Firmly rooted
COMMITTED TO GROWTH
2011 annual report
moving Forward
TOGETHER
Firmly rooted. Committed to growth.
We continued to face unprecedented times in the financial
The story which unfolds in the pages ahead, highlights how
services industry in 2011 due to the challenging economy
Univest Corporation, firmly rooted and well positioned to
and unsettled regulatory environment. U.S. housing prices
embrace the change needed to grow, led the way. Our
declined further while the U.S. economy showed modest
success is attributed to solid relationships. Relationships
signs of a recovery. Emerging markets, specifically China
with our customers, shareholders, employees and the
and Europe, showed contraction, and key events around
communities we serve. While many financial institutions
the rest of the world posed a threat to domestic growth.
made compromises to weather these challenging times,
Consumer confidence remained low as unemployment
Univest Corporation remained true to our mission, vision
remained a significant problem for the economy.
and core values. We worked alongside our employees
Throughout the banking industry, in addition to dealing
with the effects of a compressed interest margin and an
almost non-existent demand for loans, banks of all sizes
experienced declining revenue streams as the cost of doing
business increased to comply with the new regulations.
As if all of this was not enough, constant attention from
Washington and the media brought increased pressure
and significant volatility to stock performance. Steady and
stable growth, under these conditions, clearly could only be
achieved by true leaders.
and customers to ensure together, we would succeed. We
hope the stories these individuals and businesses share with
you through our annual report will connect you to the local
successes we have right here in our community.
table of Contents
Financial Performance ..................................1
Letter to Shareholders ................................2-3
2011 Highlights ...................................... 4-13
Officers and Board of Directors ........... 14-15
Shareholder Information .........................16
2011 Financial Highlights
At December 31, (Dollars in thousands)
2011
2010
Cash, interest-earning deposits and federal funds sold
Investment securities
Net loans and leases
Other assets
Total assets
$ 107,377
471,165
1,416,536
211,761
$ 2,206,839
$ 29,187
467,024
1,440,288
197,394
$ 2,133,893
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 1,749,232
137,234
47,394
1,933,860
272,979
$ 2,206,839
$ 1,686,270
143,865
37,534
1,867,669
266,224
$ 2,133,893
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2011
2010
2009
Interest income
Interest expense
Net interest income
Provision for loan and lease losses
Net interest income after provision for loan and lease losses
Noninterest income
Noninterest expense
Net income before income taxes
Applicable income taxes
Net income
$ 85,468
10,728
74,740
17,479
57,261
34,407
68,010
23,658
4,776
$ 18,882
$ 91,003
17,469
73,534
21,565
51,969
34,418
67,349
19,038
3,282
$ 15,756
$ 96,359
28,723
67,636
20,886
46,750
29,917
65,324
11,343
563
$ 10,780
Book value per share
Net income per share:
$ 16.34
$ 15.99
$ 16.27
Basic
Diluted
Dividends per share
1.13
1.13
0.80
0.95
0.95
0.80
0.75
0.75
0.80
Weighted Average Shares Outstanding
Period End Shares Outstanding
16,742,898
16,702,376
16,598,284
16,648,303
14,347,104
16,465,083
9
4
7
,
1
6
8
6
,
1
5
8
0
,
2
5
8
0
,
2
7
0
2
,
2
4
3
1
,
2
3
7
9
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1
0
3
9
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1
8
7
.
0
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0
8
.
0
8
.
0
8
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0
8
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4
6
5
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1
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,
9
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6
8
‘08
‘07
‘06
‘09
Total Deposits
(IN MILLIONS)
‘10
‘11
‘09
‘08
‘06
‘07
Total Assets
(IN MILLIONS)
‘10
‘11
‘06
‘07
‘08
‘09
‘10
‘11
Dividends Declared
(PER SHARE)
‘08
‘07
‘06
‘09
Total Revenue
(IN THOUSANDS)
‘10
‘11
1
A Focused Team.
Leadership Towards a Bright Future.
