Both community banks were merged into Univest National Bank & Trust Co. With the closing of the Suburban acquisition, Univest will operate 36 branches in Bucks and Montgomery counties.
Speaking of the Suburban purchase, William S. Aichele, president and CEO of Univest, says, "The completion of this acquisition further enhances Univest's franchise ... (and) adds to our increasingly strong base of operations in Bucks County."
Suburban, a commercial bank with $86 million in assets, was created in 1996 with two branches. Prior to this merger, Suburban's stock traded on the pink sheets, generally in the area of about $8 per share. Univest acquired all outstanding shares of common stock and warrants and options to acquire shares at slightly more than $20 a share.
In addition to the bank and trust subsidiary, Univest Corp. of Pennsylvania is also the parent of Univest Insurance Inc. and Univest Investments, Inc. The parent company trades on the NASDAQ under UVSP. Shares closed at $36.84 a share at the end of trading on Oct. 7.
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