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AmeriServ in Pa. reports 2Q loss after big CRE-related chargeoff

AmeriServ Financial in Johnstown, Pa., lost money in the second quarter after addressing its biggest problem asset.

The $1.5 billion-asset company lost $282,000 in the quarter after recording a $3.1 million loan-loss provision.

The provision came after the company charged off $2.8 million tied to a mixed-use commercial real estate retail/office property in the Pittsburgh market.  AmeriServ said the chargeoff was necessary to write the property down to a court-approved sales price at a hearing held in late June.

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