Members of the Executive Management Team (left to right): Jeffrey M. Schweitzer,
Philip C. Jackson, William S. Aichele, Kenneth D. Hochstetler, K. Leon Moyer,
Duane J. Brobst, Annette D. Szygiel, Louis P. Spinelli
To Our Family of Shareholders,
Customers and Employees
Univest Corporation took every opportunity to build our business
for long-term success as we celebrated 135 years of community
banking in 2011. We are pleased and grateful to report
increased earnings with net income of $18.9 million compared
to $15.8 million at December 31, 2010. We increased net
income year-over-year by 19.84% in a challenging economic
climate and furthermore a difficult banking environment. Our
favorable performance compared to our peers and the overall
industry is attributed to the successful implementation of our
integrated strategy and a testament to our solid reputation as a
stable and trusted partner.
The respect we have from our employees, customers,
shareholders and communities has been earned throughout our
135-year history. In that tradition, we remained focused and
disciplined in our approach to managing the business by making
decisions with the best interest of all our stakeholders in mind.
We sought opportunities to grow our market share and increase
our customer base and core deposit accounts. We continued
lending to credit worthy borrowers and were recognized by
the Small Business Administration as the leading community
bank in the Philadelphia region based on loan volume. We
saw increased referrals and sales from our non-traditional lines
of business as our branding efforts raised awareness of our
capabilities. We launched new products, enhanced technology
and introduced secure and convenience-driven solutions to
remain competitive.
While it may seem like it was a characteristic year, 2011
was anything but typical. Heightened regulatory requirements
continued to bring new pressures as the cost of doing business
increased while revenue streams decreased. The financial
services industry continued to face scrutiny from the media and
the federal government, making it difficult for consumers to gain
confidence and investors to believe in the future success of the
industry. Overall, the economic turmoil in the United States and
abroad raised even greater concern for consumers and brought
additional pressures with compressed margins, teetering asset
quality levels and volatile stock performance for banks.
As our industry changes and evolves, we continue to adapt
to position Univest for a bright future. To ensure we remain a
leading local, independent, financial solutions provider, the
Board of Directors and Executive Management Team initiated
two strategic changes. We became a state-chartered Federal
Reserve member bank to assist us as we execute our strategy as
a community bank. We also adopted a Shareholder Rights Plan
to protect Univest and our shareholders from any hostile attempts
to take over the company. These two changes were possible
because of our solid corporate governance practices, stringent
ethical standards, accountability, strong risk management
practices and robust strategic planning process.
loyal shareholders. In these unprecedented times, many financial
companies have decreased dividends and eliminated jobs.
Knowing our shareholders, employees and communities
depend on us, we worked hard to increase organizational
productivity and accountability to become more efficient and
ensure a fair profit, competitive compensation and unwavering
financial support.
While the state of the economy and industry could have made it
easy for Univest to pull back on its investments in our people and
our communities, we realize taking care of our family members
and the markets we serve are critical to long-term success. We
pride ourselves on actively serving our communities and giving
back through financial contributions and volunteer efforts.
Employees were engaged in various service initiatives and
personally made record-setting contributions to our annual United
Way Campaign.
Giving back has always been a tradition at Univest, but the
importance of making a difference in the communities we
serve was taught and modeled to me by the actions of one of
our former leaders, Charles H. Hoeflich, Chairman Emeritus.
Charlie retired from the Board of Directors in May after 49
years of service. Just six months later, Charlie passed away.
Our employees, community, industry and many great leaders
celebrated his life. He was an amazing man who had an
incredible vision and desire to see Univest succeed. In this report,
in addition to sharing our 2011 highlights, we honor his legacy.
Our firm roots grew stronger this past year as we upheld the
high standards of our mission, vision and core values. We
remain well-capitalized and well-positioned to continue working
together with our customers and communities to move forward
and realize our vision to be the best integrated financial solutions
provider in the market. On behalf of the entire Univest family, we
thank you for your continued support and investment.
Sincerely,
Univest has always looked ahead with optimism because we
have continued to show our resilience. We are proud of our
ability to overcome challenges and share our success with our
William S. Aichele
Chairman, President and Chief Executive Officer
January 31, 2012
3
“Univest’s extensive
knowledge in employee
benefits and excellent
service gave Aqua the
competitive advantage
while recruiting in the
Pharmaceuticals industry.”
