On April 22, 2024, AmeriServ Financial, Inc. announced that it has reached a cooperation agreement with SB Value Partners, L.P. The Company stated that under the cooperation agreement the Company, including members of its senior management and other designated members of the Company?s Board of Directors, and SB Value Partners would regularly consult regarding the Company?s financial performance metrics, business development and other similar matters. In addition, the Company and SB Value Partners would actively engage in substantive collaborative discussions designed to promote performance improvement and enhance the Company?s value, subject in all events to input from and approval by the Board. The Company also stated that pursuant to the cooperation agreement, SB Value Partners has agreed to vote its shares of common stock in favor of all of the Board?s nominees and support all of the Board?s recommended proposals at each annual or special meeting of shareholders of the Company held during the term of the cooperation agreement (subject to exceptions with respect to proposals that could reasonably be expected to result in an extraordinary transaction described in the cooperation agreement).

The Company stated that SB Value Partners has also agreed to customary standstill, voting and other provisions.