# EDGAR Filing Document

**Accession Number:** 0000707605
**File Stem:** 0001437749-26-000850
**Filing Date:** 2026-1
**Character Count:** 15232
**Document Hash:** 98979d0dbab7397b53b1f0cd0c4cd3b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-000850.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001437749-26-000850

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERISERV FINANCIAL INC /PA/
- **CENTRAL INDEX KEY:** 0000707605
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 251424278
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-39599
- **FILM NUMBER:** 26517570

**BUSINESS ADDRESS:**
- **STREET 1:** MAIN & FRANKLIN STS
- **STREET 2:** PO BOX 430
- **CITY:** JOHNSTOWN
- **STATE:** PA
- **ZIP:** 15907
- **BUSINESS PHONE:** 8145335300

**MAIL ADDRESS:**
- **STREET 1:** MAIN & FRANKLIN STS
- **STREET 2:** PO BOX 430
- **CITY:** JOHNSTOWN
- **STATE:** PA
- **ZIP:** 15907
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SB Value Partners, L.P.
- **CENTRAL INDEX KEY:** 0001988062

**ORGANIZATION NAME:**
- **EIN:** 742938562
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1903 SAN PEDRO AVE.
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78212-3310
- **BUSINESS PHONE:** 210-483-5072

**MAIL ADDRESS:**
- **STREET 1:** 1903 SAN PEDRO AVE.
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78212-3310

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**AMERISERV FINANCIAL INC /PA/**

*(Name of Issuer)*

**Common Stock, Par Value $0.01 Per Share**

*(Title of Class of Securities)*

**03074Al02**

*(CUSIP Number)*

**Bryan Abbott**<br>c/o SB Value Partners, L.P.<br>1903 San Pedro Ave.<br>San Antonio TX 78212-3310<br>(210) 483-5050

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**01/06/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **03074Al02** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SB Value Partners, L.P.** | Name of reporting person<br>**SB Value Partners, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1645051.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1645051.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1645051.00** | Aggregate amount beneficially owned by each reporting person<br>**1645051.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.7%** | Percent of class represented by amount in Row (11)<br>**9.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1)    The figure reported in Items 7, 9, and 11 on the cover page to this Schedule 13D includes (i) an aggregate of 370,500 shares of Common Stock to be issued by the Issuer to the Reporting Person pursuant to the A&R Consulting Agreement, as disclosed under Items 3 and 4 of this Schedule 13D, and (ii) 1,274,551 shares of Common Stock held by the Reporting Person prior to such issuance.

(2)    The percentage reported in Item 13 on the cover page to this Schedule 13D is based upon (i) 16,522,267 shares of Common Stock outstanding as of November 10, 2025, according to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed by the Issuer with the U.S. Securities and Exchange Commission on November 13, 2025, and (ii) an aggregate of 433,000 shares of Common Stock to be issued by the Issuer pursuant to the A&R Consulting Agreement, as disclosed under Items 3 and 4 of this Schedule 13D.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, Par Value $0.01 Per Share

**(b) Name of Issuer:**
AMERISERV FINANCIAL INC /PA/

**(c) Address of Issuer's Principal Executive Offices:**
MAIN & FRANKLIN STS, JOHNSTOWN, PA, 15907

This Amendment No. 2 to the Schedule 13D (this "Amendment") amends and supplements the initial Schedule 13D filed by the Reporting Person with the U.S. Securities and Exchange Commission (the "SEC") on April 22, 2024, as amended by Amendment No. 1 thereto that was filed by the Reporting Person with the SEC on April 17, 2025  (collectively with this Amendment No. 2, the "Schedule 13D" or the "Statement"). Capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Schedule 13D. Except as amended, restated and/or supplemented by this Amendment, the Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

"The information disclosed under Item 3 of this Amendment is hereby incorporated by reference into this Item 4.

As a result of the value of the services provided to date by the Reporting Person under the Consulting Agreement and services provided by the Reporting Person beyond the scope of the Consulting Agreement, the Issuer entered into an Amended and Restated Consulting Agreement (the "A&amp;R Consulting Agreement") with the Reporting Person on January 6, 2026 pursuant to which, among other things, the Issuer expands and supplements the nature and scope of the consulting services to be provided by the Reporting Person beyond the Issuer's wealth management division (the "Phase II Consulting Services").

Under the A&amp;R Consulting Agreement, in addition to the services to be provided under the Consulting Agreement, the Reporting Person is also engaged by the Issuer to perform, for the period from January 6, 2026 to June 30, 2026, which automatically extends for additional 6-month periods (up to end of the 4-year term of the Consulting Agreement) unless either party gives a written notice of termination at least 30 days prior to the end of the applicable 6-month period (such period, the "Phase II Consulting Period"), the Phase II Consulting Services, which include (i) developing, in conjunction with the appropriate Issuer managers, business development plans for an agreed upon number of the Issuer's business lines if, when and where applicable; (ii) developing, in conjunction with the appropriate Issuer managers, revenue, assets under management, and cash generated goals and objectives for an agreed upon number of the Issuer's business lines if, when and where applicable; (iii) developing, in conjunction with the appropriate Issuer managers, key performance indicators and actionable reporting plans relating to key performance indicators of select Issuer business lines; (iv) developing, in conjunction with the appropriate Issuer managers, written policies relating specifically to performance and accountability of select Issuer business lines; and (v) consulting with appropriate Issuer personnel regarding best in class shareholder relations and communications. In connection with the Phase II Consulting Services, 2 experienced and senior level employees (the "Seconded SBV Employees") of the Reporting Person, who have been previously identified to the Issuer, will be made available on a full-time basis during the Phase II Consulting Period to assist with and provide specific Phase II Consulting Services as agreed upon by the Issuer and the Reporting Person.