– Lisa Wilk, Director of Human
Resources, Aqua Pharmaceuticals
2011 Highlights
Traditions Celebrated. History Made.
Univest Corporation celebrated its 135th anniversary in
embraced and implemented historic changes throughout the
2011 by carrying out our tradition of delivering quality
year to align our company with regulatory agencies which
financial solutions, exceptional service and unwavering
have a better understanding of our local markets, protect the
community support. Together, we deepened relationships
best interests of our shareholders, and position the expertise
and formed new bonds by welcoming customers eager to
of our employees to deliver the solutions and support our
find a stable, local financial partner to serve them today and
customers’ needs.
well into the future.
The first historic move was to change the bank from a nationally-
Our anniversary celebration, which included a variety of
chartered institution to a state-chartered, Federal Reserve
activities to thank our customers and communities for their
member bank. On June 30, this took effect and Univest opened
loyalty and trust, helped elevate the Univest name and
for business as Univest Bank and Trust Co. Other than our new
increased our positive image throughout our marketplace.
name, our customers did not experience any change as a result
We continued our tradition of giving back by using our
of this transition. The Company, however, will realize greater
anniversary events to increase children’s financial literacy
operational efficiencies and additional support to execute our
education and raise money for childhood cancer.
strategy as a community bank.
While traditions are often tied to an anniversary, Univest
On the heels of the charter change, the Board of Directors
understood the new and evolving landscape for the banking
voted to adopt a Shareholder Rights Plan, similar to plans
industry and the need to be open to change. We did not
adopted by over 1,000 public companies to address
spend the year reflecting on history and past successes, but
the best interests of all of our stakeholders and prevent
rather planning and laying the foundation to position the
an abusive takeover or attempt to acquire control of the
company for future growth.
Company at an inadequate price.
With our mission, vision and core values as guiding
Working alongside our customers in these challenging
principles, our Board of Directors and Executive
times led us to restructure the bank and shift our focus from
Management Team looked at the business differently.
geographic boundaries to business segments. Philip C.
Operating from a position of strength as a result of our
Jackson was appointed President of Corporate Banking
ability to earn our way through these challenging economic
and the expertise of his team was aligned with small,
times, we saw opportunity to further strengthen Univest. We
middle market and large corporate businesses. In this new
“I’m happy to work for a company that values the commitment to
its employees and communities.”
– Julie Sheehan, Benefits Specialist
5
structure, our relationship managers focus on the needs of
opportunities to strengthen the business. For the year ended
the businesses in their varied segments, while also targeting
December 31, 2011, we reported net income of $18.9 million
new prospects with similar servicing needs. In Consumer
compared to $15.8 million in 2010.
Banking, we streamlined the operation by aligning
leadership across four regions instead of six, focusing
overall on personal banking and main street business
solutions. We believe these changes better position us to
strengthen communications and enhance experiences for our
customers and communities.
“It was a year of teamwork with
improved collaboration, greater
efficiencies and stronger
relationships.”
– Melissa Merrill,
Corporate Underwriter
Community Banking Roots.
Integrated Vision.
Our industry overall saw record deposit levels in 2011 as
consumers remained cautious with their investments. At Univest,
we experienced a significant increase with total deposits growing
$63 million and total core deposits increasing $72.2 million.
Disruption in the marketplace, heightened awareness of the
Univest brand, stronger sales efforts and campaigns to attract new
checking accounts contributed to our success.
While loan demand was almost nonexistent for most consumers
and businesses, we continued to lend and actually saw a
significant increase in demand as a preferred Small Business
Administration provider. Univest Capital, our small ticket leasing
subsidiary, originated $35.7 million of leases primarily to small
businesses to support the growth of these Main Street businesses.
We take great pride in our ability to invest in and support our
local businesses and overall extended $108.8 million of new
The changes we implemented in 2011 enabled us to evolve
originations to support their growth. These businesses strengthen
the business and make decisions to position the company for
our neighborhoods and fuel our local economy, which is where
short-term and long-term success. Understanding our roots while
the recovery for our nation begins.
moving forward with positive change does not happen with
leadership alone. Change must be embraced at all levels in
In addition to growing our customers on the traditional
order to achieve success. We want to thank the Univest family
banking side, we realized the benefits of having an integrated
for not only accepting change this past year but embracing
suite of offerings to offset the challenges brought about by a
it and using it to motivate us to learn, grow and seize new
compressed margin, lackluster loan demand and less utilization
of lines of credit.
