Neutral silver clusters Ag(N) are grown in ultracold helium nanodroplets. By exploiting a strong absorption resonance recently found for Ag8, first photoelectron spectra of this neutral species are recorded. Variation of the laser photon energy reveals that direct vertical two-photon ionization is hindered by rapid relaxation into the lower edge of a long-living excited state manifold. The analysis of the dynamics gives a precise value of (6.89+/-0.09) eV for the vertical ionization potential of Ag8. The influence of the helium matrix on photoemission is discussed.