AMERISERV FINANCIAL BANK WINS IOLTA RFP

Rhea-AI Summary

AmeriServ Financial Bank (NASDAQ: ASRV) has been selected by the Pennsylvania IOLTA Board as its winning bank through a statewide RFP process initiated in 2022. The partnership involves servicing business deposit accounts, potentially increasing core deposits that can be used for loans to support local economic activity. AmeriServ's commitment to community service and its status as an IOLTA Platinum Leader Bank were key factors in their selection. As of December 31, 2022, AmeriServ reported total assets of $1.4 billion and a book value of $6.20 per share.

Positive

• Selected as the winner in the IOLTA RFP process, enhancing reputation.
• Expected increase in stable core deposits to support lending activities.
• Long-standing relationship with the IOLTA Board as a Platinum Leader Bank demonstrates community commitment.

Negative

• None.

JOHNSTOWN, Pa., Feb. 23, 2023 /PRNewswire/ -- (NASDAQ: ASRV) -- AmeriServ Financial Bank announced today that it has been selected as the winning bank by the Pennsylvania Interest on Lawyer Trust Accounts (IOLTA) Board through a statewide Request for Proposal (RFP) process that was initiated in 2022. As part of this new partnership, AmeriServ will service business deposit accounts for the organization including municipal NOW and money market accounts. This new banking relationship should provide AmeriServ Financial with additional stable core deposits that the bank will utilize to generate loans which support economic activity in the communities in which it operates.

The core mission of the Pennsylvania IOLTA Board is to support the provision of civil legal services to the Commonwealth's poor and disadvantaged. The IOLTA Board is a not-for-profit grantmaking organization operating under the Supreme Court of Pennsylvania. AmeriServ has been a long-standing participant in the IOLTA Board's "Platinum Leader Bank" program in which financial institutions voluntarily go above and beyond eligibility requirements to ensure the success of the IOLTA program and increase funding for legal aid.

"We are excited and honored to have been selected by our peers at the IOLTA Board to provide the banking services it needs to continue its mission. Like the IOLTA Board, we share its commitment to providing the products and services that often elude a community's poor and disadvantaged. In this case, the legal services that the IOLTA Board's grant recipients provide coupled with the banking community's commitment to supporting this important program helps to insure more people receive the legal representation they deserve," Jeffrey Stopko, AmeriServ president and chief executive officer, said.

 "As the largest funder of civil legal aid in the Commonwealth, we consider it essential to partner with a financial institution that understands and supports our mission. Among the banking proposals we received through the RFP, AmeriServ's proposal quickly rose to the top due to its commitment to its community and employees, personal customer service approach, and long-time status as an IOLTA Platinum Leader Bank," Stephanie Libhart, PA IOLTA Board executive director, said.

ABOUT THE PA IOLTA –
The Pennsylvania IOLTA Board awards grants to legal services organizations, pro bono programs, and law schools to support civil legal assistance for those without the financial means to retain counsel. The organization partners with lawyers and financial institutions to ensure the success of the program and to increase funding for legal aid.

ABOUT AMERISERV FINANCIAL, INC. –
AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown, Pennsylvania. The Company's subsidiaries provide full-service banking and wealth management services through 17 community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville, Pennsylvania. On December 31, 2022, AmeriServ had total assets of $1.4 billion and a book value of $6.20 per common share. For more information, visit www.ameriserv.com.

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SOURCE AmeriServ Financial, Inc.

FAQ

What significant banking relationship did AmeriServ Financial (ASRV) recently establish?

AmeriServ Financial Bank was selected by the Pennsylvania IOLTA Board to service business deposit accounts through a statewide RFP.

What are the expected benefits of the IOLTA partnership for AmeriServ Financial (ASRV)?

The partnership is expected to provide additional stable core deposits that AmeriServ can use to generate loans.

What was AmeriServ Financial's total asset value as of December 31, 2022?

AmeriServ Financial reported total assets of $1.4 billion as of December 31, 2022.

What is the role of the Pennsylvania IOLTA Board?

The Pennsylvania IOLTA Board supports civil legal services for the poor and disadvantaged by awarding grants to legal services organizations.