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Ameriserv Financial Inc/PA – ‘11-K’ for 12/31/03

On:  Tuesday, 6/29/04, at 4:58pm ET   ·   For:  12/31/03   ·   Accession #:  1104659-4-18462   ·   File #:  0-11204

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 6/29/04  Ameriserv Financial Inc/PA        11-K       12/31/03    2:291K                                   Merrill Corp-MD/FA

Annual Report of an Employee Stock Purchase, Savings or Similar Plan   —   Form 11-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 11-K        Annual Report of an Employee Stock Purchase,        HTML    194K 
                          Savings or Similar Plan                                
 2: EX-23.1     Consent of Experts or Counsel                       HTML      7K 


11-K   —   Annual Report of an Employee Stock Purchase, Savings or Similar Plan
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Independent Auditor's Report
"Statements of Net Assets Available for Benefits -- December 31, 2003
"Statements of Changes in Net Assets Available for Benefits -- For the Period Beginning October 1, 2003 (Date of Inception) to December 31, 2003
"Notes to financial statements
"Schedule H, Line 4i -- Schedule of Assets (Held At End of Year) -- December 31, 2003

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

ý   Annual Report pursuant to Section 15(d) of the

Securities Exchange Act of 1934

 

for the fiscal year ended December 31, 2003.

 

or

 

o   Transition Report pursuant to Section 15(d) of the

Securities Exchange Act of 1934

 

for the transition period from                 to                     .

 

Commission File Number:  0-11204

 

Ameriserv Financial
401(k) Profit Sharing Plan

(Full title of the plan)

 

Ameriserv Financial, Inc.

Main and Franklin Streets

Johnstown, PA  15901

(Name of issuer of the securities held pursuant to the plan and

the address of its principal executive office.)

 

Registrant’s telephone number, including

area code:  (814) 533-5300

 

Notices and communications from the Securities and Exchange

Commission relative to this report should be forwarded to:

 

Ameriserv Financial, Inc.

Main and Franklin Streets

Johnstown, PA  15901

Attention:  Nicholas E. Debias, Jr.

 

With a copy to:

 

Wesley R. Kelso, Esquire

Stevens & Lee

Suite 602

25 North Queen Street

Lancaster, PA  17603

 

 



 

 

Item 1.    Financial Statements and Exhibits

 

a.  Financial Statements

 

1.               Report of Barnes, Saly & Company, LLP.

 

2.               Audited Statements of Net Assets Available for Benefits as of December 31, 2003.

 

3.               Audited Statements of Changes in Net Assets Available for Benefits for the period beginning October 1, 2003 (date of inception) to December 31, 2003.

 

4.               Notes to Financial Statements.

 

b.  Exhibits

 

1.               Consent of Barnes, Saly & Company, LLP.

 

2



 

AMERISERV FINANCIAL

401(k) PROFIT SHARING PLAN

 

FINANCIAL REPORT

 

DECEMBER 31, 2003

 

3



 

C O N T E N T S

 

INDEPENDENT AUDITOR’S REPORT

 

 

 

FINANCIAL STATEMENTS

 

 

 

  Statements of Net Assets Available for Benefits - December 31, 2003

 

 

 

  Statements of Changes in Net Assets Available for Benefits — For the Period
Beginning October 1, 2003 (Date of Inception) to December 31, 2003

 

 

 

  Notes to financial statements

 

 

 

SUPPLEMENTARY INFORMATION

 

 

 

  Schedule H, Line 4i - Schedule of Assets (Held At End of Year) - December 31, 2003

 

 

4



 

INDEPENDENT AUDITOR’S REPORT

 

Board of Trustees and Participants

Ameriserv Financial 401(k) Profit Sharing Plan

Johnstown, Pennsylvania

 

We have audited the accompanying statements of net assets available for benefits of Ameriserv Financial 401(k) Profit Sharing Plan as of December 31, 2003, and the related statements of changes in net assets available for benefits for the period beginning October 1, 2003 (date of inception) to December 31, 2003. These financial statements are the responsibility of the Plan’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards as established by the Auditing Standards Board (United States) in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of  the Ameriserv Financial 401(k) Profit Sharing Plan as of December 31, 2003, and the changes in net assets available for benefits for the period beginning October 1, 2003 (date of inception) to December 31, 2003, in conformity with accounting principles generally accepted in the United States of America.

