Univest enters new markets, upgrading digital platform

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.

The Bank Slate

Univest enters new markets, upgrading digital platform

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The Bank Slate

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About the author

Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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