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Two AmeriServ Leaders Promoted to Executive Vice President
 

JOHNSTOWN, Pa., March 17 /PRNewswire-FirstCall/ -- Two AmeriServ Financial (Nasdaq: ASRV) leaders were recently promoted to Executive Vice President for their significant contributions to the bank's improved financial performance over the past several years. Promoted to Executive Vice President were Chief Financial Officer Jeffrey Stopko, and Chief Lending Officer Gary McKeown.

Stopko has directed all financial and investment activities for AmeriServ -- a publicly traded financial institution. A Johnstown native and a graduate of Bucknell University with a Bachelor of Science degree in Business Administration, he guided a major corporate balance sheet restructuring at AmeriServ that reduced the company's risk profile and provided the foundation for improved earnings. Stopko, a licensed certified public accountant, has been CFO with AmeriServ since 1997.

McKeown was elevated to AmeriServ Chief Lending Officer in 2003 and since that time has managed record loan portfolio growth for the bank while improving credit quality. A native of Johnstown with a Masters of Public Administration degree from the University of Pittsburgh, he led a reorganization of the bank's lending department and expanding the staff of lenders.

"AmeriServ is making steady improvement. Our goal to strengthen our balance sheet and emphasize our community bank values is proving to be a successful combination. This improvement has happened in the middle of the worst national economic environment in years. Leadership provided by Jeffrey and Gary has been critical," said AmeriServ President and CEO Allan R. Dennison.

At a time when many banks are struggling in a down economy, Johnstown-based AmeriServ Financial recorded improved performance during 2008. AmeriServ Financial reported 2008 net income of $5.5 million. This represents an increase of $2.5 million or 81% over 2007 net income of $3.0 million. The bank's loan portfolio also grew by $71 million, or 11.1% in 2008 as the bank was able to extend credit to quality borrowers within the bank's service communities.

AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust & Financial Services Company

SOURCE AmeriServ Financial, Inc.