AmeriServ Financial announces a new employment contract
AmeriServ Financial Bank, the banking subsidiary of AmeriServ Financial Inc. (NASDAQ: ASRV), and United Steelworkers (USW) Local 2635-06 have agreed to another four-year contract. Union officials cast a vote at a meeting on Sunday, October 24, 2021 in Johnstown to endorse the agreement. The new agreement is effective until October 15, 2025. USW Local 2635-06 Unit President Bob Gilles acknowledges the importance of the new agreement to AmeriServ. âThe approved agreement shows me that our involvement relies on AmeriServ’s continued commitment to be a premier community bank in our region while providing excellent career opportunities for employees. âThe main financial terms of the latest contract include a 2% annual wage increase, while the main provisions of the existing health insurance for union workers remain unchanged.
In addition, a signing premium of $ 300 for full-time union workers and $ 150 for part-time union workers will be paid as a result of the timely ratification of the contract. Finally, a new position as a retail and service worker was added, providing union members with better compensation opportunities while also providing our customers with improved financial advisory services.
The ratified treaty is positive news for AmeriServ and the community, according to Jeffrey Stopko, President and CEO of AmeriServ. âThis new agreement allows us to continue to focus on our banking-for-life strategy. As an organization, we strive to provide excellent service to our customers and communities. Together, our unionized and non-union employees work to deliver a positive banking-for-life experience for our shareholders, customers and the communities we serve today, tomorrow and in the future. “
AmeriServ Financial, Inc. is the parent company of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company of Johnstown. The company’s subsidiaries provide comprehensive banking and wealth management services through seventeen community offices in southwest Pennsylvania and Hagerstown, Maryland. The company also operates loan production offices in Altoona and Monroeville, Pennsylvania. As of September 30, 2021, AmeriServ had total assets of $ 1.34 billion and a book value of $ 6.66 per common share.
This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and is subject to the safe havens set forth therein. The forward-looking statements contained herein include, among other things, information about 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 management and currently available information. Statements in this press release are made as of the date of this press release, even if they are subsequently made available by AmeriServ on its website or otherwise. AmeriServ assumes no responsibility to publicly update or revise any forward-looking statements.
Summary of the news:
- AmeriServ Financial announces a new employment contract
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