Souderton-based Univest Corporation has received regulatory and shareholder approval to close its pending $244 million acquisition of Hatboro-based Fox Chase Bancorp, writes Jeff Blumenthal of the Philadelphia Business Journal.

The deal, which was announced in December and is now slated to close July 1, will make Univest the Philadelphia region’s ninth-largest deposit taker.

“The merger with Fox Chase is part of our strategic plan to grow the commercial bank and strengthen our physical presence in both our core and expansion markets,” said Jeffrey M. Schweitzer, president and CEO of Univest.

“Throughout our 140-year history, we have focused on organic and acquisitive growth to build the business so we can deliver comprehensive financial solutions to our customers, provide opportunities for our employees, and deliver a fair return to our shareholders. In addition to the talented team that will be joining us from Fox Chase, this merger will bring us greater market share in our existing market.”

Fox Chase President and CEO Thomas M. Petro and Fox Chase board members Roger H. Ballou and Todd S. Benning will join Univest’s board of directors.

Fox Chase CFO Roger Deacon will take on the same role at Univest, whose previous CFO, Michael S. Keim, was named president of Univest Bank in October.

Fox Chase Chief Lending Officer Mike Fitzgerald will also join Univest Bank as market president for commercial banking and continue to manage the Fox Chase commercial lending team.

According to Blumenthal, Fox Chase has $1.1 billion in assets. Once the transaction is complete, Univest will have approximately $4 billion in assets, $2.9 billion in loans, and $3 billion in deposits.

Click here to read more about Univest’s acquisition in the Philadelphia Business Journal.