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Univest Corporation of Pennsylvania to Acquire Valley Green Bank
2014-06-25

                Univest Corporation of Pennsylvania (Nasdaq:UVSP), the parent company of Univest Bank and Trust Co. , and Valley Green Bank announced last week that they have entered into a definitive merger agreement pursuant to which Valley Green will be merged with and into Univest Bank in an all-stock transaction with an aggregate value of approximately $76 million.
                Headquartered in the Mt. Airy neighborhood of Philadelphia, Valley Green had approximately $370 million in assets, $329 million in loans, and $335 million in deposits at March 31, 2014 and operates three full-service banking offices and two loan production offices in the greater Philadelphia marketplace. Valley Green was recently ranked the eighth best performing bank out of more than 4,000 banks in the nation in 2013 for banks with assets less than $500 million by SNL Financial.
                Under the terms of the agreement, Valley Green shareholders will receive shares of Univest common stock equal to $27 for each share of Valley Green stock outstanding, subject to certain adjustments depending upon the changes in the price of Univest's common stock.

                Upon the closing, Valley Green will operate as a separate division of Univest Bank, under the Valley Green brand. Valley Green President and CEO Jay R. Goldstein will remain President of the Valley Green Division of Univest Bank and Trust Co. Goldstein and one of the existing directors from Valley Green will also be named to the Univest Board.
                "Valley Green Bank is a high-performing and well respected community-focused organization, which is why this merger is so exciting for Univest and our stakeholders," said Jeffrey M. Schweitzer, President and CEO of Univest Corporation. "For 138 years, Univest has operated with the same philosophy that has become Valley Green's hallmark - remain disciplined and focused on providing competitive financial solutions, build trust and manage risks by getting to know your customers, and get involved and support your local community. This is an important step in our strategic plan and we are excited for the opportunity to combine our joint expertise and introduce Univest's diversified financial solutions to the very desirable Philadelphia market."
 


 

 

 

 

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