Ameriserv Financial, Inc. (ASRV)

[56Chevy]

I need to correct this:

They owed $21MM in TARP they received in 2008 ...and paid it back in full in 2011.

It's true ASRV took $21MM in TARP on Dec. 19th, 2008 but the note to the Treasury was paid back when the bank took out a loan from the Small Business Lending Fund [SBLF]. Essentially the bank used a Gov't program to pay back another Gov't program. There were several other banks that also went this route in 2011.

=====================

AmeriServ Financial, Inc

Original TARP investment amount: $21,000,000.00 (on Dec. 19, 2008)

Outstanding investment $0.00 (Footnote 45)

Total cash back: $24,601,666.66 (May include dividends and interest payments not shown below)

Investment status: Redeemed, in full; warrants not outstanding
Repayment of $21,000,000.00 on Aug. 11, 2011
Warrant proceeds of $825,000.00 on Nov. 2, 2011

Data current as of Oct. 16, 2013

Footnotes

(45) Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 - part of the repayment amount obtained from proceeds received in connection with the institution's participation in the .

* Fees Include: (i) placement fees in private auctions of a cash purchase program issuer’s securities where Treasury pays placement fees to the placement agents in an amount equal to a minimum of $50,000 (per issuer) or 1.00% of gross aggregate proceeds for each security and (ii) unreimbursed underwriting fees in public offerings. Placement fees in private auctions are paid approximately one month after settlement.

Not all transactions are shown; dividend and interest payments are omitted.

Small Business Lending Fund Transactions Advance of $21,000,000 on Aug. 11, 2011

http://banktracker.investigativereportingworkshop.org/tarp/pennsylvania/johnstown/ameriserv-financial-inc/

*Its unclear to me at this time where the bank stands on that debt..but I think its probably wise to assume they still owe it until proven otherwise. If that's true some of the bloom fell off the rose and I wouldn't quite rate this bank as highly as I did before.