SOUDERTON, Pa., Oct. 19, 2020 (GLOBE NEWSWIRE) — Univest Monetary Company (“Univest” or the “Company”) (NASDAQ: UVSP), mum or dad firm of Univest Financial institution and Belief Co. (the “Financial institution”) and its insurance coverage, investments and gear financing subsidiaries, as we speak introduced a plan to optimize its monetary heart footprint with the consolidation or relocation of eight places, or 20% of its monetary facilities. It is a continuation of the Financial institution’s optimization initiative, which was initially launched 5 years in the past. Since 2015, the Financial institution has consolidated 15 places whereas opening 13 new monetary facilities to broaden its working footprint and enhance the client expertise within the present communities it serves.
The pre-tax one-time prices related to this plan are estimated to be $1.7 million, which can primarily be acknowledged within the fourth quarter of 2020. The estimated pre-tax annualized financial savings might be roughly $2.4 million.
COVID-19 has additional lowered in-person transaction volumes throughout the business whereas investments in digital capabilities proceed to speed up and are considered as required performance by prospects. At Univest, monetary heart transactions have declined 21% from 2019 to 2020. On the identical time, vital investments in and enhancements to Univest’s digital capabilities have been made, together with however not restricted to the addition of the next companies:
- Safe Chat – 41% of service heart buyer contact now happens by means of this chat operate (greater than 2,400 buyer chats per thirty days).
- MyCard guidelines – Provides prospects extra management over their debit playing cards, together with service provider and spending classes.
- Cash Supervisor – Private monetary administration software, which offers performance comparable to spending class monitoring, aggregated account views and a internet value abstract; greater than 3,450 prospects are using the software with out consciousness raised by advertising and marketing (launched June thirtieth).
- OpenAnywhere – Digital deposit account opening system that enables prospects (new and present) the power to open checking and financial savings accounts (client solely at the moment) and to transact in opposition to their account instantly. For the reason that launch on July seventeenth, the Financial institution has opened 257 accounts (22% of which have been new prospects) with out advertising and marketing the OpenAnywhere performance.
- Zelle – A individual to individual fee mechanism much like Venmo might be added to the Financial institution’s cell app in November.
“We imagine that it’s essential to proceed to deal with the development in buyer choice by serving prospects when and the way they select, whereas additionally driving efficiencies in operations. We’re striving to create a standard and constant buyer expertise, whether or not the interplay is in-person, by means of digital channels or telephonically,” mentioned Jeffrey M. Schweitzer, President and CEO of Univest Monetary Company.
Whereas Univest continues to make investments to drive this seamless expertise and in-person service supply continues to be an necessary part, consolidations and relocations will happen in two phases as outlined under.
Section I – January 29, 2021
- Schwenksville – Shall be closed.
- Souderton – Foyer entry might be completely closed on this location apart from appointment-based entry to secure deposit containers. The night time drop and ATM can even stay.
- Warminster – Foyer entry on this location might be closed, whereas drive-through entry, the ATM and night time drop will stay. As well as, as soon as renovations are full, personnel from the Financial institution’s subsidiary, Univest Capital, Inc., might be relocated from their present location in Bensalem to Warminster.
- Willow Grove – Shall be closed.
Section II – June 30, 2021
- Doylestown – The monetary heart might be closed with workers and operational functionality being relocated to the Financial institution’s present Bucks Regional Workplace.
- Chestnut Hill – Shall be closed.
- Plumsteadville – Shall be closed.
- Perkasie – Shall be closed.
About Univest Monetary Company
Univest Monetary Company (UVSP), together with its wholly-owned subsidiary Univest Financial institution and Belief Co., Member FDIC, has roughly $6.4 billion in property and $3.8 billion in property underneath administration and supervision by means of its Wealth Administration strains of enterprise at September 30, 2020. Headquartered in Souderton, Pa. and based in 1876, the Company and its subsidiaries present a full vary of monetary options for people, companies, municipalities and nonprofit organizations primarily within the Mid-Atlantic Area. Univest delivers these companies by means of a community of greater than 50 workplaces in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, in addition to in New Jersey and Maryland and on-line at www.univest.net.
This press launch of Univest and the experiences Univest recordsdata with the Securities and Trade Fee usually comprise “forward-looking statements” referring to current or future developments or components affecting the monetary companies business and, particularly, the monetary operations, markets and merchandise of Univest. These forward-looking statements contain sure dangers and uncertainties in that there are a variety of necessary components that would trigger Univest’s future outcomes to vary materially from historical efficiency or projected efficiency. These components embrace, however aren’t restricted to: (1) aggressive pressures amongst monetary establishments; (2) modifications within the rate of interest atmosphere; (3) modifications in asset high quality, prepayment speeds, mortgage sale volumes, charge-offs and credit score loss provisions; (4) normal financial situations; (5) legislative or regulatory modifications that will adversely have an effect on the companies during which Univest is engaged; (6) technological points that will adversely have an effect on Univest monetary operations or prospects; (7) modifications within the securities markets or (8) danger components talked about within the experiences and registration statements Univest recordsdata with the Securities and Trade Fee.
Moreover, it’s troublesome to foretell the complete affect of the COVID-19 outbreak on our enterprise. The extent of such affect will depend upon future developments, that are extremely unsure, together with when the coronavirus will be managed and abated and whether or not the gradual reopening of companies will end in a meaningful enhance in financial exercise. As the results of the COVID-19 pandemic and the associated adversarial native and nationwide financial penalties, we may very well be topic to any of the next dangers, any of which may have a cloth, adversarial impact on our business, monetary situation, liquidity, and outcomes of operations: (1) demand for our services might decline; (2) if the economic system is unable to considerably reopen, and excessive ranges of unemployment proceed for an prolonged time frame, mortgage delinquencies, drawback property, and foreclosures might enhance; (3) collateral for loans, particularly actual property, might decline in worth; (4) our allowance for mortgage losses might should be elevated if debtors expertise monetary difficulties; (5) the online value and liquidity of mortgage guarantors might decline, impairing their potential to honor commitments to us; (6) as the results of the decline within the Federal Reserve Board’s goal federal funds charge to close 0%, the yield on our property might decline to a larger extent than the decline in our price of interest-bearing liabilities; (7) a cloth lower in internet earnings or a internet loss over a number of quarters may end in a lower within the charge of our quarterly money dividend; (8) our wealth administration revenues might decline with persevering with market turmoil; (9) litigation, regulatory enforcement danger and popularity danger relating to our participation within the Paycheck Safety Program and the chance that the Small Enterprise Administration might not fund some or all PPP mortgage ensures; (10) our cyber safety dangers are elevated as the results of a rise within the variety of staff working remotely; (11) Federal Deposit Insurance coverage Company premiums might enhance if the company expertise extra decision prices ; and (12) additional and sustained decline in our inventory worth or different triggering occasion may end in an impairment cost being recorded. Univest undertakes no obligation to revise these forward-looking statements or to replicate occasions or circumstances after the date of this press launch.
CONTACT: Brian J. Richardson UNIVEST FINANCIAL CORPORATION Chief Monetary Officer 215-721-2446,