#USA #labor agreement #USW #Johnstown #AmeriServ Bank

AmeriServ Financial's New Labor Contract: Securing Workforce Stability for the Future

In an important development for both employees and the community, AmeriServ Financial Bank has successfully negotiated a new four-year labor contract with the United Steelworkers (USW) Local 2635-06. Announced on October 16, 2025, this agreement is a significant milestone for the banking subsidiary of AmeriServ Financial Inc., which is publicly traded on NASDAQ under the ticker symbol ASRV.

The contract was overwhelmingly approved by unionized employees during a meeting held on October 12, 2025, in Johnstown, Pennsylvania. With this new agreement, the workforce is secure until October 16, 2029, allowing both the bank and its employees to focus on future growth and improvements.

Jeffrey Stopko, President and CEO of AmeriServ, highlighted the positive implications of this new contract. He stated, "This new agreement allows us to continue focusing on our banking for life strategy while enhancing our unique labor partnership to further develop our strategically important union business development initiatives." The union's approval clearly indicates confidence in AmeriServ's commitment to being a significant player in the local banking landscape, fostering an environment that benefits employees and the community at large.

The financial details of this contract are especially noteworthy. Employees will receive annual wage increases of 4% for the first three years, with a 3% increase in the fourth year. Moreover, critical provisions regarding existing healthcare coverage and retirement benefits remain unchanged, further ensuring that workers’ rights and benefits are safeguarded during this period of economic fluctuation.

Bob Gilles, the Unit President of USW Local 2635-06, echoed Stopko's sentiments regarding the contract. He remarked, "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." Such confidence from both sides reflects a strong partnership that stands to benefit all stakeholders.

AmeriServ Financial is headquartered in Johnstown, Pennsylvania, and offers full-service banking and wealth management through 16 community locations throughout southwestern Pennsylvania and Hagerstown, Maryland. With assets totaling approximately $1.45 billion as of June 30, 2025, AmeriServ has positioned itself as a reliable banking institution committed to the economic and social well-being of the regions it serves.

This labor contract not only serves to protect employees but also ensures that AmeriServ can maintain its community-centric banking model. Fostering growth and investment opportunities for unionized businesses, this agreement is pivotal in reinforcing the bank's long-term strategies, which aim to enhance customer experiences and community engagement.

In summary, the newly ratified labor contract between AmeriServ Financial and USW Local 2635-06 sets a solid foundation for a collaborative future, one that embraces both employee welfare and community investment. This proactive approach by AmeriServ demonstrates a keen understanding of the importance of labor relations in driving business success and community support. As they look ahead, both AmeriServ and its employees can be optimistic about the possibilities that this agreement will unlock over the next few years.