Ameriserv Financial Johnston, Pennsylvania


This Gary McKeown he took $21MM in bailout funds

He made $269k last year

Bank had net income of $121k in FY10 and ($6MM) in FY09, how are they going to pay back $21MM

Ameriserv Financial Johnston, Pennsylvania was founded in 1933.  The company took $21MM in tax payer bailout money, which it hasn’t repaid.

The company has $924MM in assets with $97MM in equity.

The equity position is actually $76MM as the $21MM in preferred stock is actually debt, not equity.

The company had net income of $121K in FY10 and ($6MM) in FY09.

At this rate, how long will it take them to repay the tax payer?

Though this bank makes no effort to repay the tax payer, the executive compensation was not hindered.

Glen Wilson           made $497K

Gary McKeown  made $269K

Jeffrey Stopko       made $204K

Gregory Young     made  $241K

The tax payer doesn’t get paid, however the executives got paid well.

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