AMERISERV FINANCIAL Inc. (the "Registrant") announced third quarter and first nine months results through September 30, 2009. 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 20, 2009, announcing the third quarter and first nine months results through September 30, 2009.

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

Executive Vice President

& CFO

Date: October 20, 2009

Exhibit 99.1

AMERISERV FINANCIAL REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2009

JOHNSTOWN, PA -AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a third quarter 2009 net loss of $2.8 million or $0.15 per diluted share. This represents a decrease of $4 million from the third quarter 2008 net income of $1.1 million or $0.05 per diluted share. For the nine month period ended September 30, 2009, the Company reported a net loss of $3.2 million or $0.19 per diluted share.
This also represents a decrease of $7.1 million when compared to net income of $3.9 million or $0.18 per diluted share for the first nine months of 2008. The following table highlights the Company's financial performance for both the three and nine month periods ended September 30, 2009 and 2008:

Third Quarter 2009 Third Quarter 2008 Nine Months Ended Nine Months Ended

                                                           September 30, 2009 September 30, 2008

Net income (loss)        ($2,810,000)         $1,149,000         ($3,216,000)         $3,894,000
Diluted earnings                                                                           $0.18
per share                    ($ 0.15)             $ 0.05             ($ 0.19)

Allan R. Dennison, retiring President and Chief Executive Officer, commented on the third quarter 2009 financial results, "AmeriServ Financial reported a loss for the third quarter of 2009 due to an increased provision for loan losses.
The continued recessionary economy is now clearly impacting our commercial borrowers based in Western Pennsylvania. We appropriately increased our allowance for loan losses to respond to this deterioration in asset quality evidenced by higher levels of non-performing assets and classified loans. This higher provision unfortunately more than offset some strong fundamentals, such as, increased net interest income that resulted from solid loan and deposit growth experienced within our bank during 2009. Overall at September 30, 2009, our allowance for loan losses represented 2.66% of total loans outstanding and provided 94% coverage of non-performing loans. AmeriServ Financial is well capitalized to work through this challenging economic period with a tangible common equity ratio of 8.16% and an asset leverage ratio of 11.41% at the end of the third quarter 2009."

The Company's net interest income in the third quarter of 2009 increased by $694,000 from the prior year's third quarter, and for the first nine months of 2009 increased by $3.3 million or 15.8% when compared to the first nine months of 2008. The Company's net interest margin of 3.65% for the first nine months of 2009 is also 16 basis points better than the 3.49% net interest margin achieved during the first nine months of 2008. The increased net interest income and margin resulted from a combination of good loan growth and the pricing benefits achieved from a steeper positively sloped yield curve.
Specifically, total loans averaged $726 million in the first nine months of 2009, an increase of $94 million or 14.8% over the same period in 2008. This growth caused overall loan interest revenue to increase for both 2009 periods despite the lower interest rate environment in 2009. The loan growth was driven by increased commercial real-estate loan production as the majority of increased residential mortgage loan production has been sold into the secondary market.
The Company's strong liquidity position has been supported by total deposits that averaged $756 million in the first nine months of 2009, an increase of $58 million or 8.3% over the same 2008 period. The Company believes that uncertainties in the financial markets and the economy have contributed to growth in both money market and demand deposits as consumers have looked for safety in well capitalized community banks like AmeriServ Financial.
Additionally, the Company also benefited from a favorable decline in interest expense caused by the more rapid downward repricing of both deposits and Federal Home Loan Bank borrowings due to the market decline in short-term interest rates.

The Company appropriately strengthened its allowance for loan losses in the third quarter and first nine months of 2009 in response to deterioration in asset quality. Specifically, non-performing assets increased by $9.0 million from $14.7 million or 1.98% of total loans at June 30, 2009 to $23.7 million or 3.28% of total loans at September 30, 2009. The following two credits were responsible for the increased level of non-performing assets: 1) In response to the Shared National Credit Examination, the Company transferred a $10 million commercial loan relationship to a borrower in the restaurant industry to non-accrual status. The Company restructured this loan at its maturity by entering into a forbearance agreement with the borrower to make reduced payments over a six-month period in an effort to give the borrower greater flexibility to restructure its operations to improve its cash flows during this difficult economic period. The Company has never had any payment delinquency with this borrower who is performing in accordance with the terms of the forbearance agreement. A $3.5 million specific reserve has been established against this credit. 2) A $3.1 million loan to a borrower in the heavy construction equipment rental business was transferred to non-accrual status. This borrower was experiencing cash flow difficulties that caused payment delinquency. A $622,000 reserve has been established against this credit.

