AMERISERV FINANCIAL Inc. (the "Registrant") announced third quarter and first nine months results through September 30, 2008. For a more detailed description of the announcement see the press release attached as Exhibit #99.1.

Exhibits

Exhibit 99.1

Press release dated October 13, 2008, announcing the third quarter and first nine months results through September 30, 2008.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERISERV FINANCIAL, Inc.

By /s/Jeffrey A. Stopko

Jeffrey A. Stopko

Senior Vice President

& CFO

Date: October 13, 2008

Exhibit 99.1

AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2008

JOHNSTOWN, PA - AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2008 net income of $1,149,000 or $0.05 per diluted share. This represents an increase of $275,000 or 31.5% over the third quarter 2007 net income of $874,000 or $0.04 per diluted share. For the nine month period ended September 30, 2008, the Company earned $3,894,000 or $0.18 per diluted share. This also represents an increase of $1,784,000 or over 84.5% when compared to net income of $2,110,000 or $0.10 per diluted share for the first nine months of 2007. The following table highlights the Company's financial performance for the both the three and nine month periods ended September 30, 2008 and 2007:

                    Third           Third        Nine Months Ended  Nine Months Ended
                    Quarter 2008 Quarter 2007   September 30, 2008  September 30, 2007

Net income            $1,149,000     $874,000            $3,894,000         $2,110,000
Diluted earnings          $ 0.05       $ 0.04                $ 0.18              $0.10
per share

Allan R. Dennison, President and Chief Executive Officer, commented on the 2008 financial results, "Our conservatively positioned balance sheet has allowed AmeriServ Financial to post improved financial performance during a historic period of turmoil and crisis within the financial markets. Our Company has no direct exposure to subprime mortgages, Fannie Mae or Freddie Mac preferred stock, or credit exposure to any of the large financial firms that have recently failed or been taken over. The Bank's loyal deposit base has provided us with ample liquidity to grow our loan portfolio during the third quarter of 2008 when many banks have restricted lending due to the credit crunch. We enter the fourth quarter of 2008 with an improved net interest margin, stable asset quality, and strong capital levels which provide us with greater financial flexibility during this period of economic uncertainty."

The Company's net interest income in the third quarter of 2008 increased by $1.2 million from the prior year's third quarter and for the first nine months of 2008 increased by $2.9 million or 16.4% when compared to the first nine months of 2007. The Company's net interest margin is also up sharply by 59 and 49 basis points, respectively for the quarter and nine month periods ended September 30, 2008. The Company's balance sheet positioning allowed it to benefit from the significant Federal Reserve reductions in short-term interest rates and the return to a more traditional positively sloped yield curve. As a result of these changes, the Company's interest expense on deposits and borrowings declined at a faster rate than the interest income on loans and investment securities. Additionally, an improved earning asset mix with fewer investment securities and more loans outstanding also contributed to the increased net interest income and margin in 2008. For the first nine months of 2008, total loans have increased by $28 million or 4.4%. Overall, net interest income has now increased for seven consecutive quarters and the Company believes its balance sheet is well positioned for further reductions in short-term interest rates recently announced by the Federal Reserve.

The Company recorded a $775,000 provision for loan losses in the third quarter of 2008 and a $2.3 million provision for the nine month period ended September 30, 2008 compared to a $150,000 loan loss provision for the same periods in 2007. When determining the provision for loan losses, the Company considers a number of factors some of which include periodic credit reviews, delinquency and charge-off trends, concentrations of credit, loan volume trends and broader local and national economic trends. The higher loan provision in 2008 was caused by the Company's decision to strengthen its allowance for loan losses due to the downgrade of the rating classification of several specific performing commercial loans and uncertainties in the local and national economies. Overall net charge-offs are down modestly in 2008 when compared to 2007. Specifically, for the nine month period ended September 30, 2008, net charge-offs have amounted to $875,000 or 0.18% of total loans compared to net charge-offs of $1.1 million or 0.25% of total loans for the same nine month period in 2007.
Non-performing assets increased by $673,000 since the second quarter of 2008 but are still lower than the year-end 2007 level. Non-performing assets totaled $4.4 million or 0.66% of total loans at September 30, 2008 compared to $5.3 million or 0.83% of total loans at December 31, 2007. Overall, the allowance for loan losses provided 198% coverage of non-performing assets and was 1.31% of total loans at September 30, 2008 compared to 137% of non-performing assets and 1.14% of total loans at December 31, 2007. Note also that the Company has no direct exposure to sub-prime mortgage loans in either the loan or investment portfolios.

