SOUDERTON, Pa., June 23, 2016 (GLOBE NEWSWIRE) -- Univest Corporation of Pennsylvania (NASDAQ:UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced an offering of $45 million in aggregate principal amount of subordinated notes to certain accredited investors in a private placement under the Securities Act of 1933. The Company expects to close the offering on July 1, 2016. From and including the date of issuance to but excluding June 30, 2021, the subordinated notes will bear interest at a fixed rate of 5.00% per annum, payable semi-annually in arrears. From and including June 30, 2021 to but excluding the maturity date of June 30, 2026, the subordinated notes will bear interest at an annual rate equal to three-month LIBOR plus 3.90%, payable quarterly in arrears. The Company may redeem the subordinated notes, in whole or in part, beginning with the interest payment date on June 30, 2021 and on any interest payment date thereafter, subject to the approval of the Federal Reserve. The Company may also redeem the subordinated notes, in whole but not in part, at any time upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 Act events, subject in each case to the approval of the Federal Reserve. The Company estimates that the net proceeds from the sale of the subordinated notes will be approximately $44.5 million, and the notes are expected to qualify as Tier 2 capital for regulatory purposes.

About Univest Corporation

Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary, Univest Bank and Trust Co., has $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 more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley, Maryland and online at www.univest.net.