SOUDERTON, Pa., Nov. 29, 2017 (GLOBE NEWSWIRE) -- Univest Corporation of Pennsylvania (NASDAQ:UVSP), parent company of Univest Bank and Trust Co., announced today that it has commenced an underwritten public offering of its common stock. In addition, the Corporation expects to grant the underwriters a 30-day option to purchase up to an aggregate of an additional 15% of the number of shares of common stock sold in the offering to cover over allotments. Any shares sold pursuant to such option would be purchased by the underwriters at the same price per share.

The Corporation intends to use the net proceeds from the proposed offering for general corporate purposes, including providing capital to support growth organically or through strategic acquisitions, financing investments, and for investment in the Bank as regulatory capital.

Keefe, Bruyette & Woods, a Stifel Company, is acting as lead book-running manager for the offering. Piper Jaffray & Co. is acting as co-manager.

About Univest Corporation

Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary, Univest Bank and Trust Co., has total assets of approximately $4.4 billion. 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 more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, as well as New Jersey and Maryland, and online at www.univest.net.