LOOKING AHEAD
We look forward with enthusiasm to the next chapter in Univest’s history as we are led
by our new CEO and work together to achieve our vision. Whether our customers need
a banking product, insurance, trust, investment or home loan solution, they can look to
To our family of shareholders, customers and employees:
It was a notable year for Univest Corporation of Pennsylvania for many reasons. We opened new
offices and grew our presence in our expansion markets. We acquired two companies and further
diversified our financial offerings. We implemented our strategic plan and made further progress
in achieving our vision. We announced an executive succession in July and implemented steps
through the remainder of the year to transition Jeffrey M. Schweitzer to the position of CEO and
William S. Aichele to Chairman of the Board on January 1, 2014.
You can be proud of our accomplishments in 2013, which led to another year of increased
earnings. We are pleased to report 2013 net income of $21.2 million, a 2% increase from $20.9
million in 2012. Our strategic priorities – top line revenue growth, managing costs and expanding
and optimizing the capabilities of Univest – guided our actions this past year. In addition, we
achieved solid growth by focusing on the right things: delivering superior service, making our
customers’ lives more comfortable and secure, improving the work experience for our employees,
Univest and be confident that they will receive highly personalized service delivered by
rewarding our loyal shareholders with consistent dividends, strengthening our communities and
knowledgeable employees.
executing a well-defined growth strategy to lay a solid foundation for the future.
To grow the business and deepen relationships, our focus in 2014 is tied to our strategic
plan and three priorities:
• Driving top line revenue growth
• Managing costs
• Expanding and optimizing the capabilities of Univest to better serve our
customers and communities
Our success continues to be recognized across the financial services industry and by the media. In 2013, Univest Corporation
and its subsidiaries received numerous awards. The Corporation was recognized by the Philadelphia Business Journal (PBJ) as
one of the healthiest employers and one of the top 25 most philanthropic companies. The PBJ also identified Univest Insurance
as one of the top 25 best employee benefits providers. Univest Bank and Trust Co. earned the 5-star rating once again from
Bauer Financial. And, Univest Corporation was recognized by the Association of Fundraising Professionals as the Outstanding
Corporation of the Year. We are proud of the diverse nature of these awards, and we credit our people, our integrated financial
solutions and our commitment to community for the recognition.
While we know the economy and constant change across the financial services industry
“Community” is one of Univest’s core values, and in 2013, we increased awareness of our commitment to provide strong
will bring challenges, we are optimistic and confident in our future. We are well-
leadership, financial support and volunteer service through our “Committed to Local” giving program. As a company, we
capitalized and well-positioned to control our own destiny.
gave back more than $1.1 million to our communities, and our employees took volunteer service to a new level. In 2012 we
volunteered more than 13,500 hours, and in 2013 we volunteered more than 16,700 hours. Our culture attracts employees who
Our focused and prudent approach to business has been at the core of Univest’s success
are motivated to help others. Whether we are needed to make a financial dream a reality or give comfort and hope to someone in
for 137 years. It is the reason we have been able to assist our customers in achieving their
need, our customers and communities can count on Univest employees to be there.
financial dreams while serving the needs of all our audiences – employees, customers,
shareholders and communities. Using our mission and core values as our guiding
Throughout our rich history, we have been blessed with strong leaders on our board, our executive management team and
across the organization. This past year we said goodbye to one of Univest’s great leaders. Norman L. Keller passed away on
principles, we are poised to move forward and provide for you, our valued shareholders,
September 14. Norm dedicated his career to community banking and served as President of Pennview Savings Bank until he
an investment you can rely on and a company of which you can be proud.
retired from Univest in 2002. He also served 35 years in the capacity of director. Norm and many other leaders who came
before us were our mentors. As a company, we work hard to build relationships with one another so we can learn, perpetuate
All of the employees wish to thank you for your continued support – and we look
our culture and traditions, and continue to grow the Univest way.
forward to working together to serve you and the needs of our communities in 2014.
As we look to the future, we do so with confidence. We know the strength of our integrated businesses and the talents of our
people will continue to drive our performance. This is an exciting time. A new chapter begins for our company in 2014, but the
theme remains the same: build on our strengths, grow the business responsibly, provide outstanding service and do right by our
customers, employees, shareholders and communities.
On behalf of the entire Univest family, we thank you for your support and investment.
“He gives strength to the weary and increases the power of
the weak… but those who hope in the Lord will renew their
strength. They will soar on wings like eagles; they will run
and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
SHAREHOLDER INFORMATION
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 15, 2014, 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 contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
William S. Aichele, Jeffrey M. Schweitzer
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
Regular Mail Communications:
Overnight Mail Communications:
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com/
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
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.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
Top 25 Employee
Benefit Consultants
Rated 5-Stars by
Bauer Financial
Top In-Kind Donor
Top 25 Most Charitable Giver
Top Community Impact Award
Top Philanthropic Donor
Top Volunteer Donor
Top 25 Healthiest Employers
PAST. PRESENT. FUTURE.
Ref lections on a 42-year Career and Insights into the Future
It has been an honor to be a part of this company for the past
42 years. When I started as a management trainee in 1971,
Univest had $70,488,775 in total assets, operated 10 offices
and our services were limited to traditional banking solutions.
Four decades later, it is amazing how our business has
changed. In addition to significantly growing the company and
our assets, we have evolved the business from a community
bank to a fully integrated financial solutions company.
For the last 13 years, we have invested in diversifying the
William S. Aichele
business and building a complete suite of financial solutions. Today, Univest Corporation is
steadily progressing toward our vision “to be the best integrated financial solutions provider
in the market.” Our success – through both good and challenging times – is a result of our
focused approach to managing the business. We remain disciplined – using our mission
and core values as guides – and we continue to actively seek ways to offer competitive,
convenient solutions to meet the growing needs of our customers.
I have appreciated every opportunity afforded me and have enjoyed the countless friendships
I developed through the years. I have been blessed, and I have the Univest family to thank
for it. There are not many retirees who can reflect on a 42-year career with one company.
The people I worked with and the opportunity to make a difference in the lives of others
is what kept me excited to come to work every day. It has been a distinct pleasure to help
individuals fulfill their financial dreams and mentor employees as they established their
careers with Univest.
Univest is a special place. We have a culture of excellence, a commitment to developing
lasting relationships and a passion for putting other people’s needs before our own. Many
of you know I am passionate about serving our community, and I will continue to give back
during my retirement.
As Chairman of Univest, I remain focused on the growth of our great company and the
needs of our employees, customers, shareholders and communities. We are well
positioned to grow and build our presence in our core and expansion markets. I look
forward to working with Jeff and the board to continue building Univest’s legacy for
future generations.
Thank you for your years of support, trust and loyalty.
LOOKING AHEAD
We look forward with enthusiasm to the next chapter in Univest’s history as we are led
by our new CEO and work together to achieve our vision. Whether our customers need
a banking product, insurance, trust, investment or home loan solution, they can look to
To our family of shareholders, customers and employees:
It was a notable year for Univest Corporation of Pennsylvania for many reasons. We opened new
offices and grew our presence in our expansion markets. We acquired two companies and further
diversified our financial offerings. We implemented our strategic plan and made further progress
in achieving our vision. We announced an executive succession in July and implemented steps
through the remainder of the year to transition Jeffrey M. Schweitzer to the position of CEO and
William S. Aichele to Chairman of the Board on January 1, 2014.
You can be proud of our accomplishments in 2013, which led to another year of increased
earnings. We are pleased to report 2013 net income of $21.2 million, a 2% increase from $20.9
million in 2012. Our strategic priorities – top line revenue growth, managing costs and expanding
and optimizing the capabilities of Univest – guided our actions this past year. In addition, we
achieved solid growth by focusing on the right things: delivering superior service, making our
customers’ lives more comfortable and secure, improving the work experience for our employees,
Univest and be confident that they will receive highly personalized service delivered by
rewarding our loyal shareholders with consistent dividends, strengthening our communities and
knowledgeable employees.
executing a well-defined growth strategy to lay a solid foundation for the future.
