On January 19, 2023, AmeriServ Financial, Inc announced that as communicated in its January 9th letter, the Board of Directors of the Company values shareholder feedback, and that is why it immediately commenced a dialogue with Driver Management Company LLC after it disclosed an investment in the Company via a 13D filing late last year. Moreover, that is why the Company subsequently invited Driver to participate in the Company?s ongoing Board refreshment process by asking it to provide director candidate biographies, make candidates available for interviews and submit related questionnaires. The Company stated that now understand that Driver prefers to forego constructive engagement in favor of running a public campaign and nominating director candidates for election at the Company?s 2023 Annual Meeting of Shareholders.

In addition to assessing Driver?s recently submitted nomination materials and candidate information, it will continue to carefully consider all of the firm?s suggestions and views. The Company stated that please note that the Company?s Board has already been planning to take several steps, including with regard to Board composition and corporate governance, that directly counter Driver's accusations of entrenchment. It is also notable that the Company?s strategy has driven post-pandemic stockholders returns of approximately 31%, which Driver has overlooked when attacking the Company.

The Company expressed that looking ahead, it does not believe it is in all of its stakeholders? best interests to address every public and private statement made by Driver. In addition, the Company stated that it also has no intention of agreeing to the type of seemingly self-enriching share repurchases and cash payments that Driver has extracted from other community banks in order to end litigious contests.