AmeriServ reports FY 2023 net loss of $3.3M; activist Driver nominates three directors for 2024 meeting

AMERISERV FINANCIAL INC /PA/

Full-year 2023 net loss of $3.3M ($0.20 EPS) vs record net income of $7.4M ($0.43 EPS) in 2022.
Q4 2023 net loss of $5.3M driven by increased provision for credit losses on Rite Aid bankruptcy and portfolio repositioning.
Total deposits grew $50M (4.5%) YoY; total loans increased $36M (3.6%) in Q4 2023.
Quarterly dividend maintained at $0.03 per share; annual meeting moved to August 20, 2024 to allow SLC completion.
Activist hedge fund Driver Management nominated three candidates; board recommends its own slate in upcoming proxy.

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