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AmeriServ Financial Announces Signing of New Advisory Agreement with Significant Shareholder SB Value Partners, L.P.

via Business Wire

AmeriServ and SB Value Have Also Agreed to Extend Cooperation Agreement Through 2029

AmeriServ Financial, Inc. (NASDAQ: ASRV) (“AmeriServ” or the “Company”) today announced it has signed a new advisory agreement (the “Advisory Agreement”) with significant shareholder SB Value Partners L.P. (“SBV”) to help grow and optimize its $2.4 billion assets under management in its trust and wealth management business. Also, both AmeriServ and SBV have mutually agreed to extend their Cooperation Agreement (the “Cooperation Agreement”), originally signed on April 18, 2024, through 2029. SBV currently owns approximately 8.2% of the Company’s outstanding common stock (the “Common Stock”).

“Over the past year, we have benefitted greatly from our collaborative engagement with SBV around ways to improve performance and enhance AmeriServ’s value,” said J. Michael Adams, Jr., AmeriServ’s Chairman of the Board of Directors (the “Board”). “As we’ve consistently stated, our Board is always open to the views of our investors, and the Cooperation Agreement with SBV has allowed us to benefit from the constructive feedback of one our largest shareholders. We will continue to focus on executing our strategy to enhance value for shareholders, customers, employees and the communities we serve.”

“We believe that AmeriServ has the unique opportunity to grow all business lines – and to significantly increase the assets under management and corresponding free cash flow from its trust and wealth management division,” said Scott Barnes, Managing Partner of SBV. “Moreover, we appreciate the constructive dialogue we have had with AmeriServ’s Board and management since entering into the initial Cooperation Agreement, and strongly feel the SB Value-AmeriServ affiliation will expand and create meaningful client, investor and employee opportunities in the high net worth and union-based investment markets.”

The complete Advisory Agreement, which details all relevant financial and contractual terms between the Company and SBV, as well as details around the extension of the Cooperation Agreement, will be included on the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”).

About AmeriServ Financial, Inc.

AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank, located in Johnstown, PA. The bank provides full-service banking and wealth management services through 16 community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville, Pennsylvania. At December 31, 2024, AmeriServ had total assets of $1.4 billion and a book value of $6.49 per common share. AmeriServ Financial, Inc. is publicly traded on the NASDAQ stock exchange under the symbol ASRV.

About SB Value Partners, L.P.

SB Value Partners, L.P. (“SBV”) provides transparent portfolio advisory services and FinTech investing to community financial institutions across the country and specializes in assisting these institutions to generate additional ROA and ROE from their investment portfolios. Founded in January 2000, SBV has grown to advise over $5.9 billion of community investment portfolios and $296 million directly for banks and its customers.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s current views and expectations about new and existing programs and products, relationships, opportunities, technology, market conditions, dividend program, and future payment obligations. These statements may be identified by such forward-looking terminology as “continuing,” “expect,” “look,” “believe,” “anticipate,” “may,” “will,” “should,” “projects,” “strategy,” or similar statements. Actual results may differ materially from such forward- looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets, the level of inflation, and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; ability to successfully execute the Earnings Improvement Program and achieve the anticipated benefits in the amounts and at times estimated; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects to our banking platform; expense and reputational impact on the Company as a result of litigation and other expenses related to the continuing activities of an activist shareholder; and the inability to successfully implement or expand new lines of business or new products and services. These forward-looking statements involve risks and uncertainties that could cause AmeriServ’s results to differ materially from management’s current expectations. Such risks and uncertainties are detailed in AmeriServ’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 19, 2025. Forward-looking statements are based on the beliefs and assumptions of AmeriServ’s management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement.

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