AmeriServ Financial Sells MSRs

AmeriServ Financial Inc., Johnstown, Pa., has announced the sale of servicing rights on approximately $450 million of mortgage loans being serviced through its Standard Mortgage Corp. of Georgia subsidiary.The servicing rights represent 69% of Standard Mortgage's total servicing portfolio of $650 million, AmeriServ Financial said. "We have been clear in our intent to return to a strategic focus more suited to a community bank," said Craig G. Ford, the company's interim chairman, president, and chief executive officer. "This sale of mortgage servicing rights provides reduced exposure to interest rate risk and will accelerate AmeriServ Financial's recovery momentum." In 2002, AmeriServ Financial realized a mortgage servicing impairment charge of $3.7 million.