AmeriServ Monetary, Inc. To Obtain A Department And Deposits Of Riverview Monetary Corporation
JOHNSTOWN, Pa., Jan. 15, 2021 /PRNewswire/ — AmeriServ Economical, Inc. (NASDAQ: ASRV), the father or mother organization of AmeriServ Economical Financial institution, and Riverview Fiscal Corporation (NASDAQ: RIVE), the parent company of Riverview Bank and its working divisions, jointly announced right now the execution of a definitive arrangement whereby AmeriServ will get Citizen’s Neighborhood Bank’s (CNB), an running division of Riverview Bank, branch and deposit customers in Meyersdale, as well as the deposit consumers of CNB’s leased branch in the Borough of Somerset. Each of these areas are in Somerset County in southwestern Pennsylvania.
As of the arrangement day, the relevant deposits overall roughly $48 million and will be acquired for a 3.71% deposit premium. The Meyersdale branch will go on in operation beneath the AmeriServ identify, and Somerset branch customers will be serviced from the neighboring complete company AmeriServ business office at 108 West Primary Road. On a professional forma basis, ASRV will have the fourth most significant deposit market share in Somerset County with 4 branches and $150 million in deposits. This transaction will be quickly accretive to AmeriServ earnings and the approximate 2% dilution to ASRV’s tangible guide value will be acquired again in fewer than 3 a long time.
Jeffrey A. Stopko, President and CEO of AmeriServ claimed of the transaction: “We know these markets very well and we are thrilled about this opportunity that matches in so properly with our operational approaches for growth introducing a financially rewarding department and extra deposits in our core marketplaces. We are hunting ahead to welcoming the department staff members and clients (a lot of of whom were being customers of the former Citizens National Bank of Meyersdale) into the AmeriServ loved ones.”
Brett D. Fulk, President and CEO of Riverview commented: “This transaction is steady with our ongoing target upon operational efficiencies, which consists of a extensive retail workplace repositioning and brand consolidation strategy. We are pleased to have identified the ideal lover in AmeriServ Economic Bank for our CNB deposit buyers and retail personnel. I am self-assured the transition from CNB will be seamless for our shoppers and workers.”
The transaction is matter to regulatory approvals and fulfillment of customary closing problems and is envisioned to shut in the 2nd quarter of 2021. Stevens & Lee is serving as authorized counsel and Griffin Economical Team is serving as monetary advisor to AmeriServ. Luse Gorman, Computer is serving as legal counsel and Ategra Capital Management is serving as fiscal advisor to Riverview.
About AmeriServ Money, Inc.
AmeriServ Fiscal, Inc. is the parent of AmeriServ Money Lender and AmeriServ Belief and Money Expert services Company in Johnstown, PA. The Firm’s subsidiaries give comprehensive-service banking and wealth administration companies through sixteen community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Firm also operates personal loan production places of work in Altoona and Monroeville, Pennsylvania. At September 30, 2020, AmeriServ had overall assets of $1.3 billion and a tangible book benefit of $5.36 per frequent share. The Company’s popular stock trades on the NASDAQ International Marketplace under the symbol “ASRV”. For much more information and facts, stop by www.ameriserv.com.
About Riverview Fiscal Company
Riverview Financial Company is the dad or mum corporation of Riverview Lender. An impartial local community lender, Riverview Lender serves the Pennsylvania market place places of Berks, Blair, Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties by 27 group banking workplaces and a few restricted purpose places of work. Each place of work, interdependent with the neighborhood, provides a thorough array of fiscal items and companies to people, companies, not-for-profit businesses and governing administration entities. Riverview’s business enterprise philosophy includes supplying immediate access to senior management and other officers and supplying friendly, informed and courteous assistance, regional and timely choice making, versatile and sensible functioning procedures and persistently applied credit procedures. The Firm’s prevalent inventory trades on the NASDAQ World wide Sector underneath the image “RIVE”. The Trader Relations internet site can be accessed at https://www.riverviewbankpa.com/.
Caution Pertaining to Forward-Seeking Statements
This release is made up of forward-on the lookout statements as described in the Securities Trade Act of 1934 and is matter to the harmless harbors created therein. These types of statements are not historical details and include expressions about management’s anticipations, strategies and comparable matters. Forward-seeking statements could be determined by words and phrases these kinds of as “continuing,” “expect,” “look,” “imagine,” “anticipate,” “may possibly,” “will,” “need to,” “projects,” “strategy,” or identical statements. Actual results might vary materially from such ahead-hunting statements, and no reliance must be positioned on any forward-seeking assertion. Ahead-wanting statements involve hazards and uncertainties that could trigger effects to differ materially from latest anticipations. Such threats and uncertainties are explained in the filings designed by AmeriServ and Riverview with the Securities and Trade Fee, such as their respective Annual Experiences on Form 10-K for the calendar year finished December 31, 2019. Ahead-wanting statements are centered on the beliefs and assumptions of administration and on at present accessible facts. The statements in this launch are built as of the day of this press launch, even if subsequently made available by on a internet site or normally. AmeriServ and Riverview undertake no responsibility to publicly update or revise any ahead-on the lookout statement provided herein to replicate potential occasions or developments.
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