AmeriServ Financial, Inc. entered into a definitive agreement to acquire Branch, deposit customers in Meyersdale and Borough of Citizen's Neighborhood Bank from Riverview Bank.
January 14, 2021
Share
AmeriServ Financial, Inc. (NasdaqGM:ASRV) entered into a definitive agreement to acquire Branch, deposit customers in Meyersdale and Borough of Citizen's Neighborhood Bank from Riverview Bank on January 15, 2021. As of the agreement date, the related deposits total approximately $48 million and will be acquired for a 3.71% deposit premium. The Meyersdale branch will continue in operation under the AmeriServ name and Somerset branch customers will be serviced from the neighboring full service AmeriServ office at 108 West Main Street. The branch employees and customers will join AmeriServ family. The transaction is subject to regulatory approvals and satisfaction of customary closing conditions. The transaction is expected to close in the second quarter of 2021. This transaction will be immediately accretive to AmeriServ earnings and the approximate 2% dilution to AmeriServ's tangible book value will be earned back in less than three years. Stevens & Lee acted as legal advisor to AmeriServ Financial, Inc. Griffin Financial Group acted as financial advisor to AmeriServ Financial, Inc. Luse Gorman, PC acted as legal advisor and Ategra Capital Management acted as financial advisor to Riverview.
AmeriServ Financial, Inc. is a bank holding company of AmeriServ Financial Bank (the Bank). The Bank provides a range of services, including retail banking services and lending, depository, and related financial services. Its retail banking services include demand, savings, and time deposits, checking accounts, money market accounts, secured and unsecured consumer loans, mortgage loans, safe deposit boxes, holiday club accounts, and money order. It provides lending, depository, and related financial services to commercial, industrial, financial, and governmental customers, such as commercial real estate mortgage loans (CRE), short and medium-term loans, revolving credit arrangements, lines of credit, inventory and accounts receivable financing, real estate construction loans, business savings accounts, certificates of deposit, wire transfers, night depository, and lock box services. It also operates 18 automated bank teller machines (ATMs) through its 24-hour banking network.
AmeriServ Financial, Inc. entered into a definitive agreement to acquire Branch, deposit customers in Meyersdale and Borough of Citizen's Neighborhood Bank from Riverview Bank.