JOHNSTOWN, Pa., Jan. 15, 2021 /PRNewswire/ — AmeriServ Money, Inc. (NASDAQ: ASRV), the dad or mum business of AmeriServ Money Bank, and Riverview Financial Corporation (NASDAQ: RIVE), the parent company of Riverview Bank and its working divisions, jointly declared currently the execution of a definitive arrangement whereby AmeriServ will acquire Citizen’s Community Bank’s (CNB), an functioning division of Riverview Lender, branch and deposit customers in Meyersdale, as well as the deposit clients of CNB’s leased branch in the Borough of Somerset. Both of those of these spots are in Somerset County in southwestern Pennsylvania.
As of the agreement day, the associated deposits complete roughly $48 million and will be obtained for a 3.71% deposit high quality. The Meyersdale branch will carry on in operation below the AmeriServ identify, and Somerset department prospects will be serviced from the neighboring complete assistance AmeriServ business at 108 West Principal Street. On a pro forma foundation, ASRV will have the fourth premier deposit current market share in Somerset County with four branches and $150 million in deposits. This transaction will be straight away accretive to AmeriServ earnings and the approximate 2% dilution to ASRV’s tangible ebook worth will be earned back in a lot less than a few yrs.
Jeffrey A. Stopko, President and CEO of AmeriServ explained of the transaction: “We know these marketplaces pretty very well and we are enthusiastic about this prospect that matches in so completely with our operational tactics for expansion including a rewarding branch and more deposits in our main markets. We are searching ahead to welcoming the branch employees and customers (lots of of whom were shoppers of the previous Citizens National Bank of Meyersdale) into the AmeriServ household.”
Brett D. Fulk, President and CEO of Riverview commented: “This transaction is dependable with our ongoing concentrate on operational efficiencies, which involves a in depth retail workplace repositioning and brand name consolidation method. We are pleased to have observed the ideal lover in AmeriServ Fiscal Financial institution for our CNB deposit shoppers and retail staff members. I am confident the transition from CNB will be seamless for our prospects and employees.”
The transaction is subject matter to regulatory approvals and fulfillment of customary closing disorders and is expected to near in the next quarter of 2021. Stevens & Lee is serving as legal counsel and Griffin Monetary Team is serving as monetary advisor to AmeriServ. Luse Gorman, Computer system is serving as lawful counsel and Ategra Funds Administration is serving as money advisor to Riverview.
About AmeriServ Economic, Inc.
AmeriServ Money, Inc. is the mum or dad of AmeriServ Fiscal Financial institution and AmeriServ Believe in and Economic Companies Corporation in Johnstown, PA. The Firm’s subsidiaries deliver total-support banking and prosperity management products and services as a result of sixteen local community workplaces in southwestern Pennsylvania and Hagerstown, Maryland. The Enterprise also operates mortgage production offices in Altoona and Monroeville, Pennsylvania. At September 30, 2020, AmeriServ had whole assets of $1.3 billion and a tangible book value of $5.36 per prevalent share. The Firm’s popular inventory trades on the NASDAQ International Marketplace underneath the symbol “ASRV”. For extra details, visit www.ameriserv.com.
About Riverview Monetary Corporation
Riverview Economical Corporation is the mother or father company of Riverview Bank. An independent community lender, Riverview Lender serves the Pennsylvania industry regions of Berks, Blair, Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties through 27 neighborhood banking workplaces and a few limited function workplaces. Each individual workplace, interdependent with the local community, provides a detailed array of monetary solutions and solutions to folks, companies, not-for-gain organizations and governing administration entities. Riverview’s business philosophy includes giving immediate accessibility to senior administration and other officers and providing welcoming, educated and courteous assistance, community and well timed final decision building, versatile and affordable operating processes and regularly used credit rating insurance policies. The Company’s typical inventory trades on the NASDAQ World Current market less than the image “RIVE”. The Investor Relations web page can be accessed at https://www.riverviewbankpa.com/.
Warning About Ahead-Looking Statements
This launch incorporates forward-looking statements as defined in the Securities Exchange Act of 1934 and is matter to the safe and sound harbors produced therein. These types of statements are not historical points and include expressions about management’s expectations, methods and similar issues. Forward-wanting statements could be determined by text these kinds of as “continuing,” “hope,” “search,” “believe that,” “anticipate,” “may possibly,” “will,” “really should,” “assignments,” “approach,” or very similar statements. Actual benefits may perhaps differ materially from these forward-looking statements, and no reliance must be positioned on any ahead-wanting statement. Forward-hunting statements include dangers and uncertainties that could induce final results to vary materially from latest expectations. These kinds of dangers and uncertainties are described in the filings made by AmeriServ and Riverview with the Securities and Exchange Commission, which include their respective Once-a-year Experiences on Form 10-K for the calendar year finished December 31, 2019. Forward-on the lookout statements are primarily based on the beliefs and assumptions of administration and on at this time accessible information. The statements in this launch are manufactured as of the day of this press launch, even if subsequently made obtainable by on a web site or in any other case. AmeriServ and Riverview undertake no responsibility to publicly update or revise any ahead-wanting statement provided herein to mirror foreseeable future situations or developments.
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