The Company's non-interest income in the third quarter of 2008 decreased by $255,000 from the prior year's third quarter but for the first nine months of 2008 increased by $2.1 million when compared to the first nine months of 2007.
Increased revenue from bank owned life insurance due to the payment of death claims favorably impacted the 2007 third quarter performance and the second quarter 2008 results. Overall for the nine month period, income from bank owned life insurance is $1.4 million greater in 2008 than 2007. The remainder of the increase in non-interest income was driven by increases in several other non-interest revenue categories. Deposit service charges increased by $100,000 for the 2008 quarterly period and $420,000 or 22.2% for the nine month period due to increased overdraft fees and greater service charge revenue that resulted from a realignment of the bank's checking accounts to include more fee based products. The Company also recorded an increase on gains realized on residential mortgage loan sales into the secondary market that amounted to $22,000 for the third quarter of 2008 and $128,000 for the nine month period ended September 30, 2008. This increase reflects improved residential mortgage production from the Company's primary market as this has been an area of emphasis in the Company's strategic plan. Trust fees were up modestly by $14,000 for the 2008 quarterly period and by $148,000 or 2.9% for the nine month period due to continued successful new business development efforts which has helped mitigate the declines in the market value of assets due to reduced equity values. The decline in equity values was also responsible for the approximate $90,000 drop in investment advisory fees in 2008. Finally, the Company took advantage of the positively sloped yield curve to position the investment portfolio for better future earnings by selling some of the lower yielding securities in the portfolio and replacing them with higher yielding securities with a modestly longer duration. The Company realized a net security loss of $117,000 in 2008 from this strategy.

Total non-interest expense in the third quarter of 2008 was essentially flat with the prior year's third quarter and for the first nine months of 2008 increased by $620,000 or 2.4% when compared to the first nine months of 2007. The higher 2008 expenses were due to a $802,000 increase in other expenses, a $274,000 increase in professional fees, and a $91,000 charge on the prepayment of $6 million of Federal Home Loan Bank Advances. Note that the increase in other expenses was due to higher advertising and business development expenses in 2008 and the non-recurrence of a favorable $400,000 recovery on a previous mortgage loan securitization that was realized in the second quarter of 2007. The increased professional fees resulted primarily from higher legal and other professional fees in the trust company. The $91,000 FHLB debt prepayment charge resulted from the Company's decision to retire some higher cost advances and replace them with lower cost current market rate advances in order to reduce ongoing interest expense. These negative items were partially offset by expense decreases recorded in salaries and employee benefits and equipment expense as a result of the Company's continuing focus on containing and reducing non-interest expenses. For the first nine months of 2008, salaries and employee benefits costs are down by $228,000 or 1.6% due to on average a reduction of 19 full-time equivalent employees and reduced medical insurance premiums. The $329,000 reduction in equipment expense resulted from the benefits achieved on the migration to a new core data processing operating system and mainframe processor.

ASRV had total assets of $911 million and shareholders' equity of $93.7 million or a book value of $4.29 per share at September 30, 2008. The Company built its capital and maintained a strong asset leverage ratio of 10.37% at quarter-end.
During the first quarter of 2008, the Company repurchased 354,500 shares of its common stock at an average price of $3.11 in conjunction with the terms of the Company's stock buyback program that was announced on January 22, 2008. The Company did not repurchase any additional shares during the second or third quarter.

This news release may contain forward-looking statements that involve risks and uncertainties, as defined in the Private Securities Litigation Reform Act of 1995, including the risks detailed in the Company's Annual Report and Form 10-K to the Securities and Exchange Commission. Actual results may differ materially.

