Univest Financial in Souderton, Pa., has
acquired an insurance agency in Intercourse, Pa.
The $7 billion-asset Univest said in a
press release Wednesday that it bought Paul I. Sheaffer Insurance Agency.
Univest did not disclose the price it paid.
"As Univest continues to grow in central
Pennsylvania, the acquisition … allows us to better serve the insurance needs
of businesses and individuals in the region,” Ronald Flaherty, president of
Univest Insurance, said in the release.
Paul I. Sheaffer Insurance Agency was
founded in 1951.
Paul Sheaffer II will join Univest as central Pennsylvania
regional manager, and all of the agency’s employees will be retained.
The deal is Univest’s ninth insurance
acquisition since 1999.
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