 

Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedules of assets held at the end of the year ended December 31, 2003, are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  The supplemental schedules are the responsibility of the plan’s management.  The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

/s/ Barnes, Saly & Company, LLP

 

Johnstown, Pennsylvania

June 3, 2004

 

5



 

AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN

 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2003

 

 

 

Participant Directed
2003

 

 

 

 

 

Investments at fair value (Notes 1, 2 and 3):

 

 

 

Investments in securities of participating employers (Note 4)
Ameriserv Financial, Inc. common stock

 

$

463,100

 

 

 

 

 

Investments in securities of unaffiliated issuers and others

 

 

 

Shares of registered investment companies

 

5,970,485

 

Common/Collective funds

 

8,500,748

 

Sky Financial common stock (formerly Three Rivers Bancorp, Inc) (Note 1)

 

133,617

 

Notes Receivable

 

154,239

 

Money Market

 

1,347,360

 

 

 

$

16,569,549

 

 

 

 

 

Receivables:

 

 

 

Accrued investment income

 

$

25,500

 

 

 

 

 

Participant contribution

 

26,766

 

Employer contribution

 

4,568

 

Other receivables

 

54,438

 

 

 

$

111,272

 

 

 

 

 

Cash

 

$

8

 

 

 

 

 

Total assets

 

$

16,680,829

 

 

 

 

 

Liabilities

 

 

 

None

 

$

-0-

 

Net assets available for benefits

 

$

16,680,829

 

 

See Notes to Financial Statements.

 

6



 

AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN

 

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFIT

For the Period Beginning October 1, 2003 (Date of Inception)

to December 31, 2003

 

 

 

Participant Directed
2003

 

 

 

 

 

Additions to net assets attributed to:

 

 

 

Investment income:

 

 

 

Net appreciation (depreciation) in fair value of investments (Notes 3 and 4)

 

$

692,451

 

Interest

 

9,849

 

Dividends (Note 4)

 

62,456

 

 

 

$

764,756

 

 

 

 

 

Contributions:

 

 

 

Participant (Note 7)

 

$

175,280

 

Employer

 

27,459

 

Rollovers

 

8,237

 

 

 

$

210,976

 

 

 

 

 

Transfers from other benefit plans (Note 10)

 

$

15,785,060

 

 

 

 

 

Total additions

 

$

16,760,792

 

 

 

 

 

Deductions from net assets attributed to:

 

 

 

Benefits paid to participants

 

79,963

 

 

 

 

 

Net increase (decrease)

 

$

16,680,829

 

 

 

 

 

Net assets available for benefits:

 

 

 

Beginning of year

 

$

- 0 -

 

 

 

 

 

End of year

 

$

16,680,829

 

 

See Notes to Financial Statements.

 

7



 

AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN

 

NOTES TO FINANCIAL STATEMENTS

 

December 31, 2003

 

NOTE 1:     PLAN DESCRIPTION

 

The following description of Ameriserv Financial 401(k) Profit Sharing Plan (the Plan) provides only general information.  Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

 

General:

 

The Plan is a defined contribution plan covering substantially all employees of Ameriserv Financial, Inc.(Company) which is a bank holding company, Ameriserv Financial Bank (the Bank and Employer) which is a wholly-owned subsidiary and Ameriserv Trust and Financial Services, all related companies.  It covers all employees who are members of the United Steelworkers of America, AFL-CIO-CLC, Local Union 2635-06 (Union) as well as the management level employees of Ameriserv Associates, Inc.  Employees become eligible to participate in the Plan the earlier of January 1st, April 1st, July 1st or October 1st following the completion of twelve-consecutive months of service with at least 500 hours of service (employee deferrals) or 1000 hours (employer discretionary contribution) and the attainment of age twenty-one.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).  The Plan is not covered by the Pension Benefit Guaranty Corporation.

