JOHNSTOWN, Pa., Oct. 25, 2021 /PRNewswire/ -- AmeriServ
Financial Bank, the banking subsidiary of AmeriServ Financial Inc.
(NASDAQ: ASRV) and United Steelworkers (USW) Local 2635-06 have
agreed to a new four-year contract. Unionized employees voted to
accept the contract at a meeting held on Sunday, October 24, 2021 in Johnstown. The new contract covers the
workforce through October 15,
2025.
The ratified contract is positive news for AmeriServ and the
community, according to AmeriServ President & CEO Jeffrey Stopko. "This new agreement allows us to
continue focusing on our banking for life strategy. As an
organization, we are committed to providing outstanding service to
our customers and communities. Together, our union and non-union
employees are working to provide our shareholders, customers as
well as the communities we serve with a positive banking for life
experience today, tomorrow and into the future."
USW Local 2635-06 Unit President Bob
Gilles agrees on the importance of the new contract to
AmeriServ. "The approved agreement indicates to me that our
membership believes in AmeriServ's continued commitment to being a
leading community bank in our region while providing employees with
good career opportunities."
Key financial terms of the new contract include annual wage
increases of 2% with key provisions of existing health care
coverage remaining unchanged for union employees.
Additionally, a signing bonus of $300
for full time union employees and $150 for part-time union employees will be paid
as a result of the timely ratification of the contract. Finally, a
new retail sales and service associate job position was added which
will give union members greater compensation opportunities while
providing enhanced financial consultative services to our
customers.
AmeriServ Financial, Inc. is the parent of AmeriServ Financial
Bank and AmeriServ Trust and Financial Services Company in
Johnstown. The Company's subsidiaries provide full-service
banking and wealth management services through seventeen community
offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also
operates loan production offices in Altoona and Monroeville, Pennsylvania. At
September 30, 2021, AmeriServ had
total assets of $1.34 billion and a
book value of $6.66 per common
share.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
AmeriServ's dividend program and future payment obligations. These
forward-looking statements involve risks and uncertainties that
could cause AmeriServ's results to differ materially from
management's current expectations. Such risks and uncertainties are
detailed in AmeriServ's filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2020.
Forward-looking statements are based on the beliefs and assumptions
of AmeriServ's management and on currently available information.
The statements in this press release are made as of the date of
this press release, even if subsequently made available by
AmeriServ on its website or otherwise. AmeriServ undertakes no
responsibility to publicly update or revise any forward-looking
statement.
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SOURCE AmeriServ Financial, Inc.