RIVE - AmeriServ Financial acquires a branch and deposits of Riverview Financial

AmeriServ Financial ([[ASRV]]) announced the execution of a definitive agreement whereby AmeriServ will acquire Citizen's Neighborhood Bank's (‘CNB’), an operating division of Riverview Bank (RIVE), branch and deposit customers in Meyersdale, as well as the deposit customers of CNB's leased branch in the Borough of Somerset.The related deposits total ~$48M and will be acquired for a 3.71% deposit premium.Transaction to be immediately accretive to AmeriServ earnings and the ~2% dilution to ASRV's tangible book value will be earned back in less than three years. Expected to close in 2Q21.

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AmeriServ Financial acquires a branch and deposits of Riverview Financial