 

The Plan was established on October 1, 2003 with the merger of the Company’s Collectively Bargained 401(k) Plan, the Noncollectively Bargained 401(k) Plan, and the Profit Sharing Plan.  See Note 10 for further detail regarding the merger.

 

Contributions:

 

Participants are permitted to make elective deferrals in any amount from one (1) to one hundred (100) percent of their compensation up to a maximum of $12,000 each year and a maximum of $14,000 for individuals over 50. Participants are permitted to amend their salary savings agreements to change the contribution percentage on January 1st, April 1st, July 1st and October 1st each year.  The employee salary deferrals are exempt from federal income tax until withdrawn from the Plan.

 

The employer has the right to make a discretionary contribution to the Plan. Any contribution to be made will be on an annual basis and such contribution is allocated as a percentage of compensation of eligible participants for the Plan year.  In addition, the employer contributes two (2) percent of the employee’s gross compensation on behalf of its Collectively Bargained participants.

 

8



 

Participant Accounts:

 

Each participant account is credited with an allocation of the plan earnings.  A participant’s share of investment earnings and any increase or decrease in the fair market value of the Fund, is based on the proportionate value of all active accounts (other than accounts with segregated investments) as of the last valuation date, less withdrawals since the last valuation date.  Contributions will be credited with an allocation of the actual investment earnings and gains and losses from the actual deposit of each such contribution until the end of the plan year.

 

Vesting:

 

Participants are immediately vested in their voluntary contributions including rollover and transfer contributions from other qualified plans plus actual earnings thereon.  Vesting in the employer’s contribution portion of their accounts plus actual earnings thereon is based on years of continuous service.  A participant is 100% vested after 5 years of credited service.  Also a participant shall be 100% vested upon attaining the age of 65, incurs a disability prior to termination of employment or dies prior to termination of employment.

 

Investment Options:

 

Upon enrollment in the Plan, a participant must direct their salary deferral and employer contributions in 5 percent increments in one or more of twenty-nine mutual funds, six common/collective portfolios, two money market funds, and the Ameriserv Financial, Inc. common stock (see Note 4 for related party details). Although certain participants received shares of Three Rivers Bancorp, Inc. common stock (a.k.a. “Sky Financial” stock) as a result of the 2000 spin-off of Ameriserv Financial’s Three Rivers Bank subsidiary, such is not an investment option for additional purchase. The diversified mutual fund investment options include a bond and government securities funds and various U.S. and foreign stock funds.  Participants may change their investment options any time throughout the year via internet access to Ameriserv Trust and Financial Services Company.

 

The Plan also includes participant notes.  Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance.  Loan transactions are treated as a transfer to (from) the investment fund from (to) the Participant Notes fund.  Loan terms range from 1-5

 

9



 

 

years.  The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator.  Interest rates range from 6.25 percent to 12.49 percent.  Principal and interest is paid ratably through semi-monthly payroll deductions.

 

Payment of Benefits:

 

On termination of service, a participant with an account may elect to receive a lump-sum amount equal to the value of his or her account.  The Plan also provides for normal retirement benefits to be paid in the form of a lump sum upon reaching age 65 or termination of employment and has provisions for deferred, death, disability retirement benefits and hardship withdrawals.

 

Forfeitures:

 

Amounts of participants’ forfeited non-vested accounts shall be allocated to participants in the same manner as an employer discretionary contribution.  There is $50,581 of forfeitures as of December 31, 2003 not allocated to participants.

 

Administrative Expenses:

 

Certain administrative functions are performed by officers and employees of the Company and Bank.  No such officer or employee receives compensation from the Plan.  Certain other administrative expenses are paid directly by the Company and Bank.

 

10



 

NOTE 2:      SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting:

 

The financial statements of the Plan are prepared under the accrual method of accounting.

 

Investment Valuation and Income Recognition:

 

The Plan’s investments are stated at fair value.  Shares of registered investment companies (mutual funds) are reported at fair value based on the quoted market prices of the funds which represents the net asset value of shares held by the Plan at year-end. The Ameriserv Financial, Inc. (Company) common stock and Sky Financial common stock are valued at quoted market price.  Investments in common or collective funds are at values quoted by the trust. Participant notes receivable are valued at cost which approximates fair value.

