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UNIVEST CORP - UNION NATIONAL & PENNVIEW SAVINGS BANKS ANNOUNCE THIRD QUARTER AND YEAR-TO-DATE EARNINGS

    SOUDERTON, Pa., Oct. 27 /PRNewswire/ -- Univest Corporation of Pennsylvania (OTC Bulletin Board: UVSP), parent company of Union National Bank and Pennview Savings Bank, has reported net income of $2,263,660 or $.72 per share for the third quarter ended Sept. 30, 1993.
    This represents an increase for both net income and earnings per share of 15.5 percent for the same quarter ended Sept. 30, 1992.
    Earlier, Univest Corp announced a shareholder cash dividend of $.14 per share for the third quarter of 1993.
    For the first nine months of 1993, Univest Corp reported net income before changes in accounting principle of $6,571,549 or $2.09 per share compared to $6,147,398 or $1.96 per share reported for the nine months ended Sept. 30, 1992.  This represents an increase of 6.9 percent or $414,151.
    Net income after change in accounting principle was $6,001,170 or $1.91 per share for the quarter ended Sept. 30, 1993.
    The change in accounting principle of $570,379 net of federal income taxes was recorded in the first quarter of 1993 and represented the one- time change for post-retirement benefits.
    Univest Corp and its subsidiaries, Union National and Pennview Savings Banks, offer financial services and support to 16 communities in Montgomery and Bucks counties.
                          UNIVEST CORPORATION
                     Financial Summary Highlights
    Third quarter ended     September 1993  September 1992  Pct. Change
                              (Unaudited)     (Unaudited)
    Net interest income        $7,750,160      $7,238,723        7.1
    Provision for loan losses     545,000         786,050      (30.7)
    Net interest income after
     provision for loan losses  7,205,160       6,452,673       11.7
    Net income                  2,263,660       1,959,177       15.5
    Earnings per share               $.72            $.62       15.5
    Nine months ended       September 1993  September 1992  Pct. Change
                              (Unaudited)     (Unaudited)
    Net interest income        23,299,459      21,769,786        7.0
    Provision for loan losses   1,835,000       1,933,550       (5.1)
    Net interest income after
     provision for loan losses 21,464,459      19,836,236        8.2
    Net income before change
     in accounting principle    6,571,549       6,147,398        6.9
    Cumulative effect of change
     in accounting principle     (570,379)            ---        ---
    Net income                  6,001,170       6,147,398       (2.4)
    Earnings per share before
     accounting change              $2.09           $1.96        6.9
    Earnings per share after
     accounting change               1.91            1.96       (2.4)
                            September 1993  September 1992  Pct. Change
    Total assets             $789,056,584    $774,718,374        1.9
    Total net worth            70,965,680      64,799,871        9.5
    Total deposits            657,224,344     660,921,890       (0.6)
    /delval/
    -0-             10/27/93
    CONTACT:  Merrill S. Moyer, chairman and president, 215-721-2460, or Harry L. Wurster, public relations/community relations director, 215-721-2521, or after hours, 215-256-8383, of Univest Corp
    (UVSP) CO:  UNIVEST CORPORATION OF PENNSYLVANIA IN:  FIN SU:  ERN ST:  PA


-- PH006 -- X406 10/27/93
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Date:Oct 27, 1993
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