Headquartered in Johnstown, PA, with $950 million in assets, ASRV
provides financial services, along with retail, small business and commercial banking through its wholly owned subsidiary, AmeriServ Financial Bank (ASRVB).
After completion at Damens yard in Galati, the ASRV
will sail to DSNS in the Netherlands for handover to the client, scheduled for April 2020.
Headquartered in Johnstown, PA with $960 million assets, ASRV
provides financial services, retail, small business and commercial banking through its wholly owned-subsidiary, AmeriServ Financial Bank (ASRVB).
While these actions will result in a one-time after-tax charge of approximately $10 million-$11 million in third quarter 2005 and a loss for the full year 2005, Fitch believes that these initiatives help make the company's debt service less onerous and better position ASRV
for future improvements in its financial and risk profile.
Liquidity at the parent company has weakened over the past few periods due to continued lack of earnings momentum and an oversized debt burden as the spin-off of Three Rivers Bank (April 1, 2000) left ASRV with one less subsidiary from which to upstream dividends to service its relatively large $34.
The downgrade of the Long-term ratings of both ASRV and ASRVB is reflective of heightened constraint on financial flexibility at all levels.
All other ratings for ASRV
and its subsidiaries are removed from Rating Watch Negative where they were placed on September 23, 2002.
trades on the NASDAQ Stock Exchange under the symbol ASRV