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• Bank of America, but focused solely on communities in southwestern Pennsylvania.
• A community-focused version of a regional bank like PNC or M&T Bank.

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• Deposit Accounts (Personal & Business): Provides various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their cash.
• Lending Products (Personal & Business): Offers a range of loan services including mortgages, home equity, auto, personal, commercial real estate, and business lines of credit.
• Wealth Management & Trust Services: Delivers comprehensive financial planning, investment advisory, and fiduciary services for individuals, families, and institutions.
• Business Banking Solutions: Provides specialized financial services for businesses such as treasury management, merchant services, and payroll processing.

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AmeriServ Financial (ASRV) is a bank holding company that operates primarily through its subsidiary, AmeriServ Financial Bank. As such, it sells financial products and services directly to individuals and businesses rather than selling its services to other companies for resale.

The company serves the following categories of customers:

• Individual Consumers: This category includes individuals and households seeking personal banking services such as checking accounts, savings accounts, certificates of deposit, mortgages, home equity loans, personal loans, and online banking services.
• Small to Medium-sized Businesses (SMBs): This category encompasses businesses requiring commercial banking services, including business checking and savings accounts, commercial real estate loans, lines of credit, equipment financing, treasury management solutions, and payroll services.
• Wealth Management Clients: This category serves individuals, families, and organizations utilizing trust and investment management services, financial planning, estate planning, and retirement planning.

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Fiserv, Inc. (FISV)

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Jeffrey A. Stopko, President and Chief Executive Officer
Mr. Stopko has served as the President and Chief Executive Officer of AmeriServ Financial, Inc. since March 24, 2015. Prior to this, he was Executive Vice President and Chief Financial and Administrative Officer from March 2009, directing administrative services including finance, information technology, credit administration, and human resources. He initially joined AmeriServ Financial, Inc. in 1997 as Chief Financial Officer and Principal Accounting Officer, where he managed all financial and investment activities and led a significant corporate balance sheet restructuring. Mr. Stopko is a licensed Certified Public Accountant with Big Four accounting experience and holds a Bachelor of Science degree in Business Administration from Bucknell University.

Michael D. Lynch, Executive Vice President, Chief Financial and Investment Officer, Chief Risk Officer
Mr. Lynch serves as Executive Vice President, Chief Financial and Investment Officer, and Chief Risk Officer at AmeriServ Financial, Inc., a role he has held since 2015. He also functions as the Principal Accounting Officer. Mr. Lynch brings over 40 years of experience to his position and previously served as vice president and chief investment and risk officer. He earned a Bachelor of Arts in Business from the University of Pittsburgh at Johnstown and an MBA from Indiana University of Pennsylvania.

David A. Finui, President of Wealth Management
Mr. Finui was appointed President of AmeriServ Wealth & Capital Management in August 2023. Before this role, he was Executive Vice President, Director of Capital Management since 2016, overseeing the personal trust and financial services divisions. He possesses more than 44 years of experience in the trust and wealth management business and over 50 years in the financial sector. Mr. Finui holds an MBA from Indiana University of Pennsylvania and a Bachelor of Science degree from the University of Pittsburgh at Johnstown.

Michael R. Baylor, Executive Vice President and Chief Lending Officer
Mr. Baylor serves as Executive Vice President and Chief Lending Officer for AmeriServ, bringing over 40 years of experience to his role. He holds an undergraduate degree in finance from West Virginia University and a Master of Business Administration from Frostburg State University. Additionally, he is a graduate of The Stonier Graduate School of Banking at the University of Delaware and the National Commercial Lending School at the University of Oklahoma.

Susan Tomera Angeletti, Senior Vice President and Director of Corporate Marketing and Alternative Delivery Systems
Ms. Angeletti joined AmeriServ in 2014 as Senior Vice President and Director of Corporate Marketing and Alternative Delivery Systems. In this capacity, she is responsible for all aspects of marketing, including branding, product development, and alternative delivery customer services. She holds an MBA from St. Francis University and a bachelor's degree in journalism from the University of Pittsburgh.

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The key risks to AmeriServ Financial (ASRV) are primarily related to its credit quality and allowance for potential loan losses, its heavy reliance on net interest income, and identified cybersecurity vulnerabilities.

