AmeriServ Financial Announces Court Denial of Driver’s Request for Injunctive Relief

AmeriServ Financial, Inc. (“AmeriServ” or the "Company") (NASDAQ: ASRV) today announced that the United States District Court for the Western District of Pennsylvania (the “Court”) has denied Driver Opportunity Partners I LP’s (“Driver”) motion for a preliminary injunction to delay the Company’s 2023 Annual Meeting of Shareholders (the “Annual Meeting”). The Annual Meeting will take place as scheduled on May 26, 2023.

In March 2023, AmeriServ announced that its Board of Directors (the “Board”) had determined that Driver’s purported nomination notice was invalid due to material defects and failure to comply with the Company’s bylaws. Driver subsequently filed a legal action with the Court. In its opinion issued this week, the Court stated that “Driver has failed to meet its burden to demonstrate it is likely to prevail on the merits of its claims […]” The Court also declared that “Driver’s inability to have its director nominees considered for election at the 2023 Annual Meeting is entirely a result of its own failures, not as a result of AmeriServ’s conduct.”

AmeriServ is represented in legal proceedings by Stevens & Lee, P.C. and Vinson & Elkins L.L.P.

THE BOARD RECOMMENDS SHAREHOLDERS VOTE “FOR ALL” OF AMERISERV’S NOMINEES
(RICHARD “RICK” W. BLOOMINGDALE, DAVID J. HICKTON AND DANIEL A. ONORATO)
BY USING THE COMPANY’S GOLD PROXY CARD.

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If you have any questions or require any assistance in voting your shares, or if you would like additional copies of the proxy materials, please contact our proxy solicitor:

Morrow Sodali LLC
509 Madison Avenue Suite 1206
New York, NY 10022
Shareholders Call Toll Free: [phone]
Brokers, Banks, and Other Nominees Call Collect: [phone]
Email: [e-mail]

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About AmeriServ Financial, Inc.

AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown, Pennsylvania. The Company's subsidiaries provide full-service banking and wealth management services through 17 community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville, Pennsylvania. On March 31, 2023, AmeriServ had total assets of $1.346 billion and a book value of $6.18 per common share. For more information, visit www.ameriserv.com.