Unlike many community banks, 35.95% of our pre-tax income
in 2011 came from non-traditional lines of business including
investments, insurance, leasing and mortgage banking. The
Benefits was brought under the Univest Insurance, Inc. umbrella
continued growth in these areas is quite an achievement and
immediately, Trollinger Consulting Group took on the family name
cannot be attributed to one line of business but is a reflection
this year as we established Univest Municipal Pension Services
of increased referrals from front and back office employees.
to provide integrated financial solutions to municipalities across
Customers are experiencing the convenience and benefits as
the state of Pennsylvania. We have already welcomed many new
we strive to be the best integrated financial solutions provider
relationships which have the potential to bring future opportunities
in the market.
to other parts of the company.
While we define Univest as a community bank with total assets
In addition to these acquisitions growing our suite of financial
of $2.2 billion, our employees, customers, shareholders and
solutions, we also grew in leadership. In 2011, Ronald R.
communities cannot overlook the size of our subsidiaries. In
Flaherty – former owner and President of Liberty Benefits, Inc. –
2011, we surpassed a milestone mark of $2 billion in assets
was named President of Univest Insurance, Inc.
under management and supervision with our combined wealth
management and trust, brokerage and investment advisory
Managing the business with discipline and focusing on growing
platforms. This achievement demonstrates how customers are
our integrated platform required us to change behaviors.
recognizing Univest as more than a banking partner and trusting
Employees were asked to think like entrepreneurs, tell the
us with all financial aspects of their relationship.
Univest story and introduce customers, friends and family to our
solutions. Eleven years after adopting this diversified model, it is
Some of the top performing non-traditional business lines are also
coming more naturally to our associates and we are a stronger
the newer teams to join the Univest family. The mortgage banking
and more profitable company as a result.
group contributed significantly to our strong performance with
$237 million in loan originations. Their success was in part due to
In addition to growing our traditional and non-traditional lines of
the prolonged buyer’s market and low interest rate environment,
business and earning our way through this tough cycle, Univest
but also came from solid sales execution and increased internal
bolstered our well-capitalized position and rewarded loyal
referrals. Approximately 50% of the business booked was
shareholders with consistent dividends. In 2011, shareholders
referred to the mortgage team by associates in both the corporate
received a dividend yield of 5.46%.
banking and consumer banking areas.
Two acquisitions, Trollinger Consulting Group and Liberty Benefits,
completed at the onset of the recession in 2008 have not only
been accretive, but they rounded out our integrated offerings
and contributed significantly to increased earnings. While Liberty
“Community is the heart of Univest
and I’ve been fortunate to be a part
of it for over 25 years.”
– Tracy Fretz,
Community Reinvestment
Act Officer
7
Innovative Solutions. Multi-Channel Delivery.
Our favorable performance and ability to reward
security and peace of mind to customers calling the bank
shareholders with a fair profit is in part due to our
for assistance as their identity is verified with a much higher
commitment to remain competitive. We continued to evolve
degree of certainty than other methods.
our financial solutions to meet the needs of our marketplace,
while also introducing new capabilities using innovative
Univest’s commitment to offering relevant financial solutions
technology to bring added convenience to customers.
and assisting customers in achieving their dreams was
reflected in our decision to offer the iHELP program. The
In January, we introduced a new children’s account featuring
iHELP program is a transparent and low-cost private lending
the Eaglet Savings Club and two new eaglet mascots – Buck
program available through community banks like Univest
and Penny. The children’s savings program is designed to
to help families afford higher education. As the cost of
attract young savers while also encouraging parents and
education continues to rise at a much faster pace than
grandparents to teach the importance of sound money
salaries are growing, we expect this to be an attractive
management skills. Our commitment to financial literacy led to
solution to students and their parents.
a partnership with the American Bankers Association (ABA) in
2011. Univest Bank and Trust Co. was the only bank in eastern
Several of the products introduced in 2011 cater to the
Pennsylvania to participate in their Race to Save campaign,
younger generations. As we seek to build the business for
a national challenge launched in honor of the ABA’s 15
long-term success, attracting consumers between the ages
year anniversary of Teach Children to Save. Our campaign
of 16 and 46 is evermore important. And, what these
contributed to a portion of the 61,000 total accounts opened
generations value most is the technology they can use to
which well-surpassed the set goal of 15,000.
make banking and money management easy and convenient.