To grow the business and deepen relationships, our focus in 2014 is tied to our strategic
plan and three priorities:
• Driving top line revenue growth
• Managing costs
• Expanding and optimizing the capabilities of Univest to better serve our
customers and communities
Our success continues to be recognized across the financial services industry and by the media. In 2013, Univest Corporation
and its subsidiaries received numerous awards. The Corporation was recognized by the Philadelphia Business Journal (PBJ) as
one of the healthiest employers and one of the top 25 most philanthropic companies. The PBJ also identified Univest Insurance
as one of the top 25 best employee benefits providers. Univest Bank and Trust Co. earned the 5-star rating once again from
Bauer Financial. And, Univest Corporation was recognized by the Association of Fundraising Professionals as the Outstanding
Corporation of the Year. We are proud of the diverse nature of these awards, and we credit our people, our integrated financial
solutions and our commitment to community for the recognition.
While we know the economy and constant change across the financial services industry
“Community” is one of Univest’s core values, and in 2013, we increased awareness of our commitment to provide strong
will bring challenges, we are optimistic and confident in our future. We are well-
leadership, financial support and volunteer service through our “Committed to Local” giving program. As a company, we
capitalized and well-positioned to control our own destiny.
gave back more than $1.1 million to our communities, and our employees took volunteer service to a new level. In 2012 we
volunteered more than 13,500 hours, and in 2013 we volunteered more than 16,700 hours. Our culture attracts employees who
Our focused and prudent approach to business has been at the core of Univest’s success
are motivated to help others. Whether we are needed to make a financial dream a reality or give comfort and hope to someone in
for 137 years. It is the reason we have been able to assist our customers in achieving their
need, our customers and communities can count on Univest employees to be there.
financial dreams while serving the needs of all our audiences – employees, customers,
shareholders and communities. Using our mission and core values as our guiding
Throughout our rich history, we have been blessed with strong leaders on our board, our executive management team and
across the organization. This past year we said goodbye to one of Univest’s great leaders. Norman L. Keller passed away on
principles, we are poised to move forward and provide for you, our valued shareholders,
September 14. Norm dedicated his career to community banking and served as President of Pennview Savings Bank until he
an investment you can rely on and a company of which you can be proud.
retired from Univest in 2002. He also served 35 years in the capacity of director. Norm and many other leaders who came
before us were our mentors. As a company, we work hard to build relationships with one another so we can learn, perpetuate
All of the employees wish to thank you for your continued support – and we look
our culture and traditions, and continue to grow the Univest way.
forward to working together to serve you and the needs of our communities in 2014.
As we look to the future, we do so with confidence. We know the strength of our integrated businesses and the talents of our
people will continue to drive our performance. This is an exciting time. A new chapter begins for our company in 2014, but the
theme remains the same: build on our strengths, grow the business responsibly, provide outstanding service and do right by our
customers, employees, shareholders and communities.
On behalf of the entire Univest family, we thank you for your support and investment.
“He gives strength to the weary and increases the power of
the weak… but those who hope in the Lord will renew their
strength. They will soar on wings like eagles; they will run
and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
SHAREHOLDER INFORMATION
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 15, 2014, 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 contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
William S. Aichele, Jeffrey M. Schweitzer
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
Regular Mail Communications:
Overnight Mail Communications:
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com/
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
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.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
Top 25 Employee
Benefit Consultants
Rated 5-Stars by
Bauer Financial
Top In-Kind Donor
Top 25 Most Charitable Giver
Top Community Impact Award
Top Philanthropic Donor
Top Volunteer Donor
Top 25 Healthiest Employers
PAST. PRESENT. FUTURE.
Ref lections on a 42-year Career and Insights into the Future
It has been an honor to be a part of this company for the past
42 years. When I started as a management trainee in 1971,
Univest had $70,488,775 in total assets, operated 10 offices
and our services were limited to traditional banking solutions.
Four decades later, it is amazing how our business has
changed. In addition to significantly growing the company and
our assets, we have evolved the business from a community
bank to a fully integrated financial solutions company.
For the last 13 years, we have invested in diversifying the
William S. Aichele
business and building a complete suite of financial solutions. Today, Univest Corporation is
steadily progressing toward our vision “to be the best integrated financial solutions provider
in the market.” Our success – through both good and challenging times – is a result of our
focused approach to managing the business. We remain disciplined – using our mission
and core values as guides – and we continue to actively seek ways to offer competitive,
convenient solutions to meet the growing needs of our customers.
I have appreciated every opportunity afforded me and have enjoyed the countless friendships
I developed through the years. I have been blessed, and I have the Univest family to thank
for it. There are not many retirees who can reflect on a 42-year career with one company.
The people I worked with and the opportunity to make a difference in the lives of others
is what kept me excited to come to work every day. It has been a distinct pleasure to help
individuals fulfill their financial dreams and mentor employees as they established their
careers with Univest.
Univest is a special place. We have a culture of excellence, a commitment to developing
lasting relationships and a passion for putting other people’s needs before our own. Many
of you know I am passionate about serving our community, and I will continue to give back
during my retirement.
As Chairman of Univest, I remain focused on the growth of our great company and the
needs of our employees, customers, shareholders and communities. We are well
positioned to grow and build our presence in our core and expansion markets. I look
forward to working with Jeff and the board to continue building Univest’s legacy for
future generations.
Thank you for your years of support, trust and loyalty.
LOOKING AHEAD
We look forward with enthusiasm to the next chapter in Univest’s history as we are led
by our new CEO and work together to achieve our vision. Whether our customers need
a banking product, insurance, trust, investment or home loan solution, they can look to
To our family of shareholders, customers and employees:
It was a notable year for Univest Corporation of Pennsylvania for many reasons. We opened new
offices and grew our presence in our expansion markets. We acquired two companies and further
diversified our financial offerings. We implemented our strategic plan and made further progress
in achieving our vision. We announced an executive succession in July and implemented steps
through the remainder of the year to transition Jeffrey M. Schweitzer to the position of CEO and
William S. Aichele to Chairman of the Board on January 1, 2014.
You can be proud of our accomplishments in 2013, which led to another year of increased
earnings. We are pleased to report 2013 net income of $21.2 million, a 2% increase from $20.9
million in 2012. Our strategic priorities – top line revenue growth, managing costs and expanding
and optimizing the capabilities of Univest – guided our actions this past year. In addition, we
achieved solid growth by focusing on the right things: delivering superior service, making our
customers’ lives more comfortable and secure, improving the work experience for our employees,
Univest and be confident that they will receive highly personalized service delivered by
rewarding our loyal shareholders with consistent dividends, strengthening our communities and
knowledgeable employees.
executing a well-defined growth strategy to lay a solid foundation for the future.
To grow the business and deepen relationships, our focus in 2014 is tied to our strategic
plan and three priorities:
• Driving top line revenue growth
• Managing costs
• Expanding and optimizing the capabilities of Univest to better serve our
customers and communities
Our success continues to be recognized across the financial services industry and by the media. In 2013, Univest Corporation
and its subsidiaries received numerous awards. The Corporation was recognized by the Philadelphia Business Journal (PBJ) as
one of the healthiest employers and one of the top 25 most philanthropic companies. The PBJ also identified Univest Insurance
as one of the top 25 best employee benefits providers. Univest Bank and Trust Co. earned the 5-star rating once again from
Bauer Financial. And, Univest Corporation was recognized by the Association of Fundraising Professionals as the Outstanding
Corporation of the Year. We are proud of the diverse nature of these awards, and we credit our people, our integrated financial
solutions and our commitment to community for the recognition.
While we know the economy and constant change across the financial services industry
“Community” is one of Univest’s core values, and in 2013, we increased awareness of our commitment to provide strong
will bring challenges, we are optimistic and confident in our future. We are well-
leadership, financial support and volunteer service through our “Committed to Local” giving program. As a company, we
capitalized and well-positioned to control our own destiny.
gave back more than $1.1 million to our communities, and our employees took volunteer service to a new level. In 2012 we
volunteered more than 13,500 hours, and in 2013 we volunteered more than 16,700 hours. Our culture attracts employees who
Our focused and prudent approach to business has been at the core of Univest’s success
are motivated to help others. Whether we are needed to make a financial dream a reality or give comfort and hope to someone in
for 137 years. It is the reason we have been able to assist our customers in achieving their
need, our customers and communities can count on Univest employees to be there.
financial dreams while serving the needs of all our audiences – employees, customers,
shareholders and communities. Using our mission and core values as our guiding
Throughout our rich history, we have been blessed with strong leaders on our board, our executive management team and
across the organization. This past year we said goodbye to one of Univest’s great leaders. Norman L. Keller passed away on
principles, we are poised to move forward and provide for you, our valued shareholders,
September 14. Norm dedicated his career to community banking and served as President of Pennview Savings Bank until he
an investment you can rely on and a company of which you can be proud.
retired from Univest in 2002. He also served 35 years in the capacity of director. Norm and many other leaders who came
before us were our mentors. As a company, we work hard to build relationships with one another so we can learn, perpetuate
All of the employees wish to thank you for your continued support – and we look
our culture and traditions, and continue to grow the Univest way.
forward to working together to serve you and the needs of our communities in 2014.
