The Bank Slate


Univest in Pennsylvania buys insurance agency

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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