
satisfied that something positive has now come from a bad situation," said
McKeown.
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.
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Related links:
http://www.ameriservfinancial.com
CONTACT:
Jeffrey Powers of AmeriServ Financial,
+1-814-533-5139
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