AmeriServ Financial's Unit, United Steelworkers Sign New Four-Year Contract That Includes 4% Wage Hike For Each Three Years, 3% Raise For Fourth Year

JOHNSTOWN, Pa., Oct. 16, 2025 /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 12, 2025, in Johnstown. This contract covers the workforce through October 16, 2029.

Key financial terms of the new contract include annual wage increases of 4% for each of the first three years and 3% for the fourth year. Key provisions of existing health care coverage and retirement benefits remain unchanged for union employees.