AMERISERV FINANCIAL, INC. (NASDAQ:ASRV) Files An 8-K Other EventsItem 8.01 Other Events.
On October 19, 2017, AmeriServ Financial, Inc. issued a press release announcing that its Board of Directors had declared a cash dividend of $0.015 per share quarterly common stock cash dividend. The cash dividend is payable November 20, 2017 to shareholders of record on November 6, 2017. This cash dividend represents an approximate 1.5% annualized yield using the October 18, 2017 closing common stock price of $4.05 and represents an approximate payout ratio of 19% based upon the Company’s recently reported third quarter 2017 earnings per share of $0.08.
The Company also announced that it has reached a new four-year contract with its unionized workforce. The Unionized employees voted to accept the contract at a meeting held on Sunday, October 15, 2017 in Johnstown. The new contract covers the workforce through October 15, 2021.
The press release, attached hereto as Exhibit 99.1, is incorporated herein.
Item 9.01 Financial Statements and Exhibits.
Exhibits:
99.1
Press release, dated October 19, 2017 of AmeriServ Financial, Inc.
About AMERISERV FINANCIAL, INC. (NASDAQ:ASRV)
AmeriServ Financial, Inc. is a bank holding company of AmeriServ Financial Bank (the Bank). The Company’s principal activities consist of owning and operating its three subsidiary entities. The Company’s segments include retail banking, commercial banking, trust and investment/parent. Its Retail banking segment includes the deposit-gathering branch franchise and lending to both individuals and small businesses. Its Commercial banking to businesses includes commercial loans and commercial real estate mortgage (CRE) loans. The trust segment contains its wealth management businesses, which include the Trust Company, WCCA, its registered investment advisory firm and financial services. Wealth management includes personal trust products and services, such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. The investment/parent segment includes the net results of investment securities and borrowing activities.
