While a legitimate question with a lobbyist financial backer is continuous, AmeriServ Monetary Inc. said Wednesday that investors cast a ballot to choose three chief competitors – Richard “Rick” W. Bloomingdale, David J. Hickton, and Daniel A. Onorato – at its 2023 Yearly Gathering of Investors. Highmark Health has Onorato as its chief of corporate affairs and executive vice president. Bloomingdale is as of late resigned leader of the Pennsylvania American Alliance of Work and Congress of Modern Associations; Additionally, Hickton served as the Western District of Pennsylvania’s former U.S. attorney. We value the discourse as well as the help from investors at this essential Yearly Gathering,” an AmeriServ articulation said. ” As exhibited by serious areas of strength for us of chief competitors, board reward is one of our first concerns as we keep following up on important input and reinforcing our administration. As we navigate changes in the banking industry and implement a long-term strategy to drive profitable growth, we are committed to continually adding new perspectives and skills to our board. Three open seats were on the ballot at the organization’s May 26 gathering. Sara A. Sargent and Allan R. Dennison, both incumbents, are no longer eligible to run for office. The AmeriServ backed Onorato, who was reelected, for another term. Bloomingdale and Hickton were chosen by the company as its candidates for the remaining two seats. Kim W. Kunkle, Mark E. Pasquerilla, J. Michael Adams Jr., Margaret A. O’Malley, and Amy Bradley join those three directors on the board. Jeffrey Stopko, who is also the CEO of the company, is a board member. AmeriServ recorded the last democratic outcomes on a Structure 8-K with the U.S. Protections and Trade Commission. Driver Opportunity Partners’ lawsuit against the company for rejecting the nomination notices of three other candidates is still pending in the United States District Court. Midway through March, AmeriServ had rejected the Driver group’s nomination notice and requested a declaratory judgment in the Cambria County Court of Common Pleas, stating that the Driver group had no right to nominate any candidates for the annual meeting of directors. According to AmeriServ’s statement, “the company had notified Driver that the Purported Nomination Notice was invalid due to its failure to comply with the company’s bylaws as a result of certain material omissions and other material deficiencies.” Driver, led by Abbott Cooper, an activist investor and shareholder of AmeriServ, responded by filing a complaint against AmeriServ in the U.S. District Court for the Western District of Pennsylvania, requesting that the annual meeting of the company be postponed until the court determines the legitimacy of its nominations. Since November, Cooper has purchased 8.6% of the company’s shares, making him the largest shareholder. Julius Rudolph, chief executive officer of McKnight Realty Partners, and Brandon Simmons, president and chairman of Let Our Vision Evolve, a non-profit organization that educates underrepresented professionals about opportunities in the private sector, are the other two board members Driver has proposed. Driver’s motion for injunctive relief was denied by the United States District Court for the Western District of Pennsylvania on May 22. The Independent Judges of the Election tallied and verified the votes at the subsequent meeting. According to AmeriServ’s statement, Driver’s nominee votes were not tallied. In any case, the prosecution with respect to the legitimacy of the Driver’s selection notice stays open. According to AmeriServ’s previous statements, the election would need to be held again in order to allow Driver’s candidates to run if that litigation is resolved in Driver’s favor. Reporter Russ O’Reilly works for The Tribune-Democrat. His Twitter handle is @RussellOReilly.
AmeriServ Financial Inc. announced on Wednesday that shareholders voted to elect three director candidates at its 2023 Annual Meeting of Shareholders: Richard “Rick” W. Bloomingdale, David J. Hickton, and Daniel A. Onorato, despite the ongoing legal battle with an activist investor.
Highmark Health has Onorato as its chief of corporate affairs and executive vice president. Bloomingdale is as of late resigned leader of the Pennsylvania American Alliance of Work and Congress of Modern Associations; Additionally, Hickton served as the Western District of Pennsylvania’s former U.S. attorney.
An AmeriServ statement stated, “We appreciate the dialogue and support from shareholders at this pivotal Annual Meeting.” As shown by serious areas of strength for us chief up-and-comers, board reward is one of our first concerns as we keep following up on important input and reinforcing our administration. As we navigate changes in the banking industry and implement a long-term strategy to drive profitable growth, we are committed to continually adding new perspectives and skills to our board.
At the company’s meeting on May 26, there were three open seats up for grabs. Occupants Allan R. Dennison and Sara A. Commander matured out of qualification to run for re-appointment.
The AmeriServ backed Onorato, who was reelected, for another term. Bloomingdale and Hickton were chosen by the company as its candidates for the remaining two seats.
Kim W. Kunkle, Mark E. Pasquerilla, J. Michael Adams Jr., Margaret A. O’Malley, and Amy Bradley join those three directors on the board. Jeffrey Stopko, who is also the CEO of the company, is a board member.
The final voting results were submitted to the U.S. Securities and Exchange Commission on Form 8-K by AmeriServ.
Driver Opportunity Partners’ lawsuit against the company for rejecting the nomination notices of three other candidates is still pending in the United States District Court.
Midway through March, AmeriServ had rejected the Driver group’s nomination notice and requested a declaratory judgment in the Cambria County Court of Common Pleas, stating that the Driver group had no right to nominate any candidates for the annual meeting of directors.
According to AmeriServ’s statement, “The company had notified Driver that the Purported Nomination Notice was invalid due to its failure to comply with the company’s bylaws as a result of certain material omissions and other material deficiencies.”
Driver, led by Abbott Cooper, an activist investor and shareholder of AmeriServ, responded by filing a complaint against AmeriServ in the U.S. District Court for the Western District of Pennsylvania, requesting that the annual meeting of the company be postponed until the court determines the legitimacy of its nominations.
Cooper has bought 8.6% of the organization’s portions since November, making him the biggest investor in the organization.
Julius Rudolph, chief executive officer of McKnight Realty Partners, and Brandon Simmons, president and chairman of Let Our Vision Evolve, a non-profit organization that educates underrepresented professionals about opportunities in the private sector, are the other two board members Driver has proposed.
Driver’s motion for injunctive relief was denied by the United States District Court for the Western District of Pennsylvania on May 22. The gathering was thusly held and casts a ballot was organized and ensured by the Free Adjudicators of Political decision.
Votes were not classified for Driver’s chosen people, AmeriServ’s assertion said.
However, the litigation regarding the Driver’s nomination notice’s validity is still ongoing.
According to AmeriServ’s previous statements, the election would need to be held again in order to allow Driver’s candidates to run if that litigation is resolved in Driver’s favor.
Russ O’Reilly is a correspondent for The Tribune-liberal. Follow him on Twitter @RussellOReilly.
Source – tribderm