 

Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.

 

Estimates:

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the plan administrator to make estimates and assumptions that affect certain reported assets, liabilities and changes therein, and disclosures.  Actual results may differ from those estimates.  The Plan relies significantly on the use of estimates in determining the fair value of the common or collective funds.  The financial statements include six common or collective funds, with an estimated fair value of $8,500,748, whose value has been estimated using the quoted market prices of the underlying investments of each portfolio.  An estimated unit price of $10 was used as a beginning price per share when each portfolio was first established as an investment option for the Company’s benefit plans in 2002.  Because of the inherent subjectivity in any valuation, the estimated value may differ significantly from the value that would have been used had a ready market for the securities existed, and the difference could be material.

 

Payment of Benefits:

 

Benefits are recorded when paid.

 

11



 

NOTE 3:     INVESTMENTS

 

The Plan’s investments are participant directed.  The following presents investments that represent 5 percent or more of the Plan’s net assets.

 

 

 

December 31,
2003

 

Dodge & Cox, 12,317 shares

 

$

899,631

 

Fidelity Magellan, 11,935 shares

 

1,166,550

 

SEI Stable Asset Money Market, 979,958

 

979,958

 

Pathroad Balanced Growth & Income, 274,106 shares

 

3,017,908

 

Pathroad Capital Appreciation, 118,715 shares

 

1,333,166

 

Pathroad Conservative Growth & Income, 236,909 shares

 

2,681,812

 

 

During 2003, the Plan’s investments (including investments bought, sold and held during each year) appreciated (depreciated) in value by $692,451, as follows:

 

 

 

2003

 

Mutual funds

 

$

294,192

 

Common or collective funds

 

330,518

 

Sky Financial common stock

 

11,590

 

Ameriserv Financial, Inc common stock

 

56,151

 

 

 

$

692,451

 

 

NOTE 4:  RELATED PARTY TRANSACTIONS

 

Investment Activity:

As explained in Note 1, one of the Plan’s investment options is Ameriserv Financial, Inc. common stock.  Ameriserv, Inc. is the holding company of Ameriserv Financial Bank in Johnstown, Pennsylvania (the “Employer”).

 

12



 

The following is a summary of the investment activity of Ameriserv Financial, Inc. common stock:

 

 

 

2003

 

Market value at year end

 

$

463,100

 

Number of shares held at year end

 

92,620

 

Original cost at year end

 

$

411,801

 

 

 

 

 

Purchase price of shares in current year

 

$

104,254

 

Number of shares purchased in current year

 

22,723

 

 

 

 

 

Sale price of shares in current year

 

$

47,281

 

Number of shares sold in current year

 

9,643

 

Realized gain (loss) on sales in current year

 

$

4,852

 

Unrealized appreciation (depreciation) during year

 

$

51,299

 

 

 

 

 

Dividend income

 

$

- 0 -

 

Accrued dividends at year end

 

$

- 0 -

 

 

Plan’s Trustee:

The Plan’s investments are held by a bank-administered trust fund which is an affiliate of the Plan sponsor.  Ameriserv Trust and Financial Services Company has the authority to purchase and sell investments in accordance with participant direction.  The cash account is used by the Ameriserv Trust and Financial Services Company to temporarily house uninvested monies.

 

NOTE 5:  INCOME TAX STATUS

 

The Plan’s application for determination is presently pending approval from the Internal Revenue Service.  The Plan’s Trustees do no expect any difficulty in receiving a favorable determination.

 

NOTE 6:   TERMINATION

 

Although it has not expressed any intent to do so, the Bank has the right under the Plan to terminate the Plan, at any time, subject to the provisions of ERISA.

 

13



 

NOTE 7ROLLOVERS

 

The following rollovers occurred as a result of employees transferring amounts from other qualified plans.  The rollovers are included on the statement of changes in net assets available for benefits in the participant contributions.

