SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
(Amendment No. 1)
AmeriServ Financial, Inc.
(Name of Issuer)
Common Stock, par value $2.50 per share
(Title of Class of Securities)
03074A102
(CUSIP Number)
December 13, 2004
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which the Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 03074A102 13G Page 2 of 10 Pages
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-------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary)
Financial Stocks Capital Partners III L.P.
-------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------------- ---------- --------------------------------------- ----------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
------------------------- ---------- --------------------------------------- ----------------------------------------
6 SHARED VOTING POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------------------- ---------- --------------------------------------- ----------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES*
|_|
-------- ------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9% of 19,713,215 shares of Common Stock outstanding as of December 13, 2004.
-------- ------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON* PN
-------- ------------------------------------------------------------------------------------------------------------
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CUSIP No. 03074A102 13G Page 3 of 10 Pages
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-------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary)
Finstocks Capital Management, LLC
-------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------- ------------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
------------------------- ---------- --------------------------------------- ----------------------------------------
6 SHARED VOTING POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------------------- ---------- --------------------------------------- ----------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES*
|_|
-------- ------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9% of 19,713,215 shares of Common Stock outstanding as of December 13, 2004.
-------- ------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON* OO
-------- ------------------------------------------------------------------------------------------------------------
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CUSIP No. 03074A102 13G Page 4 of 10 Pages
---------------------------------------- ---------------------------------------
-------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary)
Elbrook Holdings, LLC
-------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------- ------------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
------------------------- ---------- --------------------------------------- ----------------------------------------
6 SHARED VOTING POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------------------- ---------- --------------------------------------- ----------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES*
|_|
-------- ------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9% of 19,713,215 shares of Common Stock outstanding as of December 13, 2004.
-------- ------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON* OO
-------- ------------------------------------------------------------------------------------------------------------
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CUSIP No. 03074A102 13G Page 5 of 10 Pages
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-------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary)
Steven N. Stein
-------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
------------------------- ---------- --------------------------------------- ----------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
------------------------- ---------- --------------------------------------- ----------------------------------------
6 SHARED VOTING POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------------------- ---------- --------------------------------------- ----------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES*
|_|
-------- ------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9% of 19,713,215 shares of Common Stock outstanding as of December 13, 2004.
-------- ------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON* IN
-------- ------------------------------------------------------------------------------------------------------------
---------------------------------------- ---------------------------------------
CUSIP No. 03074A102 13G Page 6 of 10 Pages
---------------------------------------- ---------------------------------------
-------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary)
John M. Stein
-------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
------------------------- ---------- --------------------------------------- ----------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
------------------------- ---------- --------------------------------------- ----------------------------------------
6 SHARED VOTING POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------------------- ---------- --------------------------------------- ----------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,000
------------------------- ---------- --------------------------------------- ----------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,000
-------- ------------------------------------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES*
|_|
-------- ------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9% of 19,713,215 shares of Common Stock outstanding as of December 13, 2004.
-------- ------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON* IN
-------- ------------------------------------------------------------------------------------------------------------
---------------------------------------- ---------------------------------------
CUSIP No. 03074A102 13G Page 7 of 10 Pages
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ITEM 1(A). NAME OF ISSUER
---------------------------------------------------------------------------------------------------------------------
AmeriServ Financial, Inc.
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ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE
---------------------------------------------------------------------------------------------------------------------
Main and Franklin Streets, P.O. Box 430, Johnstown, Pennsylvania 15907-0430
---------------------------------------------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON FILING
---------------------------------------------------------------------------------------------------------------------
Financial Stocks Capital Partners III L.P.; Finstocks Capital Management, LLC; Elbrook Holdings, LLC; Steven N.
