8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

Form 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Act of 1934

Date of Report (Date of earliest event reported) November 14, 2006

AMERISERV FINANCIAL, Inc.

(exact name of registrant as specified in its charter)

Pennsylvania	0-11204	25-1424278
(State or other jurisdiction of Incorporation)	(commission File Number)	(I.R.S. Employer Identification No.)

Main and Franklin Streets, Johnstown, Pa.	15901
(address or principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 814-533-5300

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Form 8-K

Item 8.01 Other Events.

          AMERISERV FINANCIAL Inc. (the “Registrant”) announced its participation to describe the recent progress of the Johnstown-based holding company at the New York Society of Security Analysts Sixth Annual Banking Conference.  A copy of the presentation material will be available on the Company’s website under About AmeriServ, Financial Information at http://AmeriSerFinancial.com.  For a more detailed description of the announcement see the press release attached as Exhibit #99.1. 

Item 9.01 Financial Statements and Exhibits.

Exhibits
Exhibit 99.1	Press release dated November 14, 2006, announcing its participation to describe the recent progress at the New York Society of Security Analysts Sixth Annual Banking Conference.
Exhibit 99.2	Slide presentation that was presented at the New York Society of Security Analysts Sixth Annual Banking Conference.

SIGNATURES

          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: November 14, 2006

EX-99.1

Exhibit 99.1

AmeriServ Financial Leaders Speak at NYSSA Conference

          JOHNSTOWN, Pa., Nov. 14 /PRNewswire-FirstCall/ -- AmeriServ Financial Inc. (Nasdaq: ASRV) senior managers will describe the recent progress of the Johnstown-based holding company today during the New York Society of Security Analysts (NYSSA) Sixth Annual Banking Conference. The conference meets annually in New York City to discuss banking topics, the economic climate for the nation’s banks, and obstacles facing the industry.

          AmeriServ Financial President and CEO Allan R. Dennison and Chief Financial Officer Jeffrey A. Stopko join a select group of representatives from six banks nationwide who will present information on their companies at the conference. Speaking at the conference will encourage investors to learn more about AmeriServ Financial as an investment opportunity, according to Stopko.

          “As a small-cap company, the NYSSA forum gives us a national platform to describe our recent progress, and to discuss our plans for the current and future banking economic environment. It’s our belief that our story will be of interest to investors who may otherwise be unfamiliar with AmeriServ,” said Stopko.

          The NYSSA Sixth Annual Banking Conference is held today from 8:30 a.m. to 3:10 p.m. at 1177 Avenue of the Americas in New York City. NYSSA invited AmeriServ Financial Inc. to speak at the conference.  

          About NYSSA

          NYSSA, established in 1937, is a leading independent forum for the exchange of information among investment decision-makers. A not-for-profit educational organization with more than 9,000 members, NYSSA is committed to the promotion of best practices and the highest professional and ethical standards in the investment industry. NYSSA is the largest of the more than 131 societies worldwide that make up CFA Institute, which has more than 70,000 members.

SOURCE  AmeriServ Financial Inc.
          -0-                                                       11/14/2006
          /CONTACT:  Jeffrey Powers of AmeriServ Financial, +1-814-533-5139/
          /Web site:  http://www.ameriservfinancial.com/
          (ASRV)

EX-99.2

Exhibit 99.2

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Presentation to New York Society of Security Analysts

November 2006

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to the financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, general economic conditions, competition, interest rate sensitivity, exposure to regulatory and legislative changes, and other uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings.

Presentation Team

Allan Dennison: President & Chief Executive Officer

Jeffrey Stopko: Senior Vice President & Chief Financial Officer

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Corporate Profile

Symbol:	ASRV (NASDAQ)
Shares:	22.1 Million
Market Cap:	$100 Million
Ownership:	Approx. 52% Institutional
	Approx. 48% Retail

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Investment Highlights

• First phase of turnaround successfully completed

• Significant balance sheet restructuring

• Return to traditional community bank balance sheet

• Reduced risk profile through retirement of high cost debt

• Infusion of capital from quality institutional investors

• Regulatory Memorandum of Understanding (MOU) lifted in February 2006

• Positions the Company for meaningful non-interest expense savings

• Redirect our energies and focus towards the customer

• Core community banking franchise has returned to growth

• Enhanced ability to capture future expansion opportunities

• Compelling valuation

• Attractive book value and deposit multiples

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The AmeriServ Overview¹

• Ranked #1 in Johnstown, PA with 24.4% market share ²

• 100 Mile Lending Radius

• 21 Branches

• 364 FTE Employees

•	Total Assets:	$883	mm
•	Total Deposits:	744	[GRAPHIC APPEARS HERE]
•	Total Trust Assets:	1,702

1.	As of September 30, 2006 unless otherwise noted
2.	As of June 30, 2006 from the FDIC

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Company History

• Founded in 1901 - As United States National Bank

• November 1973 - Bank unionized (United Steelworkers of America)

• December 1999 - $2.5 bn in assets (2–bank holding company)

• April 2000 - Spin-off of Three Rivers Bank ($1.0 bn in assets)

- Oversized leverage and trust preferred portfolios

- Reduced focus on community banking caused Company to pursue flawed revenue growth strategies

- Resulted in Memorandum Of Understanding (Feb. 2003)