As we look to the future, we do so with confidence. We know the strength of our integrated businesses and the talents of our
people will continue to drive our performance. This is an exciting time. A new chapter begins for our company in 2014, but the
theme remains the same: build on our strengths, grow the business responsibly, provide outstanding service and do right by our
customers, employees, shareholders and communities.
On behalf of the entire Univest family, we thank you for your support and investment.
“He gives strength to the weary and increases the power of
the weak… but those who hope in the Lord will renew their
strength. They will soar on wings like eagles; they will run
and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
SHAREHOLDER INFORMATION
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 15, 2014, 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 contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
William S. Aichele, Jeffrey M. Schweitzer
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
Regular Mail Communications:
Overnight Mail Communications:
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com/
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
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.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
Top 25 Employee
Benefit Consultants
Rated 5-Stars by
Bauer Financial
Top In-Kind Donor
Top 25 Most Charitable Giver
Top Community Impact Award
Top Philanthropic Donor
Top Volunteer Donor
Top 25 Healthiest Employers
PAST. PRESENT. FUTURE.
Ref lections on a 42-year Career and Insights into the Future
It has been an honor to be a part of this company for the past
42 years. When I started as a management trainee in 1971,
Univest had $70,488,775 in total assets, operated 10 offices
and our services were limited to traditional banking solutions.
Four decades later, it is amazing how our business has
changed. In addition to significantly growing the company and
our assets, we have evolved the business from a community
bank to a fully integrated financial solutions company.
For the last 13 years, we have invested in diversifying the
William S. Aichele
business and building a complete suite of financial solutions. Today, Univest Corporation is
steadily progressing toward our vision “to be the best integrated financial solutions provider
in the market.” Our success – through both good and challenging times – is a result of our
focused approach to managing the business. We remain disciplined – using our mission
and core values as guides – and we continue to actively seek ways to offer competitive,
convenient solutions to meet the growing needs of our customers.
I have appreciated every opportunity afforded me and have enjoyed the countless friendships
I developed through the years. I have been blessed, and I have the Univest family to thank
for it. There are not many retirees who can reflect on a 42-year career with one company.
The people I worked with and the opportunity to make a difference in the lives of others
is what kept me excited to come to work every day. It has been a distinct pleasure to help
individuals fulfill their financial dreams and mentor employees as they established their
careers with Univest.
Univest is a special place. We have a culture of excellence, a commitment to developing
lasting relationships and a passion for putting other people’s needs before our own. Many
of you know I am passionate about serving our community, and I will continue to give back
during my retirement.
As Chairman of Univest, I remain focused on the growth of our great company and the
needs of our employees, customers, shareholders and communities. We are well
positioned to grow and build our presence in our core and expansion markets. I look
forward to working with Jeff and the board to continue building Univest’s legacy for
future generations.
Thank you for your years of support, trust and loyalty.
LOOKING AHEAD
We look forward with enthusiasm to the next chapter in Univest’s history as we are led
by our new CEO and work together to achieve our vision. Whether our customers need
a banking product, insurance, trust, investment or home loan solution, they can look to
To our family of shareholders, customers and employees:
It was a notable year for Univest Corporation of Pennsylvania for many reasons. We opened new
offices and grew our presence in our expansion markets. We acquired two companies and further
diversified our financial offerings. We implemented our strategic plan and made further progress
in achieving our vision. We announced an executive succession in July and implemented steps
through the remainder of the year to transition Jeffrey M. Schweitzer to the position of CEO and
William S. Aichele to Chairman of the Board on January 1, 2014.
You can be proud of our accomplishments in 2013, which led to another year of increased
earnings. We are pleased to report 2013 net income of $21.2 million, a 2% increase from $20.9
million in 2012. Our strategic priorities – top line revenue growth, managing costs and expanding
and optimizing the capabilities of Univest – guided our actions this past year. In addition, we
achieved solid growth by focusing on the right things: delivering superior service, making our
customers’ lives more comfortable and secure, improving the work experience for our employees,
Univest and be confident that they will receive highly personalized service delivered by
rewarding our loyal shareholders with consistent dividends, strengthening our communities and
knowledgeable employees.
executing a well-defined growth strategy to lay a solid foundation for the future.
To grow the business and deepen relationships, our focus in 2014 is tied to our strategic
plan and three priorities:
• Driving top line revenue growth
• Managing costs
• Expanding and optimizing the capabilities of Univest to better serve our
customers and communities
Our success continues to be recognized across the financial services industry and by the media. In 2013, Univest Corporation
and its subsidiaries received numerous awards. The Corporation was recognized by the Philadelphia Business Journal (PBJ) as
one of the healthiest employers and one of the top 25 most philanthropic companies. The PBJ also identified Univest Insurance
as one of the top 25 best employee benefits providers. Univest Bank and Trust Co. earned the 5-star rating once again from
Bauer Financial. And, Univest Corporation was recognized by the Association of Fundraising Professionals as the Outstanding
Corporation of the Year. We are proud of the diverse nature of these awards, and we credit our people, our integrated financial
solutions and our commitment to community for the recognition.
While we know the economy and constant change across the financial services industry
“Community” is one of Univest’s core values, and in 2013, we increased awareness of our commitment to provide strong
will bring challenges, we are optimistic and confident in our future. We are well-
leadership, financial support and volunteer service through our “Committed to Local” giving program. As a company, we
capitalized and well-positioned to control our own destiny.
gave back more than $1.1 million to our communities, and our employees took volunteer service to a new level. In 2012 we
volunteered more than 13,500 hours, and in 2013 we volunteered more than 16,700 hours. Our culture attracts employees who
Our focused and prudent approach to business has been at the core of Univest’s success
are motivated to help others. Whether we are needed to make a financial dream a reality or give comfort and hope to someone in
for 137 years. It is the reason we have been able to assist our customers in achieving their
need, our customers and communities can count on Univest employees to be there.
financial dreams while serving the needs of all our audiences – employees, customers,
shareholders and communities. Using our mission and core values as our guiding
Throughout our rich history, we have been blessed with strong leaders on our board, our executive management team and
across the organization. This past year we said goodbye to one of Univest’s great leaders. Norman L. Keller passed away on
principles, we are poised to move forward and provide for you, our valued shareholders,
September 14. Norm dedicated his career to community banking and served as President of Pennview Savings Bank until he
an investment you can rely on and a company of which you can be proud.
retired from Univest in 2002. He also served 35 years in the capacity of director. Norm and many other leaders who came
before us were our mentors. As a company, we work hard to build relationships with one another so we can learn, perpetuate
All of the employees wish to thank you for your continued support – and we look
our culture and traditions, and continue to grow the Univest way.
forward to working together to serve you and the needs of our communities in 2014.
As we look to the future, we do so with confidence. We know the strength of our integrated businesses and the talents of our
people will continue to drive our performance. This is an exciting time. A new chapter begins for our company in 2014, but the
theme remains the same: build on our strengths, grow the business responsibly, provide outstanding service and do right by our
customers, employees, shareholders and communities.
On behalf of the entire Univest family, we thank you for your support and investment.
“He gives strength to the weary and increases the power of
the weak… but those who hope in the Lord will renew their
strength. They will soar on wings like eagles; they will run
and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
SHAREHOLDER INFORMATION
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 15, 2014, 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 contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
William S. Aichele, Jeffrey M. Schweitzer
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
Regular Mail Communications:
Overnight Mail Communications:
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com/
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
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.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
Top 25 Employee
Benefit Consultants
Rated 5-Stars by
Bauer Financial
Top In-Kind Donor
Top 25 Most Charitable Giver
Top Community Impact Award
Top Philanthropic Donor
Top Volunteer Donor
Top 25 Healthiest Employers
PAST. PRESENT. FUTURE.
Ref lections on a 42-year Career and Insights into the Future
It has been an honor to be a part of this company for the past
42 years. When I started as a management trainee in 1971,
Univest had $70,488,775 in total assets, operated 10 offices
and our services were limited to traditional banking solutions.