1. Credit Risk and Insufficient Allowance for Bad Loans: AmeriServ Financial faces significant credit risk, particularly highlighted by a low allowance for bad loans. While the current level of bad loans is reported as appropriate at 1.4%, the company's allowance for these bad loans is noted as insufficient, at 98%. Furthermore, the loan loss coverage ratio declined from 127% to 101%, indicating a thinner buffer against potential future losses from non-performing loans. This could expose the company to greater financial instability if loan defaults increase.
2. Reliance on Net Interest Income: AmeriServ Financial has shown increasing reliance on net interest income for its earnings. The company has experienced pressure on its non-interest income, which saw a 16.7% year-over-year decline in the first quarter of 2025. This downturn in non-interest income, affecting wealth management revenues, bank-owned life insurance, and miscellaneous income, suggests that AmeriServ's future earnings are more heavily dependent on fluctuations in interest rates and its ability to maintain a healthy net interest margin.
3. Cybersecurity Vulnerabilities: AmeriServ Financial has identified cybersecurity weaknesses that could pose a risk to its operations and customer data. Specifically, a vendor risk report indicates that a Content Security Policy (CSP) is not implemented. The absence of a valid CSP increases the risk of Cross-Site Scripting (XSS) and clickjacking attacks, which are common web-based security threats.

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AmeriServ Financial faces an emerging threat from the rapid proliferation and increasing adoption of digital-first banking solutions and advanced fintech platforms. These include neobanks, mobile-centric offerings from larger regional and national banks, and specialized fintech applications for payments, lending, and wealth management. These digital alternatives offer greater convenience, often lower fees, and sometimes more competitive rates, directly challenging AmeriServ's traditional branch-based model for attracting and retaining customers, particularly younger demographics, and eroding its share of transaction, deposit, and lending activities.

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AmeriServ Financial (symbol: ASRV) operates primarily in Pennsylvania, offering a range of financial products and services including retail banking (with a focus on mortgage loans), commercial lending, and wealth management.

Mortgage Loans

The addressable market for mortgage loans in Pennsylvania saw approximately 126,000 mortgage originations for owner-occupied homes in one- to four-unit buildings in 2022. The average mortgage balance in Pennsylvania increased to $175,647 in 2024. The median home sales price in Pennsylvania was $319,900 in August 2025.

Commercial Lending

The Commercial Banking industry in Pennsylvania has an estimated market size of $43.2 billion in 2025. Nationally, the Mortgage Bankers Association (MBA) projects a 16% increase in total commercial and multifamily lending, reaching $583 billion in 2025.

Wealth Management

In Pennsylvania, the total household wealth was approximately $5.0 trillion in 2023. It is estimated that nearly $418 billion will be transferred between generations in Pennsylvania from 2023 to 2033. Globally, the wealth management market size was valued at $1.68 trillion in 2023 and is projected to grow to $1.83 trillion in 2024, reaching $3.62 trillion by 2032.

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AmeriServ Financial (ASRV) is expected to drive future revenue growth over the next two to three years through several key strategies:

• Net Interest Income and Margin Improvement: The company has seen meaningful improvements in its net interest income and net interest margin in 2025, with management indicating this trend is expected to continue. This is a significant driver as net interest income accounts for approximately 70% of total revenue. The improvement is attributed to controlled balance sheet growth, effective pricing strategies, and lower funding costs partly due to Federal Reserve interest rate cuts.
• Consistent Loan Growth: AmeriServ Financial has demonstrated consistent growth in its loan portfolio. Total average loans increased by 3.6% in the first six months of 2025 compared to the same period in 2024, and by 3.5% for the first nine months of 2025 compared to the first nine months of 2024, due to ongoing new loan funding opportunities.
• Deposit Growth Initiatives: Successful business development efforts have led to increased deposit balances. Total average deposits for the first six months of 2025 were 5.8% higher than in the first six months of 2024, which helps fund loan growth and improves net interest margin by reducing reliance on more expensive borrowed funds.
• Wealth Management Asset Expansion: The fair market value of wealth management assets has shown growth, increasing by 4.0% to $2.7 billion by September 30, 2025, since December 31, 2024. This expansion in assets under management is expected to contribute to future fee-based income.
• Positive Operating Leverage and Expense Control: While not a direct revenue driver, AmeriServ Financial's continued focus on generating positive operating leverage and effective cost management supports stronger revenue growth translation into profitability. This includes increasing total revenue while managing to decline non-interest expenses.

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Share Repurchases

• AmeriServ Financial Inc. repurchased $2.8 million of its common stock during 2023.
• The company repurchased $3.5 million of its common stock during 2022.
• In 2021, AmeriServ repurchased $3.3 million of its common stock.

Share Issuance

• In 2023, AmeriServ issued 52,246 shares of common stock, primarily through its Dividend Reinvestment and Stock Purchase Plan and employee stock plans, with a value of $0.9 million.
• The company issued 39,235 shares of common stock in 2022 for approximately $0.7 million, mainly through its Dividend Reinvestment and Stock Purchase Plan and employee stock plans.
• AmeriServ issued 46,654 shares of common stock valued at $0.8 million in 2021, primarily through its Dividend Reinvestment and Stock Purchase Plan and employee stock plans.

Capital Expenditures

• Capital expenditures for premises and equipment were $1.4 million in 2023.
• The company reported capital expenditures of $1.5 million for premises and equipment in 2022.
• Capital expenditures totaled $0.9 million for premises and equipment in 2021.