“Charlie’s contributions to Univest are
well known, but his personal convictions
as a ‘believer’ continue to extend far
beyond this Universe. It has been a gift
and privilege to be his friend.”
– Elaine S. Jocelyn,
Univest Customer
In addition to supporting children’s financial literacy,
Technology has transformed the banking landscape over the
last several years. Though we are a community bank, we
offer our customers technology-driven convenience solutions.
Like many of the larger banks in the country, we have
solutions to help individuals and businesses manage their
accounts the way they want. Univest offers online solutions,
mobile applications, person-to-person funds transfer, daily
e-mail alerts, remote deposit capture and other solutions to
make banking work whenever and wherever it is convenient
Univest became the first community bank in our region to
for our customers.
provide Anytime Voice ID, a voice identification program
available to Univest customers. This service provides added
8
“Chant Engineering has
achieved years of record
growth because of successful
partnerships like we have
with Univest.”
–L. James Chant, President and Philip E.
Chant, Vice President, Chant Engineering
“Univest is and has been a
partner and key component
of the fabric of the Grand
View Hospital community, a
relationship which has been an
important part of our success.”
– Michael Keen, Senior Vice President and
Chief Financial Officer, Grand View Hospital
We’ve come a long way in 135 years. In 1876, we took
committed to delivering quality experiences, internally and
deposits and provided loans through one office and only
externally. While employee morale can be impacted by
face-to-face interactions. Today, we provide integrated
prolonged tough economic cycles, we have worked hard
solutions to the counties of Bucks, Chester and Montgomery,
to retain top talent, strengthen experiences and provide fair
and the Lehigh Valley through 32 financial service centers
compensation for performance.
and more than a dozen other delivery channels.
Branding Univest.
Impacting Communities.
Our efforts were noticed and for the sixth consecutive year,
Univest was named a Best Place to Work in Pennsylvania –
once again ranking among the state’s best large companies
based on employee feedback. Our consistent recognition as
a Best Place to Work is a tribute to our talented and motivated
Over the last year, we elevated the Univest brand and
workforce and a reflection of our culture of excellence.
increased awareness around our capabilities to not only be
known as a local choice, but a convenient and steadfast
Our employees also helped us set a new record for financial
partner. Promoting our stability and confidence through
support to the North Penn United Way in 2011. As part of
advertising, social media and event-based initiatives
our ongoing financial and volunteer support, we contributed
coupled with innovative solutions attracted new relationships
a record-setting $132,600 to the North Penn United Way.
and reassured customers of the strength of our business.
Our successful campaign demonstrates our unwavering
In these challenging times, we worked with individuals,
to the financial support we provided, our employees
businesses and nonprofit organizations to help them
volunteered nearly 11,000 hours to charitable organizations
realize their goals. Whether experiencing hardships or
serving our local communities.
support and commitment to make a difference. In addition
good times, we realize the long-term benefits of being a
true partner. This approach deepens relationships and has
been the foundation for many mutually beneficial success
stories. These relationships also served as the basis for one
branding position, “Let’s move forward together.”
“We provide our customers with the
same level of plus one service that we
want to receive.”
– Tara Romanik,
Customer Service Center Manager
Building relationships and retaining loyal customers
doesn’t happen without first having happy, motivated
employees. At Univest, we take great pride in and are
In the summer, we participated as a presenting sponsor for
the third consecutive year at the Iron Hill Twilight Criterium
professional cycling event in downtown West Chester and
11
as a corporate partner with the Valley Preferred Cycling
Journal (PBJ) recognized Univest as the second place winner
Center in the Lehigh Valley. In September, we continued our
in the large company category for cash donations. We
celebration of serving our local communities with the 14th
were also recognized overall as one of the top 25 most
annual Univest Grand Prix in Souderton and Doylestown.
charitable givers in the region. Clearly the events and the
“Univest handles all my banking
needs; personal, business, estate,
and trust accounts, mortgages, and
investments. I have found everyone to
be pleasant, welcoming, cheerful,
helpful, knowledgeable, and I have
received a world of guidance and
excellent advice, always with a smile.”