 

2003

 

$

8,237

 

 

NOTE 8:  RECONCILIATION OF DIFFERENCES BETWEEN THESE FINANCIAL STATEMENTS AND THE FINANCIAL INFORMATION REQUIRED ON FORM 5500

 

 

 

2003

 

 

 

 

 

Net assets available for benefits as presented in these financial statements

 

$

16,680,829

 

Benefits payable to participants

 

- 0 -

 

Net assets available for benefits as presented on Form 5500

 

$

16,680,829

 

 

 

 

 

Net increase in net assets available for benefits as presented in these financial statements

 

$

16,680,829

 

(Increase) decrease in benefits payable from previous year

 

- 0 -

 

Net increase in net assets available for benefits as presented on Form 5500

 

$

16,680,829

 

 

NOTE 9:   BENEFITS PAYABLE

 

There are no benefits payable to persons who have withdrawn from participation in the earnings and operations of the Plan included in net assets available for benefits at December 31, 2003.

 

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, but not yet paid as of that date. As noted in Note 8, there are no outstanding benefit claims to be recorded on the Form 5500 as of December 31, 2003.

 

14



 

NOTE 10:  PLAN MERGER

 

The Plan was established with the merger of the Company’s three defined contribution plans: the Collectively Bargained 401(k) Plan, the Noncollectively Bargained 401(k) Plan, and the Profit Sharing Plan.

 

The assets of the two original 401(k) plans were transferred in-kind into the new Plan.  The assets of the original profit sharing plan were liquidated and transferred to the new Plan’s investments based on participant-directed allocations.

 

The amount transferred into the Plan in October 2003 is as follows:

 

Amounts Transferred In-Kind:

 

 

 

Collectively Bargained 401(k)

 

$

2,398,687

 

Noncollectively Bargained 401(k)

 

4,039,999

 

 

 

$

6,438,686

 

 

 

 

 

Amounts liquidated and re-allocated to new plan:

 

 

 

Profit Sharing Plan

 

$

9,346,349

 

 

 

 

 

Cash principal transferred

 

$

25

 

 

 

 

 

Total Amount Transferred Into Plan

 

$

15,785,060

 

 

The total amount transferred in includes income receivable due from the original plans of $1,574 and participant cash balances from the profit sharing plan of $54,439.  The participant cash balances consist of those balances that were not transferred to the new plan as of December 31, 2003 because a signed investment option form had not been received by the participant.

 

15



 

AMERISERV FINANCIAL 401(k) PROFIT SHARING PLAN

 

Schedule H, Line 4i — Schedule of Assets (Held At End of Year)

December 31, 2003

 

Investment Type/
Shares Held

 

Description

 

Original
Cost

 

Fair Value

 

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

92,620 shares

 

Ameriserv Financial, Inc common stock  *

 

$

411,801

 

$

463,100

 

5,151 shares

 

Sky Financial (formerly Three Rivers Bancorp, Inc.)

 

122,027

 

133,617

 

 

 

Total Common Stocks

 

$

533,828

 

$

596,717

 

 

 

 

 

 

 

 

 

Mutual Funds:

 

 

 

 

 

 

 

286 shares

 

Alger Institutional Largecap Growth

 

$

3,077

 

$

3,220

 

3,319 shares

 

Alger Institutional Midcap Growth

 

49,419

 

50,714

 

5,124 shares

 

Clipper

 

437,048

 

450,732

 

12,317 shares

 

Dodge & Cox Balanced Funds

 

851,794

 

899,631

 

186 shares

 

Federated Capital Appreciation

 

4,196

 

4,442

 

12,132 shares

 

Federated Kaufmann Fund

 

58,986

 

60,176

 

19,854 shares

 

Fidelity Low-Priced Stock

 

647,445

 

694,505

 

11,935 shares

 

Fidelity Magellan

 

1,104,842

 

1,166,550

 

1,775 shares

 

Franklin Biotechnology Discovery

 

82,301

 

85,058

 

10,277 shares

 

Franklin Mutual Beacon

 

135,915

 

147,880

 

655 shares

 

Goldman Sachs Global Income

 

9,439

 

9,099

 

733 shares

 

