JOHNSTOWN, Pa., Jan. 22 /PRNewswire-FirstCall/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) today announced that it has signed a Definitive Agreement to acquire West Chester Capital Advisors (WCCA) of West Chester, Pennsylvania. WCCA is a registered investment advisor with expertise in large cap stocks, and currently has $215 million in assets under management. The company was formed in 1994.

When the acquisition is completed, WCCA will be a wholly owned subsidiary of AmeriServ Financial Bank. Because this will be a cash transaction, AmeriServ will not be issuing any stock to execute the purchase. Therefore, there will be no ownership dilution to current AmeriServ stockholders, and the company expects the transaction to be accretive to earnings in year one.

Allan Dennison, president & CEO of AmeriServ Financial, said, "One of our strategic goals has been to further strengthen our sources of non-interest revenue in this very difficult rate environment. With the addition of West Chester Capital Advisors, AmeriServ will immediately broaden its fee-based product options. Furthermore, this will launch AmeriServ's entry into a new and lucrative geographic market."

Once acquired by AmeriServ, the two principals of WCCA, Bruce Marra and Tom McKeon, will continue to manage the operation and its staff. WCCA will remain headquartered in Chester County, the most affluent and fastest growing county in Pennsylvania according to the most recent U.S. Census data.

"We are truly excited about joining the AmeriServ family. Together we appear to have a good strategic fit, and there is great similarity in our firms," said WCCA's President Bruce Marra.

The transaction, which is subject to regulatory approval, is scheduled to close sometime during the first quarter, 2007.

SOURCE: AmeriServ Financial, Inc.

CONTACT: Jeff Powers, Assistant Vice President of AmeriServ Financial,
Inc., +1-814-533-5139

Web site: http://www.ameriservfinancial.com/