AMERISERV FINANCIAL, Inc. (NASDAQ:ASRV) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of operation and financial condition.
AMERISERV FINANCIAL Inc. (the "Registrant") announced fourth quarter and full year 2016 results through December 31, 2016. For a more detailed description of the announcement see the press release attached as Exhibit 99.1.
Item 8.01 Other events.
On January 24, 2017, the Registrant issued a press release announcing the Board of Directors’ approval of a new common stock buyback program to buy back up to 5%, or approximately 945,000 shares, of its common stock. The authorized repurchases will be made from time to time in either the open market or through privately negotiated transactions. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. No assurance can be given that any particular amount of common stock will be repurchased. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Registrant might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods. This repurchase program may be modified, extended or terminated by the Board of Directors at any time.
Exhibits
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Exhibit 99.1
Press release dated January 24, 2017, announcing earnings for 2016 through December 31, 2016 and approval of new common stock repurchase program.
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. AMERISERV FINANCIAL, Inc. (NASDAQ:ASRV) Recent Trading Information
AMERISERV FINANCIAL, Inc. (NASDAQ:ASRV) closed its last trading session up +0.02 at 3.97 with 180,523 shares trading hands.