SOUDERTON, Pa., Nov. 30, 2017 (GLOBE NEWSWIRE) -- Univest Corporation of Pennsylvania (NASDAQ:UVSP), parent company of Univest Bank and Trust Co, today announced the pricing of an underwritten public offering of 2,300,000 shares of its common stock at a price to the public of $28.25 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $65.0 million. In addition, the Corporation has granted the underwriters a 30-day option to purchase up to an additional 345,000 shares of its common stock at the same price. The offering is expected to close on or about December 4, 2017, subject to customary closing conditions.

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 $4.42 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.