AmeriServ Financial, Inc. announced that its Board of Directors approved a new stock repurchase program which calls for AmeriServ Financial, Inc. to buy back up to 2% or approximately 384,000 shares of its outstanding common stock. The shares may be purchased from time to time in open market, privately negotiated, or block transactions. This common stock repurchase program does not obligate the Company to acquire any specific number of shares and may be modified, suspended or discontinued at any time. As of March 31, 2013, the Company had approximately 19.2 million shares of its common stock outstanding.
AmeriServ Financial is a bank holding company. Co.'s principal activities consist of owning and operating its three wholly owned subsidiary entities: AmeriServ Financial Bank, which conducts a general banking business primarily in Pennsylvania; AmeriServ Trust and Financial Services Company, a provider of trust and investment management products and services; and AmeriServ Life, which engages in underwriting as reinsurer of credit life and disability insurance within Co.'s market area. Through its banking subsidiary, Co. operates banking locations in five southwestern Pennsylvania counties. As of Dec 31 2011, Co. had total assets of $979.1 million and total deposits of $816.4 million.
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