JOHNSTOWN, Pa., Jan. 14 /PRNewswire-FirstCall/ -- AmeriServ Financial, the
$1.2 billion banking subsidiary of AmeriServ Financial, Inc. (Nasdaq: ARSV),
and United Steelworkers of America (USWA) Locals 2635-06 and 2635-07 have
agreed to a one-year contract extension. AmeriServ Financial unionized
employees voted overwhelmingly to accept the extension at a meeting held on
Jan. 13 at Aces in the Cambria City section of Johnstown.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020717/ASRVLOGO )
The current contract is effective through Oct. 15, 2003. With today's
announcement, the contract will be extended until Oct. 15, 2004. The USWA
represents 286 - or 68 percent of all AmeriServ Financial employees.
The contract extension, ratified by the general membership, includes a
wage increase of 27 cents an hour or 2.25% of the average wage effective Oct.
16, 2003. "The working people at AmeriServ have always been a strength for our
bank," said USWA Local 2635-06 spokesman Thom Kott. "By this vote our members
are sending the clear message to all stakeholders that the union will be a
partner on our path to profitability."
The extension clears the way for AmeriServ Financial's uninterrupted focus
on the company's strategic initiatives, according to Interim Chairman,
President and CEO Craig G. Ford.
"This labor contract extension is a key element in 2003 as we continue our
Earnings Improvement Program," said Ford. "During 2003 our focus remains on
two areas: servicing our home markets and customers; and the search for a
new, permanent leader at AmeriServ. This contract extension allows us to
spend valuable time this year achieving these two priorities.
"We all appreciate the union's continuing support, and together we will
make AmeriServ a stronger community bank," said Ford.
AmeriServ Financial shares a cooperative working relationship with unions.
AmeriServ Trust and Financial Services was recognized for their role as
trustee for the Employee Real Estate Construction Trust (ERECT) Funds by being
selected for the 2001 Pennsylvania Governor's Award for Labor and Management
Cooperation. In 1998, AmeriServ Financial (then U.S. Bank) received the same
award. The award is given annually to Pennsylvania businesses that achieve or
promote economic success by partnering with the workers of Pennsylvania.
AmeriServ Financial - which was first unionized in 1973 - is one of only
13 union-represented banks nationwide. The bank is leveraging its union
affiliation to attract union business. AmeriServ Financial operates union
specialty branch offices in Pittsburgh and Harrisburg, two cities with a high
concentration of union headquarters and union members.
AmeriServ Financial, Inc., is the parent of AmeriServ Financial (the Bank)
and AmeriServ Trust & Financial Services in Johnstown, AmeriServ Associates of
State College, and AmeriServ Life Insurance Company in Arizona. The AmeriServ
Financial, Inc. customer reach is extensive beyond its primary dominant market
of Cambria and Somerset Counties. The Bank's mortgage subsidiary also has
retail mortgage operations based in Greensburg, State College, and Altoona.
Standard Mortgage Corporation (also a subsidiary of the Bank) has mortgage
servicing operations based in Atlanta, Georgia. AmeriServ Associates, the
consulting subsidiary, has financial services industry clients that are
located in Pennsylvania, Ohio and Michigan. AmeriServ Trust and Financial
Services, with $1.1 billion of client assets under management, has union
investor clients in Pennsylvania, Ohio, Michigan, West Virginia, and Indiana.
AmeriServ Financial, Inc. trades on the NASDAQ Stock Exchange under the symbol
ASRV.
SOURCE AmeriServ Financial
 back to top
Related links:
http://www.ameriservfinancial.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020717/ASRVLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
CONTACT:
Dan L. Hummel, Senior Vice President of
AmeriServ Financial, +1-814-533-5139
|