Nasdaq: ASRV

                    SUPPLEMENTAL FINANCIAL PERFORMANCE DATA

                                October 13, 2008

                (In thousands, except per share and ratio data)

                    (All quarterly and 2008 data unaudited)

2008

                                                      1QTR   2QTR   3QTR   YEAR
                                                                          TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income                                           $1,229 $1,516 $1,149  $3,894

PERFORMANCE PERCENTAGES (annualized):
Return on average assets                              0.55%  0.71%  0.52%   0.59%
Return on average equity                               5.43   6.64   4.93    5.66
Net interest margin                                    3.32   3.58   3.59    3.49
Net charge-offs as a percentage of average loans       0.06   0.46   0.04    0.18
Loan loss provision as a percentage of average loans   0.10   0.89   0.48    0.49
Efficiency ratio                                      82.87  73.20  79.72   78.33

PER COMMON SHARE:
Net income:
Basic                                                 $0.06  $0.07  $0.05   $0.18
Average number of common shares outstanding          22,060 21,847 21,855  21,921
Diluted                                                0.06   0.07   0.05    0.18
Average number of common shares outstanding          22,062 21,848 21,856  21,922

2007

                                                      1QTR   2QTR   3QTR   YEAR
                                                                          TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income                                             $428   $808   $874  $2,110

PERFORMANCE PERCENTAGES (annualized):
Return on average assets                              0.20%  0.37%  0.39%   0.32%
Return on average equity                               2.05   3.79   4.00    3.30
Net interest margin                                    2.97   3.01   3.00    3.00
Net charge-offs as a percentage of average loans       0.06   0.07   0.61    0.25
Loan loss provision as a percentage of average loans      -      -   0.10    0.03
Efficiency ratio                                      94.16  88.52  87.15   89.84

PER COMMON SHARE:
Net income:
Basic                                                 $0.02  $0.04  $0.04   $0.10
Average number of common shares outstanding          22,159 22,164 22,175  22,166
Diluted                                                0.02   0.04   0.04    0.10
Average number of common shares outstanding          22,166 22,171 22,177  22,170

                           AMERISERV FINANCIAL, INC.

         (In thousands, except per share, statistical, and ratio data)

                    (All quarterly and 2008 data unaudited)


2008

                                         1QTR       2QTR       3QTR
PERFORMANCE DATA AT PERIOD END
Assets                                  $902,349   $877,230   $911,306
Investment securities                    151,967    148,819    148,777
Loans                                    632,934    623,798    663,996
Allowance for loan losses                  7,309      7,963      8,677
Goodwill and core deposit intangibles     14,254     14,038     13,821
Deposits                                 682,459    722,913    688,998
FHLB borrowings                          106,579     40,214    106,897
Stockholders' equity                      91,558     92,248     93,671
Non-performing assets                      3,050      3,717      4,390
Asset leverage ratio                       9.78%     10.47%     10.37%
PER COMMON SHARE:
Book value (A)                             $4.19      $4.22      $4.29
Market value                                2.79       2.98       2.51
Market price to book value                66.62%     70.59%     58.57%
Trust assets - fair market value (B)   1,828,475  1,813,231  1,678,398

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees               350        353        352
Branch locations                              19         18         18
Common shares outstanding             21,842,691 21,850,773 21,859,409




2007

                                         1QTR       2QTR       3QTR       4QTR
PERFORMANCE DATA AT PERIOD END
Assets                                  $891,559   $876,160   $897,940   $904,878
Investment securities                    185,338    174,508    170,765    163,474
Loans                                    603,834    604,639    629,564    636,155
Allowance for loan losses                  8,010      7,911      7,119      7,252
Goodwill and core deposit intangibles     15,119     14,903     14,687     14,470
Deposits                                 768,947    762,902    763,771    710,439
FHLB borrowings                           15,170      4,258     23,482     82,115
Stockholders' equity                      85,693     86,226     88,517     90,294
Trust assets - fair market value (B)   1,828,475  1,872,366  1,846,240  1,883,307
Non-performing assets                      2,706      2,825      2,463      5,280
Asset leverage ratio                      10.23%     10.36%     10.44%      9.74%
PER COMMON SHARE:
Book value                                 $3.87      $3.89      $3.99      $4.07
Market value                                4.79       4.40       3.33       2.77
Market price to book value               123.88%    113.12%     83.44%     68.07%

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees               375        376        358        351
Branch locations                              21         21         20         20
Common shares outstanding             22,161,445 22,167,235 22,180,650 22,188,997

NOTES:

(A) Other comprehensive income had a negative impact of $0.16 on book value per share at September 30, 2008.

(B) Not recognized on the balance sheet.