Company: ASRV
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001558370-25-008853
Chunk: 5

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-25
Form: 11-K
Chunk 5
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 defined contribution plans.

Employees may elect to have their contributions, in 5% increments, invested in one or more of 42 mutual funds, 11 common/collective portfolios, two money market/cash equivalent funds, and AmeriServ Financial, Inc. common stock administered by the Plan’s trustee. The diversified mutual fund investment options include bond and government securities funds and various U.S. and foreign stock funds. Additionally, participants can elect to have a portion of their portfolio invested in annuity insurance contracts, which are restricted based on age and minimum investment thresholds.

The Company has the right to make other discretionary contributions to the Plan. Any contribution to be made will be on an annual basis, and such contribution is allocated as a percentage of compensation of eligible participants for the year as defined in the plan document.

Each participant’s account is credited with the participant’s contribution and allocation of the company’s contribution (if applicable) plus Plan earnings. Allocations are based on participant earnings or account balances, as defined by the Plan Document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested balance.

Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the Company’s contributions in the Plan is based on completion of credited service years. A credited service year is considered one in which the participant completed at least 1,000 hours of service. Employees become 100% vested after three years of credited service.

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. The loans are secured by the balance in the participant’s account and bear interest rates that are commensurate with the five-year AmeriServ Financial Bank published home equity rate on the day the loan is requested. Principal and interest is paid ratably through bi-weekly payroll deductions. Interest rates on the notes

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receivable ranged from 2.49% to 6.24%, while the maturity dates ranged from January 30, 2025 to December 15, 2029.

Upon termination of service, a participant may receive a lump sum amount equal to the vested value of their account or elect to defer payment until a later date. The Plan also provides for normal retirement benefits to be paid in the form of a lump sum upon reaching age 65 or termination of employment and has provisions for deferred, death, disability and retirement benefits