On January 14, 2021, Riverview Bank, Harrisburg, Pennsylvania, entered into an agreement to sell two branch operations located in Somerset County in southwestern Pennsylvania to AmeriServ Financial Bank, Johnstown, Pennsylvania, subject to regulatory approvals and other customary closing conditions. As of the date of the agreement, the related deposits totaled approximately $48 million and will be acquired for a 3.71% deposit premium.

Riverview Bank, which is the wholly-owned subsidiary of Riverview Financial Corporation, operates 27 community banking offices and three limited purpose offices located throughout Pennsylvania. Riverview Financial Corporation has approximately $1.4 billion in assets.

AmeriServ Financial Bank, which is the wholly-owned subsidiary of AmeriServ Financial, Inc., provides banking and wealth management services through 16 offices located in southwestern Pennsylvania and Hagerstown, Maryland, as well as loan production offices in Altoona and Monroeville, Pennsylvania. AmeriServ Financial, Inc. has approximately $1.3 billion in assets.

Luse Gorman served as legal counsel to Riverview Bank in the transaction. The Luse Gorman team consisted of Jeffrey Cardone, Benjamin Azoff, and Ellie Cook.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.