Four decades later, it is amazing how our business has
changed. In addition to significantly growing the company and
our assets, we have evolved the business from a community
bank to a fully integrated financial solutions company.
For the last 13 years, we have invested in diversifying the
William S. Aichele
business and building a complete suite of financial solutions. Today, Univest Corporation is
steadily progressing toward our vision “to be the best integrated financial solutions provider
in the market.” Our success – through both good and challenging times – is a result of our
focused approach to managing the business. We remain disciplined – using our mission
and core values as guides – and we continue to actively seek ways to offer competitive,
convenient solutions to meet the growing needs of our customers.
I have appreciated every opportunity afforded me and have enjoyed the countless friendships
I developed through the years. I have been blessed, and I have the Univest family to thank
for it. There are not many retirees who can reflect on a 42-year career with one company.
The people I worked with and the opportunity to make a difference in the lives of others
is what kept me excited to come to work every day. It has been a distinct pleasure to help
individuals fulfill their financial dreams and mentor employees as they established their
careers with Univest.
Univest is a special place. We have a culture of excellence, a commitment to developing
lasting relationships and a passion for putting other people’s needs before our own. Many
of you know I am passionate about serving our community, and I will continue to give back
during my retirement.
As Chairman of Univest, I remain focused on the growth of our great company and the
needs of our employees, customers, shareholders and communities. We are well
positioned to grow and build our presence in our core and expansion markets. I look
forward to working with Jeff and the board to continue building Univest’s legacy for
future generations.
Thank you for your years of support, trust and loyalty.
INTEGRATION Steady Progress and Long-term Stability
Univest’s strong performance in 2013 was primarily due to our ability to carry out our
diversification strategy. We made significant progress throughout 2013 towards achieving
our vision, “to be the best integrated financial solutions provider in the market.” We
believe Univest’s long-term success relies on diversifying the business and reducing our
reliance primarily on revenue from the core banking operations. In 2012, 69% of our
revenue came from the core bank and 31% came from our other financial operations.
In 2013, 66% of our revenue was attributable to the core bank and 34% to our other
financial operations. The increased performance of our fee-generating lines of business
was the result of both organic growth and growth through acquisition. Here are several
highlights of our integrated successes in 2013.
• Univest Insurance experienced significant growth through the May 1
acquisition of the John T. Fretz Insurance Agency, Inc., a family-owned-and-
operated, full-service property and casualty insurance agency. This is Univest’s
seventh insurance acquisition since 1999 and further identifies Univest as a
leader in delivering competitive and comprehensive insurance solutions.
• Over the last few years, our Mortgage Banking business has made significant
revenue contributions as a result of the historically low interest rate environment
which fueled refinancing activity. Since starting the business in 2008, we have
closed more then 6,500 loans totaling more than $1.3 billion, and we now service
more than $750 million in loans for others. The increase in interest rates during
2013 reduced refinancing volume and tightened pricing margins, however, we
continued to hire loan officers and focus on purchase volume which will lead to
growth in the business over the long term.
• Univest Capital continued to grow its equipment finance outstandings while
maintaining margins and experiencing solid credit performance. Total equipment
finance outstandings increased by 26.4%.
• Univest Investments and our Wealth Management businesses benefited from
the lower interest rate environment as consumers looked for more attractive
return alternatives. In 2013, we grew assets under management and supervision
by 9.1%.
• On December 19, 2013, Univest entered into an agreement to acquire
Girard Partners, Ltd., a registered investment advisory firm with more than
$500 million in assets under management. The acquisition was completed in
January 2014. With the acquisition, Univest increased its assets under management
to more than $3.0 billion and further strengthened our advisory capabilities.
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
‘11
‘12
Insurance Premiums Outstanding
(in Thousands)
‘13
4
2
2
,
8
1
4
$
1
0
8
,
4
0
6
$
1
9
8
,
1
5
7
$
‘13
‘12
‘11
Loans Serviced for Others
(in Thousands)
5
2
2
,
3
7
$
7
5
8
,
3
8
$
4
9
9
,
5
0
1
$
‘11
‘12
Equipment Finance Outstandings
(in Thousands)
‘13
,
7
1
3
6
9
9
1
$
,
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
‘12
‘11
Assets under Management
and Supervision
(in Thousands)
‘13
Benefits
Personal
Commercial
2013 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2013
2012
2011
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
$ 107,377
471,165
1,416,536
211,761
$ 2,206,839
$ 1,749,232
137,234
47,394
1,933,860
272,979
$ 2,206,839
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2013
2012
2011
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ...........................................................................................................
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
$ 85,468
10,728
74,740
17,479
57,261
34,407
68,010
23,658
4,776
$ 18,882
Book value per share ........................................................................................
Net income per share:
$ 17.22
$ 16.95
$ 16.34
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
1.28
1.27
0.80
1.25
1.24
0.80
1.13
1.13
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,605,232
16,287,812
16,761,184
16,770,232
16,742,898
16,702,376
$80,000
$60,000
$40,000
$20,000
$-
($20,000)
($40,000)
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$21,500
$21,000
$20,500
$20,000
$19,500
$19,000
$18,500
$18,000
$17,500
$-
$1.30
$1.25
$1.20
$1.15
$1.10
$1.05
$-
‘13
‘11
‘13
‘12
Loan and Lease Growth
(in Thousands)
‘11
‘12
Total Revenue
(in Thousands)
‘13
2
8
8
,
8
1
$
‘11
2
7
8
,
0
2
$
‘12
Net Income
‘11
(in Thousands)
‘12
9
8
1
,
1
2
$
‘13
3
1
.
1
$
4
2
.
1
$
7
2
.
1
$
‘13
‘12
‘11
Diluted Earnings Per Share
‘11
‘12
Commercial
Mortgage
Consumer
2013 HIGHLIGHTS Growing the Business and Strengthening our Communities
The financial services industry has been challenged in recent years by the tough economy, growth in competition and increased
regulatory pressure. In addition, customer demands for convenience and access to information 24/7 are changing the way we
market, communicate and deliver our solutions. At Univest, we are proud of our ability to adapt as our industry evolves, balance
our risks with new opportunities and grow our business for the benefit of our shareholders and communities. Our strong
performance in 2013 is a result of the efforts of more than 600 employees who work hard to differentiate Univest in our core
market of Bucks and Montgomery Counties and our expansion markets of Chester County and the Lehigh Valley. Together,
we’ve achieved significant milestones, listed below, which enhance Univest’s robust history of steady and stable growth.
• We achieved strong organic growth in investments, insurance and equipment financing.
• We continued to improve our asset quality, with non-accrual loans down $9 million and non-performing assets down
$14 million, respectively from December 2012.
• On May 14, we held the groundbreaking of a 10,000-square-foot office building located in the Tilghman Square
Shopping Center in South Whitehall Township. This new facility, which was completed in late December, houses 30
employees and has room to add 20 more as we expand in the Lehigh Valley market.
• On June 18, we opened our West Chester business development office with an official ribbon cutting ceremony, which
helped us increase our involvement in the local community and demonstrated Univest’s commitment to delivering
competitive financial solutions in Chester County.
Univest Corporation of Pennsylvania
Listing as of January 1, 2014
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer,
Univest Corporation of Pennsylvania
K. Leon Moyer
Vice Chairman, Univest Corporation of
Pennsylvania; President and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Executive Vice President and Chief Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Eric W. Conner
Executive Vice President and Chief
Technology Officer
Ronald R. Flaherty
President,Univest Insurance, Inc.
Kenneth D. Hochstetler
President, Wealth Management and Univest
Investments, Inc.
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
M. Theresa Schwartzer
Senior Vice President and Director of Human Resources
Louis P. Spinelli
Executive Vice President and Director of Consumer
Strategy and Delivery
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Non-interest income
Net-interest income
• Univest Investments opened its new headquarters in Souderton on August 13 with a ribbon-cutting ceremony and
reception. The new 5,000-square-foot facility has office space for 35 employees. In addition to Univest Investments
personnel, the office serves as Univest Insurance’s fifth location and houses our service center.
• Improving our efficiency ratio remained an area of focus throughout 2013. We made the decision to outsource our core
bank operating system, which will improve our operations and enable us to redirect resources to other priorities. While
the benefits of this change will begin to be realized in 2014, the management team and many operations employees were
involved in this significant strategic initiative for much of 2013.
• In November, Univest was recognized by the Association of Fundraising Professionals as the Outstanding Corporation of
the Year thanks to a nomination made by our friends at Penn Foundation.
