JOHNSTOWN, Pa., Feb. 23,
2023 /PRNewswire/ -- (NASDAQ: ASRV) -- AmeriServ
Financial Bank announced today that it has been selected as the
winning bank by the Pennsylvania Interest on Lawyer Trust Accounts
(IOLTA) Board through a statewide Request for Proposal (RFP)
process that was initiated in 2022. As part of this new
partnership, AmeriServ will service business deposit accounts for
the organization including municipal NOW and money market accounts.
This new banking relationship should provide AmeriServ Financial
with additional stable core deposits that the bank will utilize to
generate loans which support economic activity in the communities
in which it operates.
The core mission of the Pennsylvania IOLTA Board is to support
the provision of civil legal services to the Commonwealth's poor
and disadvantaged. The IOLTA Board is a not-for-profit grantmaking
organization operating under the Supreme Court of Pennsylvania. AmeriServ has been a
long-standing participant in the IOLTA Board's "Platinum Leader
Bank" program in which financial institutions voluntarily go above
and beyond eligibility requirements to ensure the success of the
IOLTA program and increase funding for legal aid.
"We are excited and honored to have been selected by our peers
at the IOLTA Board to provide the banking services it needs to
continue its mission. Like the IOLTA Board, we share its commitment
to providing the products and services that often elude a
community's poor and disadvantaged. In this case, the legal
services that the IOLTA Board's grant recipients provide coupled
with the banking community's commitment to supporting this
important program helps to insure more people receive the legal
representation they deserve," Jeffrey
Stopko, AmeriServ president and chief executive officer,
said.
"As the largest funder of civil legal aid in the
Commonwealth, we consider it essential to partner with a financial
institution that understands and supports our mission. Among the
banking proposals we received through the RFP, AmeriServ's proposal
quickly rose to the top due to its commitment to its community and
employees, personal customer service approach, and long-time status
as an IOLTA Platinum Leader Bank," Stephanie Libhart, PA IOLTA
Board executive director, said.
ABOUT THE PA IOLTA –
The Pennsylvania IOLTA Board awards grants to legal services
organizations, pro bono programs, and law schools to support civil
legal assistance for those without the financial means to retain
counsel. The organization partners with lawyers and financial
institutions to ensure the success of the program and to increase
funding for legal aid.
ABOUT AMERISERV FINANCIAL, INC. –
AmeriServ
Financial, Inc. is the parent of AmeriServ Financial Bank and
AmeriServ Trust and Financial Services Company in Johnstown, Pennsylvania. The Company's
subsidiaries provide full-service banking and wealth management
services through 17 community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also
operates loan production offices in Altoona and Monroeville, Pennsylvania. On December 31, 2022, AmeriServ had total assets of
$1.4 billion and a book value of
$6.20 per common share. For more
information, visit www.ameriserv.com.
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SOURCE AmeriServ Financial, Inc.