– Barbara Dudley, Univest Customer
Following the Univest Grand Prix, we announced the
conclusion of Univest’s title sponsorship of the event. We
believe we accomplished the event’s goal of uniting our
surrounding communities and the time had come to move
forward with a new vision and endeavor to invest in the
future success of the communities we serve. In 2012, we
are excited to launch our “Committed to Local” effort where
Univest will contribute an additional $100,000 to local
nonprofit organizations which specifically support youth
education and wellness development. In this unprecedented
economic climate, our community needs our help in a
different way. Nonprofits locally are losing funding streams
at the same time the demand for services increases and we
want to be there to invest in what our local communities
need most.
Our ongoing philanthropic support earned us recognition
for the third consecutive year. The Philadelphia Business
12
humbling honor from the PBJ show how even in challenging
times, Univest takes pride in carrying out our core value of
Community and tradition of giving back.
Moving Forward Together
As we look at the year ahead, we believe we will face
another challenging economic time, accentuated by the
2012 election and regulatory activity in Washington. While
we have seen some positive trends, we anticipate a slow
recovery. Despite these prolonged tough times, we are
confident the ongoing disruption in the marketplace will
fuel opportunities for Univest to grow and move forward
in achieving our vision to be the best integrated financial
solutions provider in the market. Our solid foundation and
steady growth enables us to continue working side-by-side
with customers, shareholders and communities as we help
them realize their financial goals.
Thank you for your continued support and loyalty. We
remain focused and disciplined to ensure Univest has a
bright future – providing for you, our valued shareholders,
an investment you can rely on and a company of which you
can be proud.
“I’m motivated by daily interactions
with customers and shareholders and
the opportunity to share my expertise.”
– Irene Grove, Trust Tax Officer
“Thanks to Univest, PBS39 is no
longer a beacon on a hill, but an
accessible gathering place in the
heart of the community.”
–Patricia C. Simon,
President and CEO, PBS39
Univest Corporation
of Pennsylvania
EXECUTIVE MANAGEMENT TEAM
William S. Aichele
Chairman, President and Chief Executive Officer
K. Leon Moyer
Vice Chairman
Univest Bank
and Trust Co.
EXECUTIVE MANAGEMENT TEAM
William S. Aichele
Chairman
K. Leon Moyer
President and Chief Executive Officer
Jeffrey M. Schweitzer
Senior Executive Vice President and Chief Financial Officer
Jeffrey M. Schweitzer
Senior Executive Vice President and Chief Financial Officer
Kenneth D. Hochstetler
Senior Executive Vice President
Duane J. Brobst
Executive Vice President and Chief Risk Officer
Louis P. Spinelli
Executive Vice President and
Director of Consumer Strategy and Delivery
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
OTHER WHOLLY-OWNED SUBSIDIARIES
Allied Benefits Group, LLC
Delview, Inc.
TCG Investment Advisory, Inc.
Univest Capital Trust Inc.
Univest Delaware, Inc.
Univest Reinsurance Corporation
Kenneth D. Hochstetler
Senior Executive Vice President
Duane J. Brobst
Executive Vice President and Chief Risk Officer
Philip C. Jackson
President, Corporate Banking
Louis P. Spinelli
Executive Vice President and
Director of Consumer Strategy and Delivery
UNIVEST INVESTMENTS, INC.
William S. Aichele, Chairman
Kenneth D. Hochstetler, President
Jeffrey M. Schweitzer, Secretary/Treasurer
UNIVEST INSURANCE, INC.
William S. Aichele, Chairman
Ronald R. Flaherty, President
Jeffrey M. Schweitzer, Secretary/Treasurer
UNIVEST CAPITAL, INC. (SUBSIDIARY OF UNIVEST
BANK AND TRUST CO.)
