The Bank Slate


Activist investor finds banking vet to join in AmeriServ fight

An activist investor has recruited a banking veteran to aid in his quest for board seats at AmeriServ Financial in Johnstown, Pa.

Driver Management, run by Abbott Cooper, said in a regulatory filing that it will nominate Keith Mestrich, retired CEO of Amalgamated Financial in New York, to stand for election to the $1.4 billion-asset AmeriServ’s board.

Cooper, whose firm owns about 2.5% of AmeriServ’s outstanding shares, also plans to run for a board seat at the company’s 2024 annual meeting.

Driver attempted to nominate people to run for board seats this year but AmeriServ invalidated its efforts, citing defects in the investor’s disclosures.

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