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Recent Company History

• FY 2002 - Recorded net loss of $5.2 mm with $9.3 mm in credit losses; turnaround of the Company initiated

• December 2002 - Craig Ford named Chairman, President & CEO

• January 2004 - Allan Dennison named President & CEO

• October 2004 / September 2005 - Two separate equity issues  totaling $36.1 million to support turnaround

• February 2006 - Exit MOU

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The AmeriServ Turnaround		Status
•	Hire new management team	x
•	Restructure commercial lending business	x
•	Close the mortgage servicing company	x
•	Significantly restructure balance sheet	x
•	Close AmeriServ Associates	x
•	Focus on retail banking	Ongoing
•	Expand trust company	Ongoing

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The AmeriServ Strategy

• Retail Banking

• Small Business Banking

• Commercial Banking

• Trust Company

Focus on Community Banking

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Improvements in Core Banking Business

• Return to core business growth

• Over the last 27 months, the Company reported:

- Net loan growth of 16.0% vs. 17.8% decline between Q2 2002 and Q2 2004

- Deposit growth of 10.9% vs. 4.9% decline between Q2 2002 and Q2 2004

- Trust Company’s assets increased from $1.2 bn to $1.7 bn since Q2 2004

- Annualized YTD 2006 charge-offs of 19 bps vs. average of  46 bps over FY 2003 and FY 2004

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Retail Bank

• Historically under managed branch system

• Establish disciplined sales management process

• Reconfigure delivery system

• Better leverage and grow core deposits

• Small business banking expansion

• Focus on local market (Cambria, Somerset & Centre Counties)

• Source of lower cost deposits

• Expand fee income base

• State College market initiative

• Bankwide Efforts To Tackle Efficiency Ratio (“BETTER”)

• Full time equivalent employees decreased by 111 or 23% over past 5 years

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Deposit Concentration

Total Deposits……………….$744 Million

[CHART APPEARS HERE]

As of September 30, 2006

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Commercial Lending

• Hired new Chief Lending Officer and bolstered lending team

• Strengthened credit analysis and loan underwriting

• Targeted geographic market ~100 miles from Johnstown

• Migrate from real estate to commercial/industrial loans

• Enhance cross selling of Trust and cash management services

• Goal is to originate $100 mm in new loans per year

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Loan Concentration

Total Loans……………….$581 Million

[CHART APPEARS HERE]

As of September 30, 2006

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Trust Company

• Consists of two business lines: traditional Trust services and non-traditional services (union-related)

• $1.7 billion in Trust Assets (up 14.5% since 9/05)

• Net income contribution of $1,184,000 YTD 2006 (up 38.2%)

• Solid investment performance

• Union pension funds – significant growth opportunity

• ERECT and BUILD Funds

• Added management depth to lead traditional Trust business

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Trust Company

Net Income vs Pre-Tax Contribution Margin

[CHART APPEARS HERE]

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Equity Offerings: Overview

• Fourth quarter 2004 and third quarter 2005, AmeriServ placed a total of $36.1 mm in common equity through PIPE offerings

• The offerings attracted a strong group of fundamental institutional investors:

- Financial Stocks Capital Partners

- Wellington Management Company

- Crestview Capital

- Heartland Advisors

- Lehman Brothers affiliates

- Tontine Financial Partners

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Equity Offerings: Use of Proceeds

Proceeds were used to support the Company’s turnaround initiatives:

Retirement of Trust Preferred	$	22.5 mm
Cash Retained at the Holding Company		3.2 mm
Cash Downstreamed to the Bank (to support balance sheet restructuring)		5.0 mm
Cash Downstreamed to the Trust Company (to support growth initiatives)		1.3 mm
Fees & Expenses		4.1 mm
	$	36.1 mm

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Improving Earnings Performance

[CHART APPEARS HERE]

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Improving Core Earnings Performance

Adjusted Quarterly Pre-Tax Income ⁽¹⁾

[CHART APPEARS HERE]

1. Excludes security gains, MSR / goodwill  impairment charges and FHLB prepayment / restructuring costs.

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Average Assets – (millions)

[CHART APPEARS HERE]

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Average Securities – (millions)

[CHART APPEARS HERE]

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Average Borrowings – (millions)

[CHART APPEARS HERE]

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Average Loans – (millions)

[CHART APPEARS HERE]

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Average Deposits – (millions)

[CHART APPEARS HERE]

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Significantly Improved Credit Trends

Non Performing Assets

[CHART APPEARS HERE]

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Significantly Improved Credit Trends

Loan Loss Reserve vs Non Performing Assets

[CHART APPEARS HERE]

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Operating Expense

Excludes Impairment Charges & Restructuring Costs

[CHART APPEARS HERE]

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Capital Adequacy

Well Capitalized

[CHART APPEARS HERE]

As of September 30, 2006

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Investment Highlights – Why Now?

• Pure community bank with simplified earnings model

• Significant balance sheet restructuring completed

• Reduced risk profile

• Regulatory Memorandum of Understanding (MOU) terminated

• Company positioned for meaningful non-interest expense savings

• Our energies and focus are now on the customer and improving earnings

• We have the capital strength and enhanced ability to capture future expansion opportunities

• Compelling valuation

• ASRV presently trading at 117% of book value compared to 175% of book value for similar sized bank holding companies

• Limited downside risk as we focus on increasing earnings towards more acceptable peer levels

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Presentation to New York Society of Security Analysts

November 2006