• Buck and Penny, our eaglet mascots, were in demand at community events, in classrooms and at parades. They helped
teach local youth about the importance of saving and managing money. In addition, we expanded our educational
programs to six public high schools through a partnership with Everfi Financial Literacy, an interactive online curriculum
covering a variety of financial concepts. In total, Univest educated more than 2,500 students in 2013.
• Throughout the year, we built awareness of our diversified solutions by focusing our marketing and communications
campaigns on our integrated brand. We promoted our capabilities through multi-channel efforts utilizing digital
advertising, radio, print, television, outdoor advertising, social media and editorial features.
• Service excellence is a key part of our organizational culture, and one area that sets Univest apart from our competitors.
We continually work to improve both employee and customer experiences. In 2013, we launched a company-wide
initiative to engage employees in “10 Rules for the Ride of Your Life,” from Jon Gordon’s book, “The Energy Bus.”
Board of Directors
William S. Aichele *†
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.
William G. Morral, CPA*
Financial Consultant, Former Chief
Financial Officer of Moyer Packing Company
o
K. Leon Moyer†
Vice Chairman, Univest Corporation of Pennsylvania;
President and Chief Executive Officer,
Univest Bank and Trust Co.
Thomas Scannapieco*
President, Scannapieco Development Corporation
Jeffrey M. Schweitzer*
President and Chief Executive Officer, Univest
Corporation of Pennsylvania
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
o Alternate Director of Univest Corporation of Pennsylvania
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Lehigh Valley
West Chester
Souderton
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
INTEGRATION Steady Progress and Long-term Stability
Univest’s strong performance in 2013 was primarily due to our ability to carry out our
diversification strategy. We made significant progress throughout 2013 towards achieving
our vision, “to be the best integrated financial solutions provider in the market.” We
believe Univest’s long-term success relies on diversifying the business and reducing our
reliance primarily on revenue from the core banking operations. In 2012, 69% of our
revenue came from the core bank and 31% came from our other financial operations.
In 2013, 66% of our revenue was attributable to the core bank and 34% to our other
financial operations. The increased performance of our fee-generating lines of business
was the result of both organic growth and growth through acquisition. Here are several
highlights of our integrated successes in 2013.
• Univest Insurance experienced significant growth through the May 1
acquisition of the John T. Fretz Insurance Agency, Inc., a family-owned-and-
operated, full-service property and casualty insurance agency. This is Univest’s
seventh insurance acquisition since 1999 and further identifies Univest as a
leader in delivering competitive and comprehensive insurance solutions.
• Over the last few years, our Mortgage Banking business has made significant
revenue contributions as a result of the historically low interest rate environment
which fueled refinancing activity. Since starting the business in 2008, we have
closed more then 6,500 loans totaling more than $1.3 billion, and we now service
more than $750 million in loans for others. The increase in interest rates during
2013 reduced refinancing volume and tightened pricing margins, however, we
continued to hire loan officers and focus on purchase volume which will lead to
growth in the business over the long term.
• Univest Capital continued to grow its equipment finance outstandings while
maintaining margins and experiencing solid credit performance. Total equipment
finance outstandings increased by 26.4%.
• Univest Investments and our Wealth Management businesses benefited from
the lower interest rate environment as consumers looked for more attractive
return alternatives. In 2013, we grew assets under management and supervision
by 9.1%.
• On December 19, 2013, Univest entered into an agreement to acquire
Girard Partners, Ltd., a registered investment advisory firm with more than
$500 million in assets under management. The acquisition was completed in
January 2014. With the acquisition, Univest increased its assets under management
to more than $3.0 billion and further strengthened our advisory capabilities.
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
‘11
‘12
Insurance Premiums Outstanding
(in Thousands)
‘13
4
2
2
,
8
1
4
$
1
0
8
,
4
0
6
$
1
9
8
,
1
5
7
$
‘13
‘12
‘11
Loans Serviced for Others
(in Thousands)
5
2
2
,
3
7
$
7
5
8
,
3
8
$
4
9
9
,
5
0
1
$
‘11
‘12
Equipment Finance Outstandings
(in Thousands)
‘13
,
7
1
3
6
9
9
1
$
,
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
‘12
‘11
Assets under Management
and Supervision
(in Thousands)
‘13
Benefits
Personal
Commercial
2013 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2013
2012
2011
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
$ 107,377
471,165
1,416,536
211,761
$ 2,206,839
$ 1,749,232
137,234
47,394
1,933,860
272,979
$ 2,206,839
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2013
2012
2011
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ...........................................................................................................
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
$ 85,468
10,728
74,740
17,479
57,261
34,407
68,010
23,658
4,776
$ 18,882
Book value per share ........................................................................................
Net income per share:
$ 17.22
$ 16.95
$ 16.34
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
1.28
1.27
0.80
1.25
1.24
0.80
1.13
1.13
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,605,232
16,287,812
16,761,184
16,770,232
16,742,898
16,702,376
$80,000
$60,000
$40,000
$20,000
$-
($20,000)
($40,000)
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$21,500
$21,000
$20,500
$20,000
$19,500
$19,000
$18,500
$18,000
$17,500
$-
$1.30
$1.25
$1.20
$1.15
$1.10
$1.05
$-
‘13
‘11
‘13
‘12
Loan and Lease Growth
(in Thousands)
‘11
‘12
Total Revenue
(in Thousands)
‘13
2
8
8
,
8
1
$
‘11
2
7
8
,
0
2
$
‘12
Net Income
‘11
(in Thousands)
‘12
9
8
1
,
1
2
$
‘13
3
1
.
1
$
4
2
.
1
$
7
2
.
1
$
‘13
‘12
‘11
Diluted Earnings Per Share
‘12
‘11
Commercial
Mortgage
Consumer
2013 HIGHLIGHTS Growing the Business and Strengthening our Communities
The financial services industry has been challenged in recent years by the tough economy, growth in competition and increased
regulatory pressure. In addition, customer demands for convenience and access to information 24/7 are changing the way we
market, communicate and deliver our solutions. At Univest, we are proud of our ability to adapt as our industry evolves, balance
our risks with new opportunities and grow our business for the benefit of our shareholders and communities. Our strong
performance in 2013 is a result of the efforts of more than 600 employees who work hard to differentiate Univest in our core
market of Bucks and Montgomery Counties and our expansion markets of Chester County and the Lehigh Valley. Together,
we’ve achieved significant milestones, listed below, which enhance Univest’s robust history of steady and stable growth.
• We achieved strong organic growth in investments, insurance and equipment financing.
• We continued to improve our asset quality, with non-accrual loans down $9 million and non-performing assets down
$14 million, respectively from December 2012.
• On May 14, we held the groundbreaking of a 10,000-square-foot office building located in the Tilghman Square
Shopping Center in South Whitehall Township. This new facility, which was completed in late December, houses 30
employees and has room to add 20 more as we expand in the Lehigh Valley market.
• On June 18, we opened our West Chester business development office with an official ribbon cutting ceremony, which
helped us increase our involvement in the local community and demonstrated Univest’s commitment to delivering
competitive financial solutions in Chester County.
Univest Corporation of Pennsylvania
Listing as of January 1, 2014
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer,
Univest Corporation of Pennsylvania
K. Leon Moyer
Vice Chairman, Univest Corporation of
Pennsylvania; President and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Executive Vice President and Chief Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Eric W. Conner
Executive Vice President and Chief
Technology Officer
Ronald R. Flaherty
President,Univest Insurance, Inc.
Kenneth D. Hochstetler
President, Wealth Management and Univest
Investments, Inc.
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
M. Theresa Schwartzer
Senior Vice President and Director of Human Resources
Louis P. Spinelli
Executive Vice President and Director of Consumer
Strategy and Delivery
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Non-interest income
Net-interest income
• Univest Investments opened its new headquarters in Souderton on August 13 with a ribbon-cutting ceremony and
reception. The new 5,000-square-foot facility has office space for 35 employees. In addition to Univest Investments
personnel, the office serves as Univest Insurance’s fifth location and houses our service center.
• Improving our efficiency ratio remained an area of focus throughout 2013. We made the decision to outsource our core
bank operating system, which will improve our operations and enable us to redirect resources to other priorities. While
the benefits of this change will begin to be realized in 2014, the management team and many operations employees were
involved in this significant strategic initiative for much of 2013.
