AmeriServ Financial in Johnstown, Pa., has reached a cooperation agreement with investor SB Value Partners.
SB Value Partners, which owns about 7.7% of the $1.4 billion-asset AmeriServ’s common stock, agreed to back the board’s nominees and support its recommended proposals at upcoming shareholder meetings.
SB Value Partners and AmeriServ will regularly consult regarding financial performance metrics, business development and other similar matters.
AmeriServ said in a press release that the parties “will actively engage in substantive collaborative discussions designed to promote performance improvement and enhance the company’s value.”
“Our board, which includes directors with a broad range of relevant skills and experience, is always open to the views of our shareholders – and this formalized structure with significant shareholder SBV is a testament to that commitment,” J. Michael Adams Jr., AmeriServ’s chairman, said in the release.
“We remain focused on the execution of our strategy as we continue enhancing value for shareholders, customers, employees and the communities we serve,” Adams added.