JOHNSTOWN, Pa., April 21, 2014 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) announced that its Board of Directors declared a $0.01 per share quarterly common stock cash dividend. The cash dividend is payable May 19, 2014 to shareholders of record on May 5, 2014. This cash dividend represents a 1.1% annualized yield using the April 17, 2014 closing common stock price of $3.58 and represents an approximate payout ratio of 20% based upon the Company's recently reported first quarter 2014 earnings per share of $0.05.
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 seventeen community offices in southwestern Pennsylvania. At March 31, 2014, AmeriServ had total assets of $1.05 billion, a book value of $4.97 per common share and a tangible book value of $4.31 per common share.
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, 2013. 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.