Univest Financial, the Souderton-based parent of Univest Bank, plans to close eight of its retail branches as part of an optimization plan accelerated by the pandemic, writes Jeff Blumenthal for the Philadelphia Business Journal.
The branches that are closing represent 20 percent of the bank’s branch footprint.
Over the last five years, Univest has consolidated 15 locations, primarily in Montgomery and Bucks counties, its traditional home base. Meanwhile, it has opened 13 locations mostly in new markets such as Philadelphia, Lancaster, and Berks counties.
According to CEO Jeff Schweitzer, Univest recently examined its branches, and decided to close those that were within five miles of each other. The company also analyzed financial metrics and foot traffic for each branch.
“We looked at deposits,” said Schweitzer. “But we closed some that have a good amount of deposits because we felt there was more potential for growth in other locations.”
Four branches will close on January 29, 2021, and the remaining four on June 30, 2021.
Among the locations closing are 10 W. Broad St., Souderton, 415 Main St., Schwenksville, and 1 Fitzwatertown Road, Willow Grove.
Read more about Univest Bank at the Philadelphia Business Journal by clicking here.
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