Souderton-based Univest has opened its first branch in Maryland as part of its Baltimore expansion, writes Garrett Dvorkin for the Philadelphia Business Journal.

The new Baltimore region is being staffed by many banking teams hired away from the company’s rival banks.

The new Greenspring Valley Financial Center in Lutherville-Timonium opened on Tuesday in the presence of Jeff Schweitzer, CEO of Univest Financial Co.

Schweitzer used the opportunity to discuss Univest’s strategy for growth in Greater Baltimore. The bank has the goal of achieving $500 million in outstanding loans in five years.

The new space is the $7.4 billion asset bank’s headquarters for its recently established Baltimore region. Univest’s entrance into this new market may be considered unusual because it wasn’t done through a bank acquisition.

“While it takes more time to do it organically, you don’t have to write a big check to do it, and the return for the shareholder is much more significant,” said Schweitzer.

Matthew Cohen, the bank’s Baltimore market president, was also present at last week’s ribbon cutting. He was hired away from M&T Bank by Univest after 17 years, and he has brought some of his team members with him.

Read more about Univest in the Philadelphia Business Journal.

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