Hugh W. Connelly, President
Jeffrey M. Schweitzer, Secretary/Treasurer
Please visit univest.net for a complete list of locations for
Univest Corporation and our subsidiaries.
“It is a pleasure working with the friendly and responsive retirement services
team as they are so helpful to our employees by providing guidance, workshops
and meetings to assist with their financial needs.”
– Sue Nicol, PHR,
Director of Human Resources,
Indian Creek Foundation
14
Board of Directors
William S. Aichele *†
Chairman, President and Chief Executive Officer,
K. Leon Moyer†o
Vice Chairman,
Univest Corporation of Pennsylvania;
Chairman, Univest Bank and Trust Co.
Douglas C. Clemens*
President, Clemens Food Group
R. Lee Delp*†
Principal, R.L. Delp & Company
H. Paul Lewis*†
Vice President/Sales Agent
Bucks County Commercial Realty, Inc.;
Retired Executive Vice President,
Univest Bank and Trust Co.
H. Ray Mininger*
Vice President/Secretary, H. Mininger & Son, Inc.
William G. Morral, CPA*
Financial Consultant
Former CFO of Moyer Packing Company
Univest Corporation of Pennsylvania;
President and Chief Executive Officer,
Univest Bank and Trust Co.
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
P. Gregory Shelly*†
President, Shelly Enterprises, Inc.
Margaret K. Zook*
Board Chair, The Penn Foundation;
Retired Executive Director,
Souderton Mennonite Homes
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
o Alternate Director of Univest Corporation of Pennsylvania
“In today’s business climate it is more important than ever to partner with
companies that add value through their expert knowledge and experience.
Univest’s compliance guidance, customer service and employee support have
been invaluable to us. They are truly an essential part of our team.”
– Susan Deegan,
Human Resources Manager,
Proconex, Inc.
15
Shareholder Information
SHAREHOLDERS’ MEETING
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 17, 2012,
in the Board Room at Univest Plaza, 14 North Main Street, Souderton, Pennsylvania.
UNIVEST STOCK TRANSFER AGENT
For more information on Univest Corporation of Pennsylvania common stock, please call
Broadridge Corporate Issuer Solutions at 610.649.7300 or contact them at 1717 Arch
Street, Suite 1300, Philadelphia, PA 19103. You may also click on our investor relations
link at www.univest.net.
UNIVEST SHAREHOLDER INFORMATION HOTLINE
For more information on Univest Corporation of Pennsylvania,
please call 877.723.5571 or 215.721.2434.
COMMON STOCK INFORMATION
Traded on the NASDAQ National Market, Symbol: UVSP.
MARKET MAKERS FOR UNIVEST CORPORATION
OF PENNSYLVANIA COMMON STOCK
Boenning & Scattergood, Inc.
Goldman, Sachs & Co.
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
Best Place to Work –
six consecutive years
Honored for three consecutive years
for financial contributions
Rated 5 Stars by Bauer Financial
16
“Hegivesstrengthtothewearyandincreasesthepoweroftheweak…butthosewhohopeintheLordwillrenewtheirstrength.Theywillsoaronwingslikeeagles;theywillrunandnotgrowweary,theywillwalkandnotbefaint.”-Isaiah40:29 Firmly rooted
COMMITTED TO GROWTH
2011 annual report
Univest Plaza • 14 North Main Street • P.O. Box 64197 • Souderton, PA 18964877.723.5571 • univest.net Charles H. Hoeflich
He Was A Founding Father.