Overall, the Company recorded a $6.3 million provision for loan losses in the third quarter of 2009 compared to a $775,000 provision in the third quarter of 2008, or an increase of $5.5 million. For the nine month period ended September 30, 2009, the Company recorded an $11.4 million provision for loan losses compared to a $2.3 million provision for the first nine months of 2008, or an increase of $9.1 million. When determining the provision for loan losses, the Company considers a number of factors some of which include periodic credit reviews, non-performing, delinquency and charge-off trends, concentrations of credit, loan volume trends and broader local and national economic trends. In addition to the higher level of non-performing loans, the increased loan loss provision in 2009 was also caused by the Company's decision to strengthen its allowance for loan losses due to the downgrade of the rating classification of several performing commercial loans and uncertainties in the local and national economies. Actual credit losses realized through charge-off, however, are running fairly comparable with the prior year. For the nine month period ended September 30, 2009, net charge-offs have amounted to $1.1 million or 0.19% of total loans compared to net charge-offs of $875,000 or 0.18% of total loans for the same nine month period in 2008. In summary, the balance in the allowance for loan losses has increased from $8.9 million at December 31, 2008 to $19.3 million at September 30, 2009. The allowance provided 94% coverage of non-performing loans and was 2.66% of total loans at September 30, 2009, compared to 264% of non-performing loans and 1.26% of total loans at December 31, 2008.

The Company's non-interest income in the third quarter of 2009 decreased by $313,000 from the prior year's third quarter and for the first nine months of 2009 decreased by $2.4 million when compared to the first nine months of 2008.
The largest item responsible for the quarterly decline was a $323,000 decrease in trust and investment advisory fees as a result of reductions in the market value of assets managed due to lower equity and real estate values in 2009. The largest item causing the nine month decline was related to bank owned life insurance. Bank owned life insurance revenue returned to a more typical level in 2009 as the 2008 revenue was impacted by the payment of $1.6 million in death claims. Trust and investment advisory fees also declined by $1.0 million for the nine month period while deposit service charges dropped by $217,000 due to fewer overdraft fees. These negative items were partially offset by increased gains on asset sales. Specifically, gains realized on residential mortgage sales into the secondary market in 2009 increased by $146,000 for the nine month period due to increased mortgage purchase and refinance activity in the Company's primary market. The Company also took advantage of market opportunities and generated $164,000 of gains on the sale of investment securities in 2009 compared to a $117,000 loss on a portfolio repositioning strategy executed in 2008.

Total non-interest expense in the third quarter of 2009 increased by $782,000 from the prior year's third quarter and for the first nine months of 2009 increased by $1.8 million or 6.7% when compared to the first nine months of 2008. Higher FDIC deposit insurance expense is a key factor responsible for both the quarterly and year-to-date increase in non-interest expense in 2009.
Specifically, the third quarter FDIC expense is up by $281,000 due to a higher basic assessment rate while the nine month expense is up by $962,000 due to the higher basic rate and the industry mandated special five basis point or $435,000 assessment realized in the second quarter of 2009. Total salaries and benefits expense in 2009 increased by $356,000 in the third quarter and $789,000 for the nine month period due to greater salary costs as a result of normal merit increases and higher sales related incentive compensation along with greater pension expense. Professional fees increased by $128,000 for the third quarter and $242,000 for the nine-month period due to increased legal fees and recruitment costs in 2009. Other expenses in both periods have also been negatively impacted by increased other real estate owned expense. These negative items were partially offset by a reduction in core deposit amortization expense of $217,000 for the third quarter and $541,000 for the nine month period as a branch core deposit intangible was fully amortized in the first quarter of 2009.

