Washington, D.C. 20549

AmeriServ Financial, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

03074A102

(CUSIP Number)

December 31, 2009

(Date of Event Which Requires Filing of this Statement)

 

 

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⁽¹⁾ Based on 21,221,909 shares of common stock outstanding as of December 31, 2009, as reported in the Issuer’s Form 10-K for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission on February 26, 2010.

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SCHEDULE 13G

Item 1

	(a)		Name of Issuer:
			AmeriServ Financial, Inc.
	(b)		Address of Issuer’s Principal Executive Offices:
			Main & Franklin Street P.O. Box 430 Johnstown, Pennsylvania 15907-0430 United States of America

Item 2

(a)

Name of Person Filing:

	1.		Financial Stocks Capital Partners III L.P.
	2.		Finstocks Capital Management, LLC
	3.		Elbrook Holdings, LLC
	4.		FSI Group, LLC
	5.		Steven N. Stein
	6.		John M. Stein

(b)

Address of Principal Business Office or, if none, Residence:

	1.		1300 Carew Tower 441 Vine Street Cincinnati, Ohio 45202
	2.		1300 Carew Tower 441 Vine Street Cincinnati, Ohio 45202
	3.		1300 Carew Tower 441 Vine Street Cincinnati, Ohio 45202
	4.		1300 Carew Tower 441 Vine Street Cincinnati, Ohio 45202

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	5.		1300 Carew Tower 441 Vine Street Cincinnati, Ohio 45202
	6.		1300 Carew Tower 441 Vine Street Cincinnati, Ohio 45202

(c)

Citizenship:

	1.		Delaware
	2.		Delaware
	3.		Delaware
	4.		Ohio
	5.		United States of America
	6.		United States of America

	(d)		Title of Class of Securities:
			Common stock, par value $0.01 per share
	(e)		CUSIP Number:
			03074A102

Item 3		Check appropriate box if this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c):

	(a)	o	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
	(b)	o	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
	(c)	o	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
	(d)	o	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
	(e)	o	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

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	(f)	o	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
	(g)	o	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
	(h)	o	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
	(i)	o	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
	(j)	o	Group, in accordance with § 240.13d-1(b)(1)(ii)(J)

Item 4		Ownership:

	(a)		Amount beneficially owned:
			2,110,000(1)
	(b)		Percent of class:
			9.9%(1)
	(c)		Number of shares as to which the person has:

	(i)		Sole power to vote or to direct the vote: 0
	(ii)		Shared power to vote or to direct the vote: 2,110,000
	(iii)		Sole power to dispose or to direct the disposition of: 0
	(iv)		Shared power to dispose or to direct the disposition of: 2,110,000

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 a subsidiary of Elbrook Holdings, LLC, which is in turn a subsidiary of FSI Group, LLC, a company controlled by Steven N. Stein and John M. Stein. Therefore, Finstocks Capital Management, LLC, Elbrook Holdings, LLC, FSI Group, LLC, and 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, FSI Group, LLC, or 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.

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Item 5		Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.

Item 6		Ownership of More Than 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.

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 that purpose or effect.

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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.

EXHIBIT 1

JOINT FILING AGREEMENT

          The undersigned hereby agree that the Statement on Schedule 13G filed herewith is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(k)(1)(iii) promulgated pursuant to the Securities Exchange Act of 1934, as amended, on behalf of each such person.