Gendell's Tontine Group Holds 7.5% Stake in AmeriServ Financial

TL;DR

**Gendell's Tontine Group still owns 7.5% of AmeriServ Financial, holding 1,246,113 shares.**

AI Summary

Jeffrey L. Gendell, through Tontine Financial Partners, L.P. and Tontine Management, L.L.C., has updated his beneficial ownership in AmeriServ Financial, Inc. /PA/ (ASFI) as of December 31, 2023. The filing, an Amendment No. 3 to Schedule 13G/A, shows that Gendell's group beneficially owns 1,246,113 shares of ASFI common stock, representing 7.5% of the class. This matters to investors because it indicates a significant institutional holder's continued, albeit slightly reduced, stake in the company, which can influence stock stability and investor confidence.

Why It Matters

This filing shows a prominent investor's current stake in AmeriServ Financial, providing transparency into significant ownership and potential long-term commitment to the company.

Risk Assessment

Risk Level: low — This is an amendment to a passive ownership filing, indicating no immediate change in control or significant new risk.

Analyst Insight

Investors should note the continued significant, but passive, ownership by a known institutional investor, which can signal stability but not necessarily an impending activist move.

Key Numbers

• 1,246,113 — Shares Beneficially Owned (The total number of shares of AmeriServ Financial, Inc. common stock held by the reporting group.)
• 7.5% — Percent of Class (The percentage of AmeriServ Financial, Inc. common stock beneficially owned by the reporting group.)
• $0.01 — Par Value per Share (The stated par value of AmeriServ Financial, Inc. common stock.)
• December 31, 2023 — Date of Event (The date as of which the beneficial ownership information was reported.)

Key Players & Entities

• Jeffrey L. Gendell (person) — reporting person and manager of Tontine entities
• Tontine Financial Partners, L.P. (company) — group member and beneficial owner
• Tontine Management, L.L.C. (company) — group member and beneficial owner
• AmeriServ Financial, Inc. /PA/ (company) — the subject company (issuer)

Forward-Looking Statements

• Jeffrey L. Gendell's group will maintain a significant, passive stake in AmeriServ Financial, Inc. for the foreseeable future. (Jeffrey L. Gendell) — medium confidence, target: December 31, 2024

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 (Title of Class of Securities) 0307

Filing Documents

• asfi212241sc13ga3.htm (SC 13G/A) — 67KB
• 0001214659-24-002473.txt ( ) — 68KB

(a)

Item 1(a). NAME OF ISSUER The name of the issuer is AmeriServ Financial, Inc. (the “Company”).

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES The Company’s principal executive offices are located at Main & Franklin Streets, P.O. Box 430, Johnstown, PA 15907-0430.

(a)

Item 2(a). NAME OF PERSON FILING This statement is filed by: (i) Tontine Financial Partners, L.P., a Delaware limited partnership (“TFP”) with respect to the shares of Common Stock directly owned by it; (ii) Tontine Management, L.L.C., a limited liability company organized under the laws of the State of Delaware (“TM”), which serves as general partner of TFP, with respect to the shares of Common Stock directly owned by TFP; and (iii) Jeffrey L. Gendell, a United States citizen (“Mr. Gendell”), who serves as the Managing Member of TM, with respect to the shares of Common Stock owned directly by TFP. The foregoing persons are hereinafter sometimes collectively referred to as the “Reporting Persons.” Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE The address of the business office of each of the Reporting Persons is 1 Sound Shore Drive, Suite 304, Greenwich, CT 06830-7251.

(c)

Item 2(c). CITIZENSHIP See Item 2(a) above.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES Common Stock, par value $0.01 (the “Common Stock”).

(e)

Item 2(e). CUSIP NUMBER 03074A102 CUSIP No. 03074A102 13G/A Page 6 of 9 Pages Item 3. IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act; (b) ¨ Bank as defined in Section 3(a)(6) of the Act; (c) ¨ Insurance company as defined in Section 3(a)(19) of the Act; (d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940; (e) ¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) ¨ An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) ¨ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) ¨ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) ¨ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Not applicable . CUSIP No. 03074A102 13G/A Page 7 of 9 Pages Item 4. A. Tontine Financial Partners, L.P. (a) Amount beneficially owned: 1,246,113 (b) Percent of class: 7.27%. The percentages used herein and in the rest of this Schedule 13G/A are calculated based upon the 17,147,270 shares of Common Stock issued and outstanding at December 31, 2023, as set forth in Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 23, 2024. (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 1,246,113 (iii) Sole power to dispose or direct the dispos

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATE: February 13, 2024 /s/ Jeffrey L. Gendell Jeffrey L. Gendell, individually, and as managing member of Tontine Management, L.L.C., for itself and as the general partner of Tontine Financial Partners, L.P.

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