AmeriServ Financial (ASRV) in Johnstown, Pa., has begun another stock buyback.
The $1 billion-asset company said Thursday it plans to repurchase as many as 2% of its 19.2 million shares of common stock outstanding as of March 31.
AmeriServ last year repurchased 8.4% of its common shares for $4.4 million.
Glenn Wilson, AmeriServ's chief executive, said in a press release the company is "again pleased to return a portion of our strong capital to our shareholders through a common stock buyback program in 2013."
The company had a Tier 1 leverage ratio of 9.55% and a total risk-based capital ratio of 13.34% at Dec. 31, according to the Federal Deposit Insurance Corp.
AmeriServ has 18 branches throughout western Pennsylvania.
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