ASRV had total assets of $959 million and shareholders' equity of $111 million or a book value of $4.25 per common share at September 30, 2009. The Company remained well capitalized with an asset leverage ratio of 11.41% and a tangible common equity to tangible assets ratio of 8.16% at September 30, 2009.

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 20, 2009

                (In thousands, except per share and ratio data)

                    (All quarterly and 2009 data unaudited)

2009

                                           1QTR      2QTR      3QTR      YEAR
                                                                        TO DATE
    PERFORMANCE DATA FOR THE PERIOD:
    Net income (loss)                         $533    $(939)  $(2,810)  $(3,216)
    Net income (loss) available to             274   (1,202)   (3,073)   (4,001)
    common shareholders

    PERFORMANCE PERCENTAGES
    (annualized):
    Return on average assets                 0.22%   (0.39)%   (1.15)%   (0.44)%
    Return on average equity                  1.90    (3.29)    (9.83)    (3.77)
    Net interest margin                       3.72      3.66      3.57      3.65
    Net charge-offs as a percentage of        0.03      0.19      0.35      0.19
    average loans
    Loan loss provision as a percentage       1.02      2.79      3.42      2.10
    of average loans
    Efficiency ratio                         78.22     82.56     84.00     81.57

    PER COMMON SHARE:
    Net income (loss):
    Basic                                    $0.01   $(0.06)   $(0.15)   $(0.19)
    Average number of common shares         21,137    21,151    21,178    21,156
    outstanding
    Diluted                                   0.01    (0.06)    (0.15)    (0.19)
    Average number of common shares         21,137    21,152    21,182    21,159
    outstanding




2008

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

                           AMERISERV FINANCIAL, INC.

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

                    (All quarterly and 2009 data unaudited)


2009

                                               1QTR       2QTR       3QTR
PERFORMANCE DATA AT PERIOD END
Assets                                        $975,062   $978,899   $959,344
Short-term investment in money market funds     10,817      7,516      6,565
Investment securities                          138,853    136,119    138,715
Loans                                          726,961    739,649    722,540
Allowance for loan losses                       10,661     13,606     19,255
Goodwill and core deposit intangibles           13,498     13,498     12,950
Deposits                                       746,813    783,807    779,185
FHLB borrowings                                 90,346     57,702     44,451
Shareholders' equity                           114,254    112,880    110,706
Non-performing assets                            5,099     14,670     23,689
Asset leverage ratio                            11.82%     11.61%     11.41%
Tangible common equity ratio                      8.35       8.17       8.16
PER COMMON SHARE:
Book value (A)                                   $4.44      $4.37      $4.25
Market value                                      1.67       1.85       1.80
Trust assets - fair market value (B)        $1,432,375 $1,376,272 $1,340,119

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees                     355        352        350
Branch locations                                    18         18         18
Common shares outstanding                   21,144,700 21,156,801 21,215,115



2008

                                    1QTR       2QTR       3QTR       4QTR
PERFORMANCE DATA AT PERIOD END
Assets                             $902,349   $877,230   $911,306   $966,929
Short-term investment in money        5,682      6,952      7,147     15,578
market funds
Investment securities               146,285    141,867    141,630    142,675
Loans                               632,934    623,798    663,996    707,108
Allowance for loan losses             7,309      7,963      8,677      8,910
Goodwill and core deposit            14,254     14,038     13,821     13,605
intangibles
Deposits                            682,459    722,913    688,998    694,956
FHLB borrowings                     106,579     40,214    106,897    133,778
Shareholders' equity                 91,558     92,248     93,671    113,252
Non-performing assets                 3,050      3,717      4,390      4,572
Asset leverage ratio                  9.78%     10.47%     10.37%     12.15%
Tangible common equity ratio           8.70       9.06       8.90       8.31
PER COMMON SHARE:
Book value (A)                        $4.19      $4.22      $4.29      $4.39
Market value                           2.79       2.98       2.51       1.99

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees          350        353        352        353
Branch locations                         19         18         18         18
Common shares outstanding        21,842,691 21,850,773 21,859,409 21,128,831

NOTES:

(A) Preferred stock received through the Capital Purchase Program is excluded from the book value per

common share calculation.

(B) Not recognized on the balance sheet.