AmeriServ, Inc. President and CEO Scheduled to Retire

JOHNSTOWN, Pa., Jan. 27  /PRNewswire/ -- AmeriServ Financial Inc. (NASDAQ: ASRV) announced today that Allan R. Dennison will step down as President and CEO at the completion of a search for a successor. Dennison will remain on the company's Board of Directors.

Dennison notified the Board of his wish to retire. He has committed to remain as President and CEO until the Board retains a successor and there has been a successful transition of responsibilities. AmeriServ has retained a professional executive search firm to identify Dennison's successor.

"Allan's passion for AmeriServ and our communities helped change this company for the better," said AmeriServ Financial, Inc. Chairman of the Board Craig G. Ford. "With steadfast leadership, Allan has managed the reinvention of AmeriServ since his arrival in February of 2004."

AmeriServ recently reported a full year 2008 increase in Net Income of 81% compared to the previous year. The company also reported significant 2008 Net Loan growth and Net Interest Margin growth despite a troubled economy and turmoil in other sectors of the nation's banking industry.

Prior to joining AmeriServ in 2004 Dennison served as President and CEO of Swineford National Bank headquartered in Hummels Wharf, PA. He has been in banking since 1968.

AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank, AmeriServ Trust & Financial Services Company, West Chester Capital Advisors, and AmeriServ Life Insurance Company. 

DATASOURCE: AmeriServ Financial, Inc.



CONTACT:  Jeffrey Powers of AmeriServ Financial, Inc., [phone]

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