AmeriServ Financial Announces the Election of J. Michael Adams, Jr. as Independent Chairman of the Board of Directors
22 Junho 2023 - 9:00AM
Business Wire
Also Elects Kim W. Kunkle as Vice
Chairman
Thanks Retired Board Members Allan R.
Dennison and Sara A. Sargent for Years of Service
AmeriServ Financial, Inc. (NASDAQ: ASRV) ("AmeriServ" or the
"Company") today announced that J. Michael Adams, Jr. has been
elected non-executive Chairman of the Company’s Board of Directors
(the “Board”). In addition, AmeriServ announced that Kim W. Kunkle
has been elected non-executive Vice Chairman of the Board. Mr.
Adams, who previously held the role of Vice Chairman, succeeds
Allan R. Dennison following his recent retirement from the
Board.
Mr. Adams commented:
“I want to thank the Board for electing Kim and myself to these
important roles at this critical juncture for AmeriServ. There is
significant runway for AmeriServ to continue enhancing value for
shareholders, customers, employees and the community it serves. As
we navigate the current banking sector dislocation in the
near-term, we are equally focused on strengthening our operations
and seizing new market opportunities over the long-term. I also
want to take this moment to convey the full Board’s gratitude to
Allan, who helped usher in new initiatives and guide AmeriServ to a
strong post-pandemic recovery during his chairmanship. We wish
Allan and Sara A. Sargent, who has also retired from the Board, the
very best following their years of exceptional service.”
The Board’s decision to elect Messrs. Adams and Kunkle to their
new roles reflects its commitment to balancing experience and
institutional knowledge with the integration of new members and
fresh perspectives. Over the past three years, the Board has added
four new independent members as part of its strategic refreshment.
The Board intends to continue enhancing AmeriServ’s corporate
governance and recruiting new directors with additive
skillsets.
Mr. Adams concluded:
“We are extremely proud that AmeriServ is a valuable community
institution headquartered in Johnstown, with geographic reach
throughout Western Pennsylvania and Western Maryland. This presence
is helping us to attract excellent directors as we continue to add
new skills and expertise to our boardroom. We recently welcomed two
new, highly qualified directors in Richard “Rick” W. Bloomingdale
and David J. Hickton. The Board looks forward to working with them
to pursue the exciting opportunities for long-term value creation
that are ahead.”
J. Michael Adams, Jr. Biography
Mr. Adams is the managing member of Mike Adams & Associates
LLC, a Pittsburgh-based consulting firm. He has over three decades
of professional experience, including serving as legal counsel to
numerous private businesses, public institutions, boards and
commissions. Mr. Adams also previously served as chairman of the
Board of Directors of the Daily News Publishing Co., a privately
held company.
He received a B.S. from Carnegie Mellon University and a J.D.
from University of Pittsburgh School of Law.
Kim W. Kunkle Biography
Mr. Kunkle has served since 1984 as the president and CEO of
Laurel Holdings, Inc., a closely held private company with wholly
owned subsidiaries involved in underground utility construction,
plumbing, janitorial services, metal machining, industrial tool
distribution, and pipeline rehabilitation. Laurel Holdings employs
more than 200 people in western Pennsylvania.
He received a B.A. in management science from Duke
University.
About AmeriServ Financial, Inc.
AmeriServ Financial, Inc. is the parent of AmeriServ Financial
Bank and AmeriServ Trust and Financial Services Company in
Johnstown, Pennsylvania. The Company's subsidiaries provide
full-service banking and wealth management services through 17
community offices in southwestern Pennsylvania and Hagerstown,
Maryland. The Company also operates loan production offices in
Altoona and Monroeville, Pennsylvania. On March 31, 2023, AmeriServ
had total assets of $1.346 billion and a book value of $6.18 per
common share. For more information, visit www.ameriserv.com.
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