Company: ASRV
Filing Date: 2025-06-16
Form Type: DEF 14A
Source: 0001140361-25-022675
Chunk: 55

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-16
Form: DEF 14A
Chunk 55
---
 that would be in conflict with the NASDAQ listing standards regarding independence or that would otherwise compromise the director’s independence. This independence review is further supplemented by an annual questionnaire that directors are required to complete that contains a number of questions designed to ascertain the facts necessary to determine independence, as well as facts regarding any related party transactions. Based upon these reviews, the Board has determined that all of our current directors, other than Mr. Stopko, our President and Chief Executive Officer, are independent. In making this determination, the Board considered a number of specific relationships between directors and ASRV as follows:

| • | Director Kunkle is the majority owner of Laurel Holdings, Inc. Among other things, Laurel Holdings operates a company that provides janitorial services to the Company. In 2024, the Company paid Laurel Holdings the sum of approximately $233,000 for these services. The amount paid represents less than five percent of Laurel Holdings’ consolidated revenues. Accordingly, the Board concluded that the existence of this relationship did not impair Mr. Kunkle’s independence. |

Transactions With Related Parties Directors, Nominees, and Executive Officers . Certain directors, nominees, and executive officers or their associates were customers of and had transactions with the Company or its subsidiaries during 2024. Transactions that involved loans or commitments by the Bank were made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and did not involve more than the normal risk of collectability or present other unfavorable features. All transactions, products or services provided to the directors, nominees, executive officers, or their associates by the Company or its subsidiaries are on substantially the same terms and conditions that those directors, nominees, executive officer, or their associates could receive elsewhere. SB Value . On April 18, 2024, the Company entered into a Cooperation Agreement (as amended April 15, 2025, the “SB Value Cooperation Agreement”) with SB Value. Under the SB Value Cooperation Agreement, the Company, including members of senior management and other designated members of the Board, and SB Value will regularly consult on financial performance metrics (including, without limitation, earnings per share growth, efficiency ratio improvement, and deposit and loan growth), business development, and similar matters. In addition, during the term of the SB Value Cooperation Agreement, the Company and SB Value will actively engage in substantive collaborative discussions designed to promote performance improvement and optimal Company performance in light of the Company’s strategic objectives, subject