Ameriserve Financial reaches cooperation agreement with SB Value Partners

AmeriServ Financial announced that it has reached a cooperation agreement with SB Value Partners, which owns approximately 7.7% of the company’s outstanding common stock, par value 1c per share. Under the cooperation agreement the company, including members of AmeriServ’s senior management and other designated members of the company’s board of directors and SBV will regularly consult regarding the company’s financial performance metrics, business development and other similar matters. In addition, the company and SBV will actively engage in substantive collaborative discussions designed to promote performance improvement and enhance the Company’s value, subject in all events to input from and approval by the board. Pursuant to the cooperation agreement, SBV has agreed to vote its shares of common stock in favor of all of the board’s nominees and support all of the board’s recommended proposals at each annual or special meeting of shareholders of the company held during the term of the cooperation agreement. SBV has also agreed to customary standstill, voting and other provisions.