AmeriServ responds to activist Driver Management, details costs and board refreshment

AMERISERV FINANCIAL INC /PA/

Driver Management reduced its stake from 8.6% to 1.6% after failed proxy campaign.
Company incurred $1.7M activist-related costs in first half of 2023; posted Q2 net loss of $187K.
Board refreshed with three new directors: Bloomingdale, Hickton, Onorato elected at 2023 annual meeting.
Formed Special Litigation Committee to evaluate Driver's demand to sue board members.
Core deposits grew $19M (1.7%) since end 2022; wealth management revenue grew modestly.

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