• In November, Univest was recognized by the Association of Fundraising Professionals as the Outstanding Corporation of
the Year thanks to a nomination made by our friends at Penn Foundation.
• Buck and Penny, our eaglet mascots, were in demand at community events, in classrooms and at parades. They helped
teach local youth about the importance of saving and managing money. In addition, we expanded our educational
programs to six public high schools through a partnership with Everfi Financial Literacy, an interactive online curriculum
covering a variety of financial concepts. In total, Univest educated more than 2,500 students in 2013.
• Throughout the year, we built awareness of our diversified solutions by focusing our marketing and communications
campaigns on our integrated brand. We promoted our capabilities through multi-channel efforts utilizing digital
advertising, radio, print, television, outdoor advertising, social media and editorial features.
• Service excellence is a key part of our organizational culture, and one area that sets Univest apart from our competitors.
We continually work to improve both employee and customer experiences. In 2013, we launched a company-wide
initiative to engage employees in “10 Rules for the Ride of Your Life,” from Jon Gordon’s book, “The Energy Bus.”
Board of Directors
William S. Aichele *†
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.
William G. Morral, CPA*
Financial Consultant, Former Chief
Financial Officer of Moyer Packing Company
o
K. Leon Moyer†
Vice Chairman, Univest Corporation of Pennsylvania;
President and Chief Executive Officer,
Univest Bank and Trust Co.
Thomas Scannapieco*
President, Scannapieco Development Corporation
Jeffrey M. Schweitzer*
President and Chief Executive Officer, Univest
Corporation of Pennsylvania
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
o Alternate Director of Univest Corporation of Pennsylvania
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Lehigh Valley
West Chester
Souderton
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
INTEGRATION Steady Progress and Long-term Stability
Univest’s strong performance in 2013 was primarily due to our ability to carry out our
diversification strategy. We made significant progress throughout 2013 towards achieving
our vision, “to be the best integrated financial solutions provider in the market.” We
believe Univest’s long-term success relies on diversifying the business and reducing our
reliance primarily on revenue from the core banking operations. In 2012, 69% of our
revenue came from the core bank and 31% came from our other financial operations.
In 2013, 66% of our revenue was attributable to the core bank and 34% to our other
financial operations. The increased performance of our fee-generating lines of business
was the result of both organic growth and growth through acquisition. Here are several
highlights of our integrated successes in 2013.
• Univest Insurance experienced significant growth through the May 1
acquisition of the John T. Fretz Insurance Agency, Inc., a family-owned-and-
operated, full-service property and casualty insurance agency. This is Univest’s
seventh insurance acquisition since 1999 and further identifies Univest as a
leader in delivering competitive and comprehensive insurance solutions.
• Over the last few years, our Mortgage Banking business has made significant
revenue contributions as a result of the historically low interest rate environment
which fueled refinancing activity. Since starting the business in 2008, we have
closed more then 6,500 loans totaling more than $1.3 billion, and we now service
more than $750 million in loans for others. The increase in interest rates during
2013 reduced refinancing volume and tightened pricing margins, however, we
continued to hire loan officers and focus on purchase volume which will lead to
growth in the business over the long term.
• Univest Capital continued to grow its equipment finance outstandings while
maintaining margins and experiencing solid credit performance. Total equipment
finance outstandings increased by 26.4%.
• Univest Investments and our Wealth Management businesses benefited from
the lower interest rate environment as consumers looked for more attractive
return alternatives. In 2013, we grew assets under management and supervision
by 9.1%.
• On December 19, 2013, Univest entered into an agreement to acquire
Girard Partners, Ltd., a registered investment advisory firm with more than
$500 million in assets under management. The acquisition was completed in
January 2014. With the acquisition, Univest increased its assets under management
to more than $3.0 billion and further strengthened our advisory capabilities.
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
‘11
‘12
Insurance Premiums Outstanding
(in Thousands)
‘13
4
2
2
,
8
1
4
$
1
0
8
,
4
0
6
$
1
9
8
,
1
5
7
$
‘13
‘12
‘11
Loans Serviced for Others
(in Thousands)
5
2
2
,
3
7
$
7
5
8
,
3
8
$
4
9
9
,
5
0
1
$
‘11
‘12
Equipment Finance Outstandings
(in Thousands)
‘13
,
7
1
3
6
9
9
1
$
,
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
‘12
‘11
Assets under Management
and Supervision
(in Thousands)
‘13
Benefits
Personal
Commercial
2013 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2013
2012
2011
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
$ 107,377
471,165
1,416,536
211,761
$ 2,206,839
$ 1,749,232
137,234
47,394
1,933,860
272,979
$ 2,206,839
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2013
2012
2011
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ...........................................................................................................
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
$ 85,468
10,728
74,740
17,479
57,261
34,407
68,010
23,658
4,776
$ 18,882
Book value per share ........................................................................................
Net income per share:
$ 17.22
$ 16.95
$ 16.34
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
1.28
1.27
0.80
1.25
1.24
0.80
1.13
1.13
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,605,232
16,287,812
16,761,184
16,770,232
16,742,898
16,702,376
$80,000
$60,000
$40,000
$20,000
$-
($20,000)
($40,000)
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$21,500
$21,000
$20,500
$20,000
$19,500
$19,000
$18,500
$18,000
$17,500
$-
$1.30
$1.25
$1.20
$1.15
$1.10
$1.05
$-
‘13
‘11
‘13
‘12
Loan and Lease Growth
(in Thousands)
‘11
‘12
Total Revenue
(in Thousands)
‘13
2
8
8
,
8
1
$
‘11
2
7
8
,
0
2
$
‘12
Net Income
‘11
(in Thousands)
‘12
9
8
1
,
1
2
$
‘13
3
1
.
1
$
4
2
.
1
$
7
2
.
1
$
‘13
‘12
‘11
Diluted Earnings Per Share
‘12
‘11
Commercial
Mortgage
Consumer
2013 HIGHLIGHTS Growing the Business and Strengthening our Communities
The financial services industry has been challenged in recent years by the tough economy, growth in competition and increased
regulatory pressure. In addition, customer demands for convenience and access to information 24/7 are changing the way we
market, communicate and deliver our solutions. At Univest, we are proud of our ability to adapt as our industry evolves, balance
our risks with new opportunities and grow our business for the benefit of our shareholders and communities. Our strong
performance in 2013 is a result of the efforts of more than 600 employees who work hard to differentiate Univest in our core
market of Bucks and Montgomery Counties and our expansion markets of Chester County and the Lehigh Valley. Together,
we’ve achieved significant milestones, listed below, which enhance Univest’s robust history of steady and stable growth.
• We achieved strong organic growth in investments, insurance and equipment financing.
• We continued to improve our asset quality, with non-accrual loans down $9 million and non-performing assets down
$14 million, respectively from December 2012.
• On May 14, we held the groundbreaking of a 10,000-square-foot office building located in the Tilghman Square
Shopping Center in South Whitehall Township. This new facility, which was completed in late December, houses 30
employees and has room to add 20 more as we expand in the Lehigh Valley market.
• On June 18, we opened our West Chester business development office with an official ribbon cutting ceremony, which
helped us increase our involvement in the local community and demonstrated Univest’s commitment to delivering
competitive financial solutions in Chester County.
Univest Corporation of Pennsylvania
Listing as of January 1, 2014
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer,
Univest Corporation of Pennsylvania
K. Leon Moyer
Vice Chairman, Univest Corporation of
Pennsylvania; President and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Executive Vice President and Chief Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Eric W. Conner
Executive Vice President and Chief
Technology Officer
Ronald R. Flaherty
President,Univest Insurance, Inc.
Kenneth D. Hochstetler
President, Wealth Management and Univest
Investments, Inc.
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
M. Theresa Schwartzer
Senior Vice President and Director of Human Resources
Louis P. Spinelli
Executive Vice President and Director of Consumer
Strategy and Delivery
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Non-interest income
Net-interest income
• Univest Investments opened its new headquarters in Souderton on August 13 with a ribbon-cutting ceremony and
reception. The new 5,000-square-foot facility has office space for 35 employees. In addition to Univest Investments
personnel, the office serves as Univest Insurance’s fifth location and houses our service center.
• Improving our efficiency ratio remained an area of focus throughout 2013. We made the decision to outsource our core
bank operating system, which will improve our operations and enable us to redirect resources to other priorities. While
the benefits of this change will begin to be realized in 2014, the management team and many operations employees were
involved in this significant strategic initiative for much of 2013.
