JOHNSTOWN, Pa., April 23, 2013 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) announced at its annual meeting today that its Board of Directors approved the reinstatement of a $0.01 per share quarterly common stock cash dividend. The cash dividend is payable May 20, 2013 to shareholders of record on May 6, 2013. This cash dividend represents a 1.3% annualized yield using the April 22, 2013 closing common stock price of $3.05 and represents an approximate payout ratio of 20% based upon the Company's recently reported first quarter 2013 earnings per share of $0.05.
Glenn L. Wilson, President and CEO commented, "As a result of our strong capital position, excellent asset quality, and continued profitability, we are pleased to return capital to our shareholders through the resumption of a quarterly common stock cash dividend. This action demonstrates the board's confidence in the future of AmeriServ Financial Inc."
AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown. The Company's subsidiaries provide full-service banking and trust and wealth management services through eighteen community offices in southwestern Pennsylvania. At March 31, 2013, AmeriServ had total assets of $1.0 billion and shareholders' equity of $111 million or $4.72 per common share.Forward-Looking Statements This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding the AmeriServ's dividend program and future payment obligations. These forward-looking statements involve risks and uncertainties that could cause AmeriServ's results to differ materially from management's current expectations. Such risks and uncertainties are detailed in AmeriServ's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012. Forward-looking statements are based on the beliefs and assumptions of AmeriServ's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement. SOURCE AmeriServ Financial, Inc.