AmeriServ Financial Inc. (NASDAQ:ASRV), a Pennsylvania-based commercial bank, has announced amendments to its bylaws and established a record date for its upcoming Annual Meeting of Shareholders. The changes, effective as of June 20, 2024, were detailed in a recent filing with the Securities and Exchange Commission.
The Board of Directors has revised Section 1.7 (Voting) of the company's bylaws, specifically removing the requirement that the record date for a shareholder meeting be set at least 50 days before the meeting. This amendment is in preparation for AmeriServ Financial's Annual Meeting, which will be held virtually on August 20, 2024.
In conjunction with the bylaw amendment, the Board has determined July 18, 2024, as the record date for shareholders entitled to vote at the Annual Meeting. This means that shareholders on record as of this date will be eligible to cast their votes on various company matters that will be presented during the meeting.
AmeriServ Financial Inc., which operates under the standard industrial classification of national commercial banks, has its principal executive offices located in Johnstown, PA.
This announcement and the details of the amendments are based on the information provided in the company's SEC filing.
In other recent news, AmeriServ Financial, Inc. has reached a settlement agreement with Driver Opportunity Partners I LP. As part of the agreement, Driver will retract its director nominations and dismiss all lawsuits against AmeriServ. The company will repurchase approximately 628,000 of its shares from Driver, which is expected to benefit AmeriServ shareholders.
In addition, AmeriServ has entered into a cooperation agreement with a major shareholder, SB Value Partners, to enhance the institution's performance and value. The agreement includes regular consultations on AmeriServ's financial metrics and business development.
AmeriServ has also announced a quarterly cash dividend of $0.03 per share on its common stock, reflecting an annualized yield of 4.67%.
InvestingPro Insights
AmeriServ Financial Inc. (NASDAQ:ASRV) has been navigating through challenging financial waters, as reflected in real-time data from InvestingPro. With a market capitalization of approximately $42.53 million and a Price / Book ratio of 0.41 as of the last twelve months ending Q1 2024, the company trades at a valuation that may attract investors looking for potentially undervalued stocks. Despite a recent downturn in revenue growth, with a -19.75% change over the last twelve months, the company has shown a slight quarterly revenue growth of 2.9% in Q1 2024.
InvestingPro Tips highlight AmeriServ's high shareholder yield and a commendable track record of maintaining dividend payments for 12 consecutive years, boasting a dividend yield of 4.84% as of the most recent data. However, potential investors should be aware of the company's weak gross profit margins and the fact that it has not been profitable over the last twelve months. AmeriServ's current challenges are encapsulated by a negative P/E ratio of -13.87, indicating that the company has earnings losses.
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