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UNIVEST CORPORATION -- UNION NATIONAL AND PENNVIEW SAVINGS BANKS -- ANNOUNCES SECOND QUARTER AND YEAR-TO-DATE EARNINGS

/NOTE TO EDITORS: The following replaces PH005, moved earlier today

and subsequently killed. Both text and table have been revised./
 SOUDERTON, Pa., July 28 /PRNewswire/ -- Univest Corporation of Pennsylvania (OTC Bulletin Board: UVSP), parent company of Union National Bank and Pennview Savings Bank, has reported net income of $2,089,447 or $.67 per share for the second quarter ended June 30, 1993.
 For the first six months of 1993, Univest Corp reported net income before change in accounting principle of $4,307,890 or $1.37 per share compared to $4,188,221 or $1.34 per share reported for the six months ended June 30, 1992. This represents an increase of 2.86 percent or $119,669.
 Net income after change in accounting principle was $2,089,447 or $.67 per share for the quarter ended June 1993 and $3,737,511 or $1.19 per share for the six months ended June 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 charge 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
 June 1993 June 1992 Percent Change
 Second Quarter
 Net interest income $7,796,246 $7,473,110 4.3
 Provision for loan
 losses 645,000 658,750 (2.1)
 Net interest income
 after provision for
 loan losses 7,151,246 6,814,360 4.9
 Net income 2,089,447 2,188,243 (4.5)
 Earnings per share $.67 $.70 (4.3)
 Six months
 Net interest income $15,549,299 $14,531,063 7.0
 Provision for loan
 losses 1,290,000 1,147,500 12.4
 Net interest income
 after provision for
 loan losses 14,259,299 13,383,563 6.5
 Net income before
 change in
 accounting principle 4,307,890 4,188,221 2.9
 Cumulative effect
 of change in
 accounting principle (570,379) --- ---
 Net income 3,737,511 4,188,221 (10.8)
 Earnings per share
 before accounting change $1.37 $1.34 2.2
 Earnings per share
 after accounting change 1.19 1.34 (11.2)
 Total assets $793,905,181 $773,731,690 2.6
 Total net worth 69,141,204 63,232,821 9.3
 Total deposits 663,977,686 660,135,292 0.6
 /delval/
 -0- 7/28/93
 /CONTACT: Merrill S. Moyer, chairman and president, 215-721-2460, or Harry L. Wurster, 215-721-2521, or after hours, 215-256-8383, both of Univest Corp/
 (UVSP)


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

MK-CC -- PH038 -- 6878 07/28/93 15:58 EDT
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Date:Jul 28, 1993
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