Univest Corp. Of Pennsylvania To Acquire Valley Green Bank In All Stock Deal

(RTTNews) - Univest Corp. of Pennsylvania (UVSP), the parent company of Univest Bank and Trust Co., and Valley Green Bank have entered into a definitive merger agreement for Valley Green to merge with and into Univest Bank in an all-stock transaction with an aggregate value of around $76 million.

Valley Green had $370 million in assets, $329 million in loans and $335 million in deposits at March 31, and operates three full-service banking offices and two loan production offices in the greater Philadelphia marketplace.

Valley Green shareholders will receive shares of Univest common stock equal to $27.00 for each share of Valley Green stock outstanding, subject to certain adjustments. The transaction is expected to close in the first quarter of 2015.

The final exchange ratio will be based upon an average closing price of Univest's stock over the 20 consecutive trading day period ending on the day prior to the closing date.

With the assumption of Valley Green's three branches and two loan production offices in the Philadelphia marketplace, Univest enters a new and attractive small business and consumer market, while expanding its existing lending network within southeastern Pennsylvania.

Upon closing, Valley Green will operate as a separate division of Univest Bank, under the Valley Green brand.

Valley Green President and CEO Jay 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.