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UNIVEST CORP -- UNION NATIONAL AND PENNVIEW SAVINGS BANKS -- ANNOUNCES FIRST QUARTER EARNINGS

 SOUDERTON, Pa., April 28 /PRNewswire/ -- Univest Corporation of Pennsylvania (OTC Bulletin Board: UVSP), parent company of Union National Bank and Pennview Savings Bank, has reported net operating income of $2,218,443 or $.71 per share for the first quarter of 1993, reflecting a 10.9 percent increase over the same period last year. Management elected to make a one-time accounting charge for post retirement benefits of $570,379 after taxes which reduced net income for the first quarter of 1993 to $1,648,064 or $.53 per share.
 Earlier, Univest Corp announced a shareholder cash dividend of $.28 per share for the first quarter of 1993, reflecting a 12 percent increase over the same period last year. In addition, the board has declared a 100 percent stock dividend.
 Merrill S. Moyer, Univest Corp chairman and president, said about the first quarter performance, "We are pleased to report a 10.9 percent gain in operating income. The benefit of this result is that important ratios become even stronger." Moyer added, "Looking forward, we are encouraged by the increased lending activity experienced in the last several months. This is a positive sign for the local economy and for Univest Corporation."
 Univest Corp and its subsidiaries, Union National and Pennview Savings Bank, offer financial services and support to 16 communities in Montgomery and Bucks counties.
 UNIVEST CORPORATION
 Financial Summary Highlights
 March 1993 March 1992 Percent Change
 First Quarter:
 Net interest income $7,753,053 $7,057,953 9.8
 Net income before
 change in accounting
 principle 2,218,443 1,999,978 10.9
 Cumulative effect of
 change in accounting
 principle 570,379 --- ---
 Net income 1,648,064 1,999,978 (17.6)
 Earnings/share before
 accounting change $.71 $.64 10.9
 Earnings/share after
 accounting change .53 .64 (17.2)
 Total assets $781,169,294 $762,864,018 2.4
 Total net worth 67,490,940 61,390,103 9.9
 Total deposits 664,183,560 652,099,985 1.9
 /delval/
 -0- 4/28/93
 /CONTACT: Harry L. Wurster, public relations/community relations director, 215-721-2521, or after hours, 215-256-8383, or Merrill S. Moyer, chairman and president, 215-721-2460, both of Univest Corp/
 (UVSP)


CO: Univest Corporation of Pennsylvania ST: Pennsylvania IN: FIN SU: ERN

MJ-LJ -- PH010 -- 1895 04/28/93 10:35 EDT
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Date:Apr 28, 1993
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