Goldman Sachs Research Select List

 

4,357

 

4,613

 

203 shares

 

Invesco Financial Services

 

5,632

 

5,984

 

1,073 shares

 

Janus Growth & Income

 

28,949

 

31,034

 

6,008 shares

 

Legg Mason Value Trust

 

329,115

 

350,048

 

1,395 shares

 

Longleaf Partners

 

39,496

 

41,807

 

2,453 shares

 

Northern Technology

 

26,860

 

28,134

 

16,332 shares

 

Pimco Total Return

 

175,653

 

174,914

 

6,414 shares

 

T. Rowe Price Equity Income

 

145,023

 

154,956

 

12,629 shares

 

Templeton Foreign

 

127,841

 

134,371

 

9,261 shares

 

Tweedy, Browne Global Value

 

169,476

 

181,058

 

12,941 shares

 

Vanguard GNMA

 

135,533

 

135,877

 

494 shares

 

Vanguard Health Care

 

55,269

 

59,545

 

5,674 shares

 

Vanguard Institutional Index

 

541,224

 

577,548

 

1,733 shares

 

Vanguard Primecap

 

88,170

 

91,900

 

27,082 shares

 

Vanguard Short-Term Federal

 

287,165

 

286,533

 

4,493 shares

 

Vanguard Total Bond Market Index

 

45,898

 

46,318

 

2,424 shares

 

Vanguard U.S. Growth

 

35,204

 

36,750

 

1,622 shares

 

White Oak Growth Stock

 

53,874

 

57,088

 

 

 

Total Mutual Funds

 

$

5,679,201

 

$

5,970,485

 

 

16



 

Common/Collective Funds:

 

 

 

 

 

 

 

274,106 shares

 

Pathroad Balanced Growth & Income

 

$

2,890,669

 

$

3,017,908

 

118,715 shares

 

Pathroad Capital Appreciation & Income

 

1,268,754

 

1,333,166

 

43,954 shares

 

Pathroad Conservative Fixed Income

 

461,129

 

465,031

 

236,909 shares

 

Pathroad Conservative Growth & Income

 

2,593,903

 

2,681,812

 

28,359 shares

 

Pathroad Intermediate Term Fixed Income

 

308,580

 

315,065

 

62,354 shares

 

Pathroad Long-Term Equity

 

649,140

 

687,766

 

 

 

Total Common/Collective Funds

 

$

8,172,175

 

$

8,500,748

 

 

 

 

 

 

 

 

 

Money Market Fund:

 

 

 

 

 

 

 

367,402 shares

 

Goldman Sachs Financial Square Prime Obligations

 

$

367,402

 

$

367,402

 

979,958 shares

 

SEI Stable Asset Money Market fund

 

979,958

 

979,958

 

 

 

 Total Money Market Funds

 

$

1,347,360

 

$

1,347,360

 

 

 

 

 

 

 

 

 

Notes Receivable:

 

Participant loans, interest rates of 6.25 to 12.49%, maturity of 1 to 5 years, payable in semi-monthly payments withheld from participants payroll

 

$

154,239

 

$

154,239

 

 

 

 

 

 

 

 

 

 

 

Total Assets Held for Investment

 

$

15,886,803

 

$

16,569,549

 

 


*  Represents a party in interest

 

See Notes to Financial Statements.

 

17



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees of the Ameriserv Financial 401(k) Profit Sharing Plan have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated:  June 29, 2004

Financial 401(k) Profit Sharing Plan

 

 

 

 

 

Ameriserv Trust and Financial
Services Company, as Trustee

 

 

 

 

 

 

 

 

By

/s/ Nicholas E. Debias, Jr.

 

 

 

Nicholas E. Debias, Jr.,

 

 

Vice President

 

18



 

Exhibit Index

 

 

 

Exhibit

 

 

 

 

 

 

 

1.

 

Consent of Barnes, Saly & Company, LLP

23.1

 

 



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘11-K’ Filing    Date    Other Filings
Filed on:6/29/0411-K
6/3/04
For Period End:12/31/0310-K,  10-K/A,  11-K,  8-K
10/1/034
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