# EDGAR Filing Document

**Accession Number:** 0001756372
**File Stem:** 0000921895-23-000700
**Filing Date:** 2023-3
**Character Count:** 12289
**Document Hash:** cd4d2e6553fb36e4da15b73b03fa0527
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-23-000700.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0000921895-23-000700

**CONFORMED SUBMISSION TYPE**: DFAN14A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** DFAN14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-11204
- **FILM NUMBER:** 23739693

**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:** Driver Management Co LLC
- **CENTRAL INDEX KEY:** 0001756372
- **IRS NUMBER:** 831994022
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DFAN14A

**BUSINESS ADDRESS:**
- **STREET 1:** 250 PARK AVENUE
- **STREET 2:** 7TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10177
- **BUSINESS PHONE:** 212-572-4811

**MAIL ADDRESS:**
- **STREET 1:** 250 PARK AVENUE
- **STREET 2:** 7TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10177

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☐ Definitive Additional Materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Soliciting Material Under § 240.14a-12

---

| |
|:---|
| AMERISERV FINANCIAL, INC. |
| (Name of Registrant as Specified In Its Charter) |
| DRIVER MANAGEMENT COMPANY LLC<br> DRIVER OPPORTUNITY PARTNERS I LP<br> J. ABBOTT R. COOPER<br> JULIUS D. RUDOLPH<br> BRANDON L. SIMMONS |
| (Name of Persons(s) Filing Proxy Statement, if other than the Registrant) |

---

Payment of Filing Fee (Check all boxes that apply):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Driver Management Company LLC ("Driver Management"), together with the other participants named herein (collectively, "Driver"), has filed a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of shareholders of AmeriServ Financial, Inc., a Pennsylvania corporation (the "Company").

On March 16, 2023, counsel of Driver Opportunity Partners I LP sent a letter to the Company's counsel, a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference.

**CERTAIN INFORMATION CONCERNING THE PARTICIPANTS**

Driver Management Company LLC ("Driver Management"), together with the other participants named herein (collectively, "Driver"), has filed a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of shareholders of AmeriServ Financial, Inc., a Pennsylvania corporation (the "Company").

DRIVER STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT <u>HTTP://WWW.SEC.GOV</u>. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.

The participants in the proxy solicitation are anticipated to be Driver Management, Driver Opportunity Partners I LP ("Driver Opportunity"), J. Abbott R. Cooper, Julius D. Rudolph and Brandon L. Simmons.

As of the date hereof, the participants in the proxy solicitation beneficially own in the aggregate 1,477,919 shares of Common Stock, par value $0.01 per share, of the Company (the "Common Stock"). As of the date hereof, Driver Opportunity directly beneficially owns 201,000 shares of Common Stock, including 1,000 shares held in record name. Driver Management, as the general partner of Driver Opportunity and investment manager to certain separately managed accounts (the "SMAs"), may be deemed to beneficially own the (i) 201,000 shares of Common Stock directly beneficially owned by Driver Opportunity and (ii) 1,276,919 shares of Common Stock held in the SMAs. Mr. Cooper, as the managing member of Driver Management, may be deemed to beneficially own the (i) 201,000 shares of Common Stock directly beneficially owned by Driver Opportunity and (ii) 1,276,919 shares of Common Stock held in the SMAs. Neither of Messrs. Rudolph or Simmons beneficially own any securities of the Company.

### Attached PDF Documents

**Attachment 1:** `ex1dfan14a12447006_031623.pdf`

![img-0.jpeg](img-0.jpeg)

# **KLEHR HARRISON  
HARVEY BRANZBURG LLP**

Thomas V. Ayala  
Direct Dial: (215) 569-4596  
Email: tayala@klehr.com

**VIA E-MAIL**

March 16, 2023

David W. Swartz  
Stevens & Lee  
111 N. Sixth Street  
P.O. Box 679  
Reading, PA 19603  
610.478.2000  
david.swartz@stevenslee.com

# **Re: Driver's Nomination of Individuals for Election as Directors at the 2023  
Annual Meeting of Shareholders of AmeriServ Financial, Inc.**

Dear Mr. Swartz:

I write as counsel to Driver Opportunity Partners I LP (“Driver”) regarding the unlawful attempt by AmeriServ Financial Inc. (“AmeriServ”) to prevent J. Abbott R. Cooper, Julius D. Rudolph and Brandon L. Simmons (the “Driver Nominees”) from serving as candidates for election to the Company’s Board of Directors (the “Board”). The incumbent Board’s determination that the nomination of the Driver Nominees is invalid is a flagrant attempt at entrenchment and clear breach of the Board’s fiduciary duties. In addition, making false and misleading statements of material fact in proxy solicitation materials, including regarding Mr. Cooper’s eligibility to serve on the Board if elected, is a violation of Exchange Act Rule 14a-9.