Stein; John M. Stein
---------------------------------------------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE
---------------------------------------------------------------------------------------------------------------------
507 Carew Tower, 441 Vine Street, Cincinnati, Ohio 45202
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ITEM 2(C). CITIZENSHIP
---------------------------------------------------------------------------------------------------------------------
Delaware; Delaware; Delaware; United States of America; United States of America
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ITEM 2(D). TITLE OF CLASS OF SECURITIES
---------------------------------------------------------------------------------------------------------------------
Common stock, par value $2.50 per share
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ITEM 2(E). CUSIP NUMBER
---------------------------------------------------------------------------------------------------------------------
03074A102
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR
240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
Not Applicable.
ITEM 4. OWNERSHIP
(a) Amount beneficially owned..................... 1,950,000
(b) Percent of class.............................. 9.9% 1
(c) Number of shares as to which
such person has:..............................
(i) Sole power to vote or to direct the vote.. 0
(ii) Shared power to vote or to direct the vote 1,950,000
(iii) Sole power to dispose or to direct
disposition of............................ 0
(iv) Shared power to dispose or to direct
disposition of............................ 1,950,000
----------
1 Based on 19,713,215 shares of common stock outstanding as of December 13,
2004.
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CUSIP No. 03074A102 13G Page 8 of 10 Pages
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Financial Stocks Capital Partners III L.P. is the record owner of the shares of
the security being reported. Finstocks Capital Management, LLC is the general
partner of Financial Stocks Capital Partners III L.P. Finstocks Capital
Management, LLC is controlled by Elbrook Holdings, LLC, which is in turn
controlled by Steven N. Stein and John M. Stein. Therefore, Finstocks Capital
Management, LLC, Elbrook Holdings, LLC, Steven N. Stein and John M. Stein
indirectly have the power to vote and dispose of the shares being reported, and,
accordingly, may be deemed the beneficial owners of such shares. The foregoing
should not be construed in and of itself as an admission by Finstocks Capital
Management, LLC, Elbrook Holdings, LLC, Steven N. Stein or John M. Stein as to
the beneficial ownership of the shares owned by Financial Stocks Capital
Partners III L.P. A Joint Filing Agreement is attached hereto as Exhibit 1.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not Applicable.
ITEM 6. OWNERSHIP OF FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not Applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable.
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CUSIP No. 03074A102 13G Page 9 of 10 Pages
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ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 13, 2004
FINANCIAL STOCKS CAPITAL PARTNERS III L.P.
By: Finstocks Capital Management, LLC
-----------------------------------------
General Partner
By: Elbrook Holdings, LLC
------------------------------------
Managing Member
By: /s/ John M. Stein
-------------------------------
John M. Stein
Managing Member
FINSTOCKS CAPITAL MANAGEMENT, LLC
By: Elbrook Holdings, LLC
----------------------------------------
Managing Member
By: /s/ John M. Stein
------------------------------------
John M. Stein
Managing Member
ELBROOK HOLDINGS, LLC
By: /s/ John M. Stein
----------------------------------------
John M. Stein
Managing Member
/s/ Steven N. Stein
--------------------------------------------------
STEVEN N. STEIN
/s/ John M. Stein
--------------------------------------------------
JOHN M. STEIN
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CUSIP No. 03074A102 13G Page 10 of 10 Pages
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EXHIBIT 1
JOINT FILING AGREEMENT
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree that the Schedule 13G to which this
Joint Filing Agreement is being filed as an exhibit shall be a joint statement
filed on behalf of each of the undersigned.
Dated: December 13, 2004
FINANCIAL STOCKS CAPITAL PARTNERS III L.P.
By: Finstocks Capital Management, LLC
----------------------------------------
General Partner
By: Elbrook Holdings, LLC
------------------------------------
Managing Member
By: /s/ John M. Stein
------------------------------
John M. Stein
Managing Member
FINSTOCKS CAPITAL MANAGEMENT, LLC
By: Elbrook Holdings, LLC
----------------------------------------
Managing Member
By: /s/ John M. Stein
------------------------------------
John M. Stein
Managing Member
ELBROOK HOLDINGS, LLC
By: /s/ John M. Stein
----------------------------------------
John M. Stein
Managing Member
/s/ Steven N. Stein
--------------------------------------------------
STEVEN N. STEIN
/s/ John M. Stein
--------------------------------------------------
JOHN M. STEIN