• In November, Univest was recognized by the Association of Fundraising Professionals as the Outstanding Corporation of
the Year thanks to a nomination made by our friends at Penn Foundation.
• Buck and Penny, our eaglet mascots, were in demand at community events, in classrooms and at parades. They helped
teach local youth about the importance of saving and managing money. In addition, we expanded our educational
programs to six public high schools through a partnership with Everfi Financial Literacy, an interactive online curriculum
covering a variety of financial concepts. In total, Univest educated more than 2,500 students in 2013.
• Throughout the year, we built awareness of our diversified solutions by focusing our marketing and communications
campaigns on our integrated brand. We promoted our capabilities through multi-channel efforts utilizing digital
advertising, radio, print, television, outdoor advertising, social media and editorial features.
• Service excellence is a key part of our organizational culture, and one area that sets Univest apart from our competitors.
We continually work to improve both employee and customer experiences. In 2013, we launched a company-wide
initiative to engage employees in “10 Rules for the Ride of Your Life,” from Jon Gordon’s book, “The Energy Bus.”
Board of Directors
William S. Aichele *†
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.
William G. Morral, CPA*
Financial Consultant, Former Chief
Financial Officer of Moyer Packing Company
o
K. Leon Moyer†
Vice Chairman, Univest Corporation of Pennsylvania;
President and Chief Executive Officer,
Univest Bank and Trust Co.
Thomas Scannapieco*
President, Scannapieco Development Corporation
Jeffrey M. Schweitzer*
President and Chief Executive Officer, Univest
Corporation of Pennsylvania
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
o Alternate Director of Univest Corporation of Pennsylvania
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Lehigh Valley
West Chester
Souderton
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
INTEGRATION Steady Progress and Long-term Stability
Univest’s strong performance in 2013 was primarily due to our ability to carry out our
diversification strategy. We made significant progress throughout 2013 towards achieving
our vision, “to be the best integrated financial solutions provider in the market.” We
believe Univest’s long-term success relies on diversifying the business and reducing our
reliance primarily on revenue from the core banking operations. In 2012, 69% of our
revenue came from the core bank and 31% came from our other financial operations.
In 2013, 66% of our revenue was attributable to the core bank and 34% to our other
financial operations. The increased performance of our fee-generating lines of business
was the result of both organic growth and growth through acquisition. Here are several
highlights of our integrated successes in 2013.
• Univest Insurance experienced significant growth through the May 1
acquisition of the John T. Fretz Insurance Agency, Inc., a family-owned-and-
operated, full-service property and casualty insurance agency. This is Univest’s
seventh insurance acquisition since 1999 and further identifies Univest as a
leader in delivering competitive and comprehensive insurance solutions.
• Over the last few years, our Mortgage Banking business has made significant
revenue contributions as a result of the historically low interest rate environment
which fueled refinancing activity. Since starting the business in 2008, we have
closed more then 6,500 loans totaling more than $1.3 billion, and we now service
more than $750 million in loans for others. The increase in interest rates during
2013 reduced refinancing volume and tightened pricing margins, however, we
continued to hire loan officers and focus on purchase volume which will lead to
growth in the business over the long term.
• Univest Capital continued to grow its equipment finance outstandings while
maintaining margins and experiencing solid credit performance. Total equipment
finance outstandings increased by 26.4%.
• Univest Investments and our Wealth Management businesses benefited from
the lower interest rate environment as consumers looked for more attractive
return alternatives. In 2013, we grew assets under management and supervision
by 9.1%.
• On December 19, 2013, Univest entered into an agreement to acquire
Girard Partners, Ltd., a registered investment advisory firm with more than
$500 million in assets under management. The acquisition was completed in
January 2014. With the acquisition, Univest increased its assets under management
to more than $3.0 billion and further strengthened our advisory capabilities.
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
‘11
‘12
Insurance Premiums Outstanding
(in Thousands)
‘13
4
2
2
,
8
1
4
$
1
0
8
,
4
0
6
$
1
9
8
,
1
5
7
$
‘13
‘12
‘11
Loans Serviced for Others
(in Thousands)
5
2
2
,
3
7
$
7
5
8
,
3
8
$
4
9
9
,
5
0
1
$
‘11
‘12
Equipment Finance Outstandings
(in Thousands)
‘13
,
7
1
3
6
9
9
1
$
,
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
‘12
‘11
Assets under Management
and Supervision
(in Thousands)
‘13
Benefits
Personal
Commercial
2013 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2013
2012
2011
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
$ 107,377
471,165
1,416,536
211,761
$ 2,206,839
$ 1,749,232
137,234
47,394
1,933,860
272,979
$ 2,206,839
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2013
2012
2011
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ...........................................................................................................
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
$ 85,468
10,728
74,740
17,479
57,261
34,407
68,010
23,658
4,776
$ 18,882
Book value per share ........................................................................................
Net income per share:
$ 17.22
$ 16.95
$ 16.34
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
1.28
1.27
0.80
1.25
1.24
0.80
1.13
1.13
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,605,232
16,287,812
16,761,184
16,770,232
16,742,898
16,702,376
$80,000
$60,000
$40,000
$20,000
$-
($20,000)
($40,000)
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$21,500
$21,000
$20,500
$20,000
$19,500
$19,000
$18,500
$18,000
$17,500
$-
$1.30
$1.25
$1.20
$1.15
$1.10
$1.05
$-
‘13
‘11
‘13
‘12
Loan and Lease Growth
(in Thousands)
‘11
‘12
Total Revenue
(in Thousands)
‘13
2
8
8
,
8
1
$
‘11
2
7
8
,
0
2
$
‘12
Net Income
‘11
(in Thousands)
‘12
9
8
1
,
1
2
$
‘13
3
1
.
1
$
4
2
.
1
$
7
2
.
1
$
‘13
‘12
‘11
Diluted Earnings Per Share
‘12
‘11
Commercial
Mortgage
Consumer
2013 HIGHLIGHTS Growing the Business and Strengthening our Communities
The financial services industry has been challenged in recent years by the tough economy, growth in competition and increased
regulatory pressure. In addition, customer demands for convenience and access to information 24/7 are changing the way we
market, communicate and deliver our solutions. At Univest, we are proud of our ability to adapt as our industry evolves, balance
our risks with new opportunities and grow our business for the benefit of our shareholders and communities. Our strong
performance in 2013 is a result of the efforts of more than 600 employees who work hard to differentiate Univest in our core
market of Bucks and Montgomery Counties and our expansion markets of Chester County and the Lehigh Valley. Together,
we’ve achieved significant milestones, listed below, which enhance Univest’s robust history of steady and stable growth.
• We achieved strong organic growth in investments, insurance and equipment financing.
• We continued to improve our asset quality, with non-accrual loans down $9 million and non-performing assets down
$14 million, respectively from December 2012.
• On May 14, we held the groundbreaking of a 10,000-square-foot office building located in the Tilghman Square
Shopping Center in South Whitehall Township. This new facility, which was completed in late December, houses 30
employees and has room to add 20 more as we expand in the Lehigh Valley market.
• On June 18, we opened our West Chester business development office with an official ribbon cutting ceremony, which
helped us increase our involvement in the local community and demonstrated Univest’s commitment to delivering
competitive financial solutions in Chester County.
Univest Corporation of Pennsylvania
Listing as of January 1, 2014
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer,
Univest Corporation of Pennsylvania
K. Leon Moyer
Vice Chairman, Univest Corporation of
Pennsylvania; President and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Executive Vice President and Chief Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Eric W. Conner
Executive Vice President and Chief
Technology Officer
Ronald R. Flaherty
President,Univest Insurance, Inc.
Kenneth D. Hochstetler
President, Wealth Management and Univest
Investments, Inc.
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
M. Theresa Schwartzer
Senior Vice President and Director of Human Resources
Louis P. Spinelli
Executive Vice President and Director of Consumer
Strategy and Delivery
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Non-interest income
Net-interest income
• Univest Investments opened its new headquarters in Souderton on August 13 with a ribbon-cutting ceremony and
reception. The new 5,000-square-foot facility has office space for 35 employees. In addition to Univest Investments
personnel, the office serves as Univest Insurance’s fifth location and houses our service center.
• Improving our efficiency ratio remained an area of focus throughout 2013. We made the decision to outsource our core
bank operating system, which will improve our operations and enable us to redirect resources to other priorities. While
the benefits of this change will begin to be realized in 2014, the management team and many operations employees were
involved in this significant strategic initiative for much of 2013.
