SOUDERTON, Pa. and HATBORO, Pa., June 14, 2016 (GLOBE NEWSWIRE) -- Univest Corporation of Pennsylvania (NASDAQ:UVSP), the parent company of Univest Bank and Trust Co. and Fox Chase Bancorp, Inc. (NASDAQ:FXCB), the parent company of Fox Chase Bank, announced today that each has received all necessary regulatory and shareholder approvals to close its pending merger transaction, announced in December 2015. Regulatory approval was obtained in May from both the Pennsylvania Department of Banking and Securities and the Board of Governors of the Federal Reserve System. Shareholders from both Univest and Fox Chase approved the transaction on June 14, 2016. Subject to satisfaction or waiver of certain additional customary closing conditions, Univest intends to close the transaction effective July 1, 2016.
“The merger with Fox Chase is part of our strategic plan to grow the commercial bank and strengthen our physical presence in both our core and expansion markets,” said Jeffrey M. Schweitzer, president and chief executive officer of Univest Corporation of Pennsylvania. “Throughout our 140 year history we have focused on organic and acquisitive growth to build the business so we can deliver comprehensive financial solutions to our customers, provide opportunities for our employees and deliver a fair return to our shareholders. In addition to the talented team that will be joining us from Fox Chase, this merger will bring us greater market share in our existing market. It will also bring us our first retail office in West Chester, Pa. and extend our service area to the New Jersey shore.”
Upon completion of the transaction, Thomas M. Petro, president and chief executive officer of Fox Chase, along with Roger H. Ballou and Todd S. Benning, current Fox Chase directors, will be named to the Univest Board of Directors. In addition, Roger Deacon, executive vice president and chief financial officer of Fox Chase will join Univest as senior executive vice president and chief financial officer for Univest and Univest Bank. This position was open after Univest appointed its current CFO, Michael S. Keim to president of Univest Bank in October 2015. Mike Fitzgerald, Fox Chase’s chief lending officer, will also join Univest Bank upon closing as market president, Commercial Banking and manage the Southern division which will include the Fox Chase commercial lending team.
About Univest:
Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary, Univest Bank and Trust Co., had $2.8 billion in assets and $3.1 billion in assets under management and supervision through its Wealth Management lines of business. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations in the Mid-Atlantic Region. Univest delivers these services through a network of 40 offices in southeastern Pennsylvania extending to the Lehigh Valley, Maryland and online at www.univest.net.
About Fox Chase:
Fox Chase Bancorp, Inc. is the stock holding company of Fox Chase Bank. The Bank is a Pennsylvania state-chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and nine branch offices in Bucks, Montgomery, Chester and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Bank’s website at www.foxchasebank.com.
