SOUDERTON, Pa. - A regional bank has announced big plans to expand.
Univest Corporation of Pennsylvania announced Wednesday that it will acquire Valley Green Bank.
The two companies will merge in an all-stock transaction worth about $76 million, officials said.
Valley Green Bank is headquartered in Philadelphia. It had approximately $370 million in assets, $329 million in loans and $335 million in deposits as of March 31.
Under the terms of the deal, shareholders will receive shares of Univest common stock equal to $27 for each share of Valley Green stock.
Univest will assume Valley Green's three branches and two loan production offices in the Philadelphia area.
Upon closing of the deal, Valley Green will continue to operate as a separate division of Univest Bank, and Valley Green President and CEO Jay Goldstein will remain president of that division.
After the transaction is completed, Univest will have approximately $2.7 billion in assets, $2 billion in loans and $2.3 billion in assets.
Shareholders and regulatory authorities for both companies still have to approve the deal, which is expected to close in the first quarter of 2015.
Univest Corporation of Pennsylvania is based in Souderton, Montgomery County.
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