Univest Financial in Souderton, Pa., has entered
two new markets and is improving its digital banking platform.
The $7.1 billion-asset company said in a press release
Wednesday that it entered western Pennsylvania and Maryland.
Univest hired Chris Trombetta to serve as market
president for the western Pennsylvania region and Matthew Cohen to serve as market president for
the Maryland region.
Trombetta and Cohen will work to identify site in their regions
to serve as the company's regional headquarters.
"The success we have seen in our central [Pennsylvania]
region demonstrates our ability to enter and grow in new markets,” Jeffrey
Schweitzer, Univest’s president and CEO, said in the release.
Univest has grown its central Pennsylvania
region from 15 employees in 2016 to 65 employees and $1.2
billion of loans currently.
Univest said its digital platform will combine
its core operating systems and allow the company to “seamlessly sell existing
products and services … across an expanded footprint.” The company plans to
launch the new platform by the end of the first quarter of 2023.
The company incurred $779,000 of expenses in the
first quarter tied to the new platform.
"This platform will enable us to achieve our
long-term vision for a hub-and-spoke approach,” Schweitzer said.
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