“Everything
God ”
IS BECAUSE IS
“In a world of wars and rumors of wars, a man stood strong.In a nation turning valueless and immoral, one stood straight.In a financial world where money rules and corrupts, and the more money the more corruption, one stood strong, a financial lifetime untainted.In a world of lies, spin, things politically correct and where the trust is not in them, one man stood always believable.In a world where all things spiritual were derided and scorned, where Christianity is mocked and persecuted, one passionately championed the faith to the end.That man was Charles H. Hoeflich.”*INTERCOLLEGIATE STUDIES INSTITUTE (ISI)“I have never made an important decision regarding ISI’s future without Charles Hoeflich’s exquisite counsel.” Kenneth Cribb Jr., President Emeritus, ISI.Mr. Hoeflich was a founding trustee of the Institute, playing an active and essential role in the organization from its beginning in 1953 right up until his passing. Hoeflich was awarded the ISI’s Lifetime Achievement Award in 2000 and at the same time, the Board unanimously resolved to rename the award in his honor. Mr. Hoeflich told ISI he was involved, “First, because it promotes conservative principles. Second, because its mission is spiritually oriented. Finally, because ISI does what it says it’s going to do.”PENN FOUNDATION“His commitment to community, outstanding business acumen and astute appreciation of the need for mental healthcare were an asset to the founding Board and motivated all those who came in contact with him.” Wayne Mugrauer, President and CEO, Penn Foundation.When first approached with the idea for a community-based mental health facility in the early 1950’s, Mr. Hoeflich immediately got involved, hosting meetings from his beloved Elderberry Farm. He played a vital role in expanding the Board to include its 12 charter members and participated in the legal process to establish our not-for-profit organization. Mr. Hoeflich once told his friends at Penn Foundation, “the community’s needs…must be the criteria for action.”HUMAN RIGHTS FOUNDATION (HRF)“At a time of moral ambivalence in the financial sector, Charlie had a sterling reputation as one of the longest serving bank directors in American financial history.” Thor Halvorssen, President.Mr. Hoeflich was a founding director of the Human Rights Foundation in 2006 and played an essential role up until his passing. He was especially fond of the HRF’s work addressing the plight of victims of human trafficking and that of the numerous political prisoners that languish in jails around the world. He encouraged HRF to pursue its principles and mission with, “vigor and integrity.” WAS MORE THAN A BANKER.A CHRISTIAN. A CONSERVATIVE.* Cover Quote by Don Crawford, Crawford Broadcasting Company Charles H. Hoeflich built a legacy and earned deep respect for devoting his life to giving
back to his community. His passion for helping others led to a successful 70-year career
in community banking. He spent his first 25 years with Philadelphia National Bank before
joining us in 1962 as Bank President, when we were known as Union National Bank and
Trust Co. and operated with four offices in Montgomery County.
Mr. Hoeflich’s experience, leadership and deep respect helped him grow the business from
what was a small enterprise at the time, with $14 million in commercial loans and $2.2 million
in trust assets, into a robust financial holding company with $2 billion in total assets and a $1
billion trust function. He became President of the Corporation in 1973 and under his leadership;
he transitioned Union National Bank and Trust Co. into Univest Corporation and began laying
the framework for future expansion and growth opportunities. He served as Chairman of the
Corporation and the Bank from 1978 until his retirement in 1986. Although retired, Mr. Hoeflich
did not rest. He remained dedicated to the industry and Univest, and his passion for banking,
relationship building and helping individuals in need. In 1986, Univest named him Chairman
Emeritus of the Board, a title he retained even after retiring from the Board in May, 2011.
Mr. Hoeflich was humble yet sincere, giving credit to the employees most often for their
contributions and addressing each and every one of us as a member of “the family,” a
tradition we continue today. In one excerpt he wrote, “Indeed, mere words of thanks seem
an inadequate expression of the gratitude I feel toward each member of the Union National
family and I commend them all to the shareholders for their faithfulness.”
While we remember Mr. Hoeflich and acknowledge his untiring and self-sacrificing
contributions to Univest – the employees, customers, shareholders, and our communities – his
legacy will undoubtedly live on through us.
Charles
H. Hoeflich
Recognized as a
hero and saint for his:
Intelligence
Confidence
Integrity
Business acumen
Quick wit
Caring nature
Christianity
Pervasive gratitude
Prudent leadership
Philanthropy
Calmness
Balance
Engaging
conversationalist
Dry sense of humor
Loyalty
He was a father
figure and a true
mentor, teaching
not just with words
but by example.
“I’veknownCharliesinceIwas21.HehiredmeandIwasinaweofhimatfirst.Today,Ifeelblessedtohaveknownhimasmymentor,afriend,afatherfigureandacommunityleader.IlearnedsomuchfromhimandwillcontinuetoworkalongwiththeemployeesatUnivesttoliveuptotheveryhigheststandardsheset.”-WilliamS.Aichele,Chairman,PresidentandCEO,UnivestCorporation