As you are aware, Driver has made more than a good faith effort to comply with the provisions set forth in Article I, Section 1.3 of AmeriServ’s Bylaws. On January 17, 2023, well in advance of the reported deadline, Driver submitted its written Notice of Shareholder Nomination of Individuals for Election as Directors at the 2023 Annual Meeting of Shareholders of AmeriServ (the “Nomination Notice”). The Nomination Notice complied with the operative requirements of the Amended and Restated Bylaws of the Company. Nevertheless, in its blatant entrenchment effort, the incumbent Board wrote to Driver through counsel on January 31, 2023, after fly specking the Nomination Notice looking for any purported technical deficiencies as a pretext to reject the Nomination and avoid any merits-based challenge for the director seats that are up for election. On February 10, 2023, without conceding that there was any merit to the purported deficiencies with respect to information disclosed in the Nomination Notice, Driver provided additional information on a voluntary basis. Thirty-two days passed with no response from the Company. That was not surprising because the information the incumbent Board claimed was undisclosed was already independently known to the Company, which suffered no prejudice whatsoever by the pretextual technicalities relied on by the incumbent Board.

1835 MARKET STREET | SUITE 1400 | PHILADELPHIA, PA 19103 | t 215.569.2700 | f 215.568.6603 | www.klehr.com

PENNSYLVANIA | NEW JERSEY | DELAWARE

PHIL1 9347634v.1

![img-1.jpeg](img-1.jpeg)

David W. Swartz  
March 16, 2023  
Page 2

Based on the purported deficiencies identified in your letter of March 15, 2023, the incumbent Board has taken the unsupportable position that Driver’s nominees may not run for election at the Company’s upcoming annual meeting. The incumbent Board has plainly taken this position in an effort to shield itself from accountability to stockholders given the Company’s sustained record of underperformance. Pennsylvania law makes clear, however, that the incumbent Board may not inequitably use the corporate governance paradigm as it has done here to entrench itself in office. In its March 15, 2023 letter, the incumbent Board asserts that Driver had only until January 26, 2023 to satisfy the Board’s additional demands regarding the Nomination Notice. Please explain why, if the incumbent Board’s position all along has been that Driver’s Nominations were invalid as of January 26, 2023, the incumbent Board represented to Driver in its January 31, 2023 letter that they “are and will remain open to engagement with Nominating Shareholder, including engagement related to its submission of nominations for the Annual Meeting.” Please further explain why the incumbent Board waited 48 days after the reported deadline, and 57 days after Driver’s timely submitted Nomination Notice, to inform Driver of its contention that Driver’s nominations are invalid.

The incumbent Board also states in its March 15, 2023 letter (at p. 2) that the Nomination Notice fails to disclose the existence of, or contain any disclosure about, transactions between the Company and immediate family members of Driver’s “nominees.” The Board, however, identifies a purported disclosure issue pertaining to only one of Driver’s three nominees, Julius D. Rudolph - regarding facts that necessarily were already independently known by the Company. Please confirm whether the Board contends all three of Driver’s Nominations are invalid, or just Mr. Rudolph’s and, if so, state all facts supporting that contention.

Finally, please clarify whether you contend that the Bylaw provisions on which the Board relies in its letter as a basis for its contentions therein were submitted to and approved by ASRV’s shareholders in advance of the Board’s implementing them, and if so, state all facts supporting any such contention.

Failure to respond to each and every point in the March 15, 2023 letter should not be construed as agreement to any point therein. Driver believes its Nomination Notice complied with applicable law and satisfied all prerequisites to exercising its fundamental right as a shareholder to nominate candidates for election to director. We strongly urge the Board to (i) reconsider its decision not to recognize the validity of Driver’s nominees for election to the Board, (ii) affirmatively announce that Driver’s nominations were validly made and have been accepted by the Board and (iii) voluntarily determine that the Bylaw provisions at issue are inapplicable. If not remedied forthwith, Driver intends to commence litigation against the Board and the Company. If the Board does not do so, Driver will proceed to litigation to address the Board’s blatant breach of fiduciary duties, inequitable conduct, and clear violations of applicable law.

PENNSYLVANIA | NEW JERSEY | DELAWARE

PHIL1 9347634v.1

![img-2.jpeg](img-2.jpeg)

David W. Swartz
March 16, 2023
Page 3

Accordingly, we request that you respond to this letter no later than Monday, March 21, 2023 at 12:00 pm EDT so that Driver can focus its complaint on only those issues actually in dispute. Driver reserves all rights and waives none.

Sincerely,

Thomas V. Ayala

PENNSYLVANIA | NEW JERSEY | DELAWARE

PHIL1 9347634v.1