Univest Financial
Annual Report 2002

Plain-text annual report

CONTENTS Our Corporrtte Business Dcvclopmcnr team is responsiblc for- utilizing prodricts a n d services from all divisioiis of’ the organization to acq~iire iicw business relutionships. Prospects ai-e contacted through pc jnal visits, referrals from 3ttoi-rlc!’s a ~ ~ d :lCCc)tlIitii11ts, and hy doing fidlow lip to quarterly direct m~rkctirig initiatives ;is w i s sccn with our unicluc poixtc “drip” glovc caiiipaign. Kciiifbr-cing oui- taglinc, “A little Iiandlioldi tig iicver hurt aiiyoiie,77 pairs of gloves, each with ;I diffcrcnt ilrcriic and riiessage, were mailed to :i sclcct groty of Iwsinc-ss prospects pcriotlically t lirougliout the p i - . ‘Ihc campnign’s goal was to crcate business opportunities aiid enhance tl-ie corporate sales process. To date, the results liavc bccri vcry fiivorable and plans are Liiicicrwiy t o continue the canipaigil in 2003. and unclcrstand their needs, tlwi suggest _ _ resirlentinl morrgages, Iiome eqiiity loxis und investment, insurance , i d trust services. liclationship managcrs are responsiblt. h r c x c u t i n g Univest’s retention stratcgics. ‘Ib meet o u r overall strutcgic objective nf incrcasing tht. number of corporate relationships ycar after )7c;ir, we work hard to retain o u r existing cListoiiicrs. Tlic elcctronic delivery of daily sweep notices \vas a scrvicc e1i11~~n~c111ent that baicfitcd oiir cuszomm while resulting in a sigilificrtilt savings t o IJnivest. C:oiitiniiirig cducazion and de~7elopiiie1it of oui- lcnding staff focused o n supporting thc integration of all finvicial scrvjccs offercd at Univest, and tccliniqucs to maintain a quality Ionn portfolio in ;I clianging K C O I I O I ~ ~ ~ / . c - 1 r I I Lr I d 'C -. F I r: 7 'I - I r, c 0 c I J c 2 - I 0 c c: r: > r f. d r. Iz r. .- I c -, A .-. z c I 5 rr d -. 3 r- 2. d r. 5 - d L. z: I d % h 1 .... 1 e '" 7 I I : e r. d c I 5 r: r 3 - d PI L 7: 5 3 r. 5 3 A I. I d < r" -- I d - d e r. 3 I d I r r. / I: 5 '< x ? I z v 5 c - . -. r. 5 7 5 I r: Fu I .., d r - , -2 < r: r r, -l L I I d J 4. I , I r i I I. - I I ? r. < r. c 4 I d r. d d r I 3 C" 7 r - I I d I r. i - - 3 3 1 r J > - d r c I d r, tj- r. - 5 I d 5 r I c: E d I d -1 I. f. - r I I L 3 5 , r 0 r - . - d r. I I 13espitc ;i weakeniiig cconomv, the quality of O L I ~ loan portfolio continucd t o compare f h r a b l y to o u r industry peer groups. More aggrcssive risk rnanagernent prxticcs put into placc. during the last scveral ycurs Iiiwc cont inurd to cnhanrc thc iii;liiapmctit of our c~\~c~i11 portfolio. All lending areas are rcsponsil7le for maintaining the bniancc hetween growth and quality i l l order to meet d ~ s e risk nianagement objectives. are the ehind robust Tlic S;11.1~3IiC‘s-Oxle!, Act of 2002 wns pnsscd 3s ;i n’iictim t o tlrc doamf~i11 of several coi.poritr Anicricun gi;iJits, Nor siiice tlie 19.70s have accounting, financial and otlicr busiricss ilinctions bccn s o scrntinizetl. Ethical practices aiid procedures arc tlie ti)undation of this new hill desigiicci to strciigtlim corpmxtc g o w x ” c e activities. Since our fbunding in 1 X7h, ethics aiici ~ ~ ~ l u c s havc been the basis o~cvcryihing wc do at Univest. O u r Mission Stazctiicnr says, “ Wc will provide financial solutions to individuals, busincsscs and noli-profit orpiizations; rnaintuin xi ;ictivc role in our cotiimunities; and build loyil rclazionships with our C1ISKOfllerS and c.t-nployecs so Khat ii f%r profit will he provided for both thc corporation arid oiir sharcho~dcr.5.” Our corpolrtc ethical culturc is 311 ongoing practice, not a oiic - ti iiic cffor t . Et liica 1 1 cad el-sh i p pri i i ci plcs 3rc i 11 st i 1 Icd i 11 cvery ernployee, at every level, throughout his or her entire Uiiivest carccr. Ethics iiiattcr, m d our coiiiiiiitiiieiit to et liica 1 conduct is ci mmvcriiig. A ilot h e r e x a m pl e of et h i c31 f i i a 11 agcm cn t is 011 r d cd i ca t i on to “I n tcI’pr i se Risk Maixigcriicrit.” O u r full langc of prodwts and services allows us to be “1iiore t h a n ;I l)i111k.” ‘I’his range of scrvices also makes it possible for us to reduce risk by creatiiig operating cf’ficicncics, diversifying poteiitial revrnue sources and compct itig cr‘fccti\cly with otlici- nonbanlc competitors. iiislcs arc identified, asscssrd, nppropriarcly r-nanagcd atid controlled across the entire cnterprise. Ongoing risk xscssiiieiits strengthen risk nianngement priicticcs in mi. d a y t o - day operxions, crcating opportunities to strcngtlicri c ~ ~ s t o ~ i i c r r-clationsliips nnrl providc x i ;itt ract ive re tu rn to 011 I’ sha re holders. -. :> I. % . ,.. 1 f " - Le.. .. r. . -. 1 c '< S e n i o r M a n a g e m e n t Willinm S. Ajchele, i'r Marvin A. hiders, C7hfii~~~/~fi~i/ Wallucc H. Bieler I<. T,eoii Moyer, 1 Gcorpc 1). Terry, Jr., 1:; O t h e r P r i n c i p a l S u b s i d i a r i e s U n i v e s t C o r p o r a t i o n o f P e n n s y l v a n i a L'iiivcst Realty CorporCnioil LJriivcst Reinsurance Corporation Ilnivesr Delaware Inc. U n i v e s l I n s u r a n c e I n c . George Bccker, Jr., i Willi,mi R. Erickson, T . 

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