• In November, Univest was recognized by the Association of Fundraising Professionals as the Outstanding Corporation of
the Year thanks to a nomination made by our friends at Penn Foundation.
• Buck and Penny, our eaglet mascots, were in demand at community events, in classrooms and at parades. They helped
teach local youth about the importance of saving and managing money. In addition, we expanded our educational
programs to six public high schools through a partnership with Everfi Financial Literacy, an interactive online curriculum
covering a variety of financial concepts. In total, Univest educated more than 2,500 students in 2013.
• Throughout the year, we built awareness of our diversified solutions by focusing our marketing and communications
campaigns on our integrated brand. We promoted our capabilities through multi-channel efforts utilizing digital
advertising, radio, print, television, outdoor advertising, social media and editorial features.
• Service excellence is a key part of our organizational culture, and one area that sets Univest apart from our competitors.
We continually work to improve both employee and customer experiences. In 2013, we launched a company-wide
initiative to engage employees in “10 Rules for the Ride of Your Life,” from Jon Gordon’s book, “The Energy Bus.”
Board of Directors
William S. Aichele *†
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.
William G. Morral, CPA*
Financial Consultant, Former Chief
Financial Officer of Moyer Packing Company
o
K. Leon Moyer†
Vice Chairman, Univest Corporation of Pennsylvania;
President and Chief Executive Officer,
Univest Bank and Trust Co.
Thomas Scannapieco*
President, Scannapieco Development Corporation
Jeffrey M. Schweitzer*
President and Chief Executive Officer, Univest
Corporation of Pennsylvania
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
o Alternate Director of Univest Corporation of Pennsylvania
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Lehigh Valley
West Chester
Souderton
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
LOOKING AHEAD
We look forward with enthusiasm to the next chapter in Univest’s history as we are led
by our new CEO and work together to achieve our vision. Whether our customers need
a banking product, insurance, trust, investment or home loan solution, they can look to
To our family of shareholders, customers and employees:
It was a notable year for Univest Corporation of Pennsylvania for many reasons. We opened new
offices and grew our presence in our expansion markets. We acquired two companies and further
diversified our financial offerings. We implemented our strategic plan and made further progress
in achieving our vision. We announced an executive succession in July and implemented steps
through the remainder of the year to transition Jeffrey M. Schweitzer to the position of CEO and
William S. Aichele to Chairman of the Board on January 1, 2014.
You can be proud of our accomplishments in 2013, which led to another year of increased
earnings. We are pleased to report 2013 net income of $21.2 million, a 2% increase from $20.9
million in 2012. Our strategic priorities – top line revenue growth, managing costs and expanding
and optimizing the capabilities of Univest – guided our actions this past year. In addition, we
achieved solid growth by focusing on the right things: delivering superior service, making our
customers’ lives more comfortable and secure, improving the work experience for our employees,
Univest and be confident that they will receive highly personalized service delivered by
rewarding our loyal shareholders with consistent dividends, strengthening our communities and
knowledgeable employees.
executing a well-defined growth strategy to lay a solid foundation for the future.
To grow the business and deepen relationships, our focus in 2014 is tied to our strategic
plan and three priorities:
• Driving top line revenue growth
• Managing costs
• Expanding and optimizing the capabilities of Univest to better serve our
customers and communities
Our success continues to be recognized across the financial services industry and by the media. In 2013, Univest Corporation
and its subsidiaries received numerous awards. The Corporation was recognized by the Philadelphia Business Journal (PBJ) as
one of the healthiest employers and one of the top 25 most philanthropic companies. The PBJ also identified Univest Insurance
as one of the top 25 best employee benefits providers. Univest Bank and Trust Co. earned the 5-star rating once again from
Bauer Financial. And, Univest Corporation was recognized by the Association of Fundraising Professionals as the Outstanding
Corporation of the Year. We are proud of the diverse nature of these awards, and we credit our people, our integrated financial
solutions and our commitment to community for the recognition.
While we know the economy and constant change across the financial services industry
“Community” is one of Univest’s core values, and in 2013, we increased awareness of our commitment to provide strong
will bring challenges, we are optimistic and confident in our future. We are well-
leadership, financial support and volunteer service through our “Committed to Local” giving program. As a company, we
capitalized and well-positioned to control our own destiny.
gave back more than $1.1 million to our communities, and our employees took volunteer service to a new level. In 2012 we
volunteered more than 13,500 hours, and in 2013 we volunteered more than 16,700 hours. Our culture attracts employees who
Our focused and prudent approach to business has been at the core of Univest’s success
are motivated to help others. Whether we are needed to make a financial dream a reality or give comfort and hope to someone in
for 137 years. It is the reason we have been able to assist our customers in achieving their
need, our customers and communities can count on Univest employees to be there.
financial dreams while serving the needs of all our audiences – employees, customers,
shareholders and communities. Using our mission and core values as our guiding
Throughout our rich history, we have been blessed with strong leaders on our board, our executive management team and
across the organization. This past year we said goodbye to one of Univest’s great leaders. Norman L. Keller passed away on
principles, we are poised to move forward and provide for you, our valued shareholders,
September 14. Norm dedicated his career to community banking and served as President of Pennview Savings Bank until he
an investment you can rely on and a company of which you can be proud.
retired from Univest in 2002. He also served 35 years in the capacity of director. Norm and many other leaders who came
before us were our mentors. As a company, we work hard to build relationships with one another so we can learn, perpetuate
All of the employees wish to thank you for your continued support – and we look
our culture and traditions, and continue to grow the Univest way.
forward to working together to serve you and the needs of our communities in 2014.
As we look to the future, we do so with confidence. We know the strength of our integrated businesses and the talents of our
people will continue to drive our performance. This is an exciting time. A new chapter begins for our company in 2014, but the
theme remains the same: build on our strengths, grow the business responsibly, provide outstanding service and do right by our
customers, employees, shareholders and communities.
On behalf of the entire Univest family, we thank you for your support and investment.
“He gives strength to the weary and increases the power of
the weak… but those who hope in the Lord will renew their
strength. They will soar on wings like eagles; they will run
and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
SHAREHOLDER INFORMATION
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 15, 2014, 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 contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
William S. Aichele, Jeffrey M. Schweitzer
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
Regular Mail Communications:
Overnight Mail Communications:
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com/
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
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.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
Top 25 Employee
Benefit Consultants
Rated 5-Stars by
Bauer Financial
Top In-Kind Donor
Top 25 Most Charitable Giver
Top Community Impact Award
Top Philanthropic Donor
Top Volunteer Donor
Top 25 Healthiest Employers
PAST. PRESENT. FUTURE.
Ref lections on a 42-year Career and Insights into the Future
It has been an honor to be a part of this company for the past
42 years. When I started as a management trainee in 1971,
Univest had $70,488,775 in total assets, operated 10 offices
and our services were limited to traditional banking solutions.
Four decades later, it is amazing how our business has
changed. In addition to significantly growing the company and
our assets, we have evolved the business from a community
bank to a fully integrated financial solutions company.
For the last 13 years, we have invested in diversifying the
William S. Aichele
business and building a complete suite of financial solutions. Today, Univest Corporation is
steadily progressing toward our vision “to be the best integrated financial solutions provider
in the market.” Our success – through both good and challenging times – is a result of our
focused approach to managing the business. We remain disciplined – using our mission
and core values as guides – and we continue to actively seek ways to offer competitive,
convenient solutions to meet the growing needs of our customers.
I have appreciated every opportunity afforded me and have enjoyed the countless friendships
I developed through the years. I have been blessed, and I have the Univest family to thank
for it. There are not many retirees who can reflect on a 42-year career with one company.
The people I worked with and the opportunity to make a difference in the lives of others
is what kept me excited to come to work every day. It has been a distinct pleasure to help
individuals fulfill their financial dreams and mentor employees as they established their
careers with Univest.
Univest is a special place. We have a culture of excellence, a commitment to developing
lasting relationships and a passion for putting other people’s needs before our own. Many
of you know I am passionate about serving our community, and I will continue to give back
during my retirement.
As Chairman of Univest, I remain focused on the growth of our great company and the
needs of our employees, customers, shareholders and communities. We are well
positioned to grow and build our presence in our core and expansion markets. I look
forward to working with Jeff and the board to continue building Univest’s legacy for
future generations.
Thank you for your years of support, trust and loyalty.