On February 19, 2016, the employment of Gregor T. Young, IV, President and Chief Executive Officer of AmeriServ Trust and Financial Services Company (ATFSC), a wholly-owned subsidiary of AmeriServ Financial, Inc. (Company), was terminated for cause under the terms of his employment agreement, dated March 22, 2010. Concurrently, effective February 19, 2016, James T. Huerth, currently President and Chief Executive Officer of AmeriServ Financial Bank (Bank), the wholly-owned banking subsidiary of the Company, was appointed President and Chief Executive Officer of ATFSC, and Jeffrey A. Stopko, currently President and Chief Executive Officer of the Company, was appointed President and Chief Executive Officer of the Bank in addition to his duties as President and Chief Executive Officer of the Company.