In consideration of (i) the consulting and advisory services under the Consulting Agreement since April 2025, (ii) services provided by the Reporting Person since April 2025 that exceeded the scope of consulting and advisory services under the Consulting Agreement, and (iii) the Phase II Consulting Services, the Issuer agreed to issue on or about January 6, 2026 (a) to the Reporting Person (or its designated affiliate), 350,000 shares (the "SBV Shares") of the Common Stock and (b) an aggregate of 83,000 shares (the "Employee Incentive Shares") of the Common Stock for the benefit of certain employees or affiliates of the Reporting Person (including 20,500 shares of the Common Stock to be issued to a designated affiliate of the Reporting Person), including the Seconded SBV Employees, who are engaged in performing the consulting and advisory services under the Consulting Agreement or the Phase II Consulting Services.  The issuance of the foregoing shares is in lieu of the issuance of shares described in the Consulting Agreement.

In addition, for the Phase II Consulting Services, the Issuer will (i) pay the Reporting Person $20,000 per month in cash during the Phase II Consulting Period, (ii) reimburse the Reporting Person up to $20,000 per month during the Phase II Consulting Period for the base salaries and benefits of the 2 Seconded SBV Employees, and (iii) make incentive cash payments to the Reporting Person with respect to specific tasks performed by the Seconded SBV Employees and in amounts agreed upon in good faith by the Issuer and the Reporting Person.  In addition, the Issuer will reimburse the Reporting Person for all of its reasonable out-of-pocket expenses incurred by or on behalf of the Reporting Person in connection with the A&amp;R Consulting Agreement.

Under the A&amp;R Consulting Agreement, the Reporting Person agrees that it will not, and its affiliates will not, transfer without the prior written consent of the Issuer (i) any of the SBV Shares until the later of (a) December 31, 2027, or (b) the expiration or termination of the Phase II Consulting Period, and (ii) any of the Current SBV Shares until the expiration or termination of the Phase II Consulting Period (each date, as applicable, the "Permitted Share Transfer Date"). For a 1-year period following the applicable Permitted Share Transfer Date, the Issuer has the right to purchase any of the SBV Shares, or the shares currently beneficially owned by the Reporting Persons, that the Reporting Person or its affiliate desire to transfer, as described in a written notice to the Issuer and pursuant to the terms set forth in the A&amp;R Consulting Agreement.

The A&amp;R Consulting Agreement will remain in effect until the earlier of April 15, 2029, or the termination of the Cooperation Agreement. Either party may terminate the A&amp;R Consulting Agreement in the event of an uncured material breach of the A&amp;R Consulting Agreement by the other party. The term of the A&amp;R Consulting Agreement may be extended at any time by mutual written agreement of the parties, with the termination date of the A&amp;R Consulting Agreement being extended for a corresponding timeframe.

The foregoing description of the A&amp;R Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the A&amp;R Consulting Agreement and the Issuer's press release, dated January 7, 2026, copies of which are incorporated herein by reference to Exhibit 4 and Exhibit 5 to this Amendment, respectively."

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:

"The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by the Reporting Person is stated in Items 11 and 13 on the cover page hereto.

**(b)**
Number of shares as to which the Reporting Person has:

(i)      sole power to vote or to direct the vote:

See Item 7 on the cover page(s) hereto.

(ii)     shared power to vote or to direct the vote:

See Item 8 on the cover page(s) hereto.

(iii)    sole power to dispose or to direct the disposition of:

See Item 9 on the cover page(s) hereto.

(iv)    shared power to dispose or to direct the disposition of:

See Item 10 on the cover page(s) hereto.

**(c)**
Transactions in the Common Stock that were effected during the past 60 days by the Reporting Person are described below.

On November 11, 2025, pursuant to various open market sales, the Reporting Person sold, on behalf of the Client, an aggregate of 142 shares of Common Stock at a price of $3.11 per share.

On November 12, 2025, pursuant to various open market sales, the Reporting Person sold, on behalf of the Client, an aggregate of 8,820 shares of Common Stock at a price of $3.14 per share.

On November 14, 2025, pursuant to an open market sale, the Reporting Person sold, on behalf of the Client, 1 share of Common Stock at a price of $3.10 per share.

On November 17, 2025, pursuant to various open market sales, the Reporting Person sold, on behalf of the Client, an aggregate of 8,275 shares of Common Stock at a price of $3.10 per share.

On November 18, 2025, pursuant to various open market sales, the Reporting Person sold, on behalf of the Client, an aggregate of 9,100 shares of Common Stock at a price of $3.03 per share.

On December 19, 2025, pursuant to various open market sales, the Reporting Person sold, on behalf of the Client, an aggregate of 1,641 shares of Common Stock at a price of $3.10 per share.

Except as otherwise described herein, including the issuance of the shares of Common Stock as disclosed in Items 3 and 4 of this Amendment, no transactions in the Common Stock were effected during the past 60 days by the Reporting Person.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented as follows:

"The information disclosed under Item 4 of this Amendment is hereby incorporated by reference into this Item 6."

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** SB Value Partners, L.P.

**Signature:** /s/ Bryan Abbott

**Name/Title:** Bryan Abbott/Chief Compliance Officer

**Date:** 01/08/2026