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Univest expects to stay out of M&A for 12-18 months following deal closure


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Univest expects to stay out of M&A for 12-18 months following deal closure

Souderton, Pa.-based UnivestCorp. of Pennsylvania expects to stay out of any bank mergers or acquisitionsfollowing the closure of its pending mergerwith Hatboro, Pa.-based Fox ChaseBancorp Inc., executives said on an earnings call.

"Weneed to make sure we digest these, integrate these acquisitions appropriately, geteverybody on board as Univest employees because we don't want to have an impacton the culture that we've established and to make sure that we get the full benefitof these acquisitions," Jeff Schweitzer, president and CEO, said on the April28 call.

The dealis expected to close in the third quarter of 2016. The bank doesn't plan to participatein bank M&A for 12 months to 18 months after the merger completes, he added.

Schweitzer added that it was possible the bank could do smallerM&A over the next year in insurance and wealth management. The company has agoal of 40% of nonbank revenue and will have 30% once the Fox Chase deal closes,he said.