Univest Bank has agreed to acquire Valley Green Bank in an all-stock transaction with an aggregate value of approximately $76m.

Under the terms of the definitive agreement, Valley Green will be merged with and into Univest Bank upon completion of the transaction.

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As of 31 March 2014, Valley Green had nearly $370m in assets, $329m in loans, and $335m in deposits and manages three full-service banking offices and two loan production offices in the greater Philadelphia marketplace.

For each share of Valley Green stock outstanding, its shareholders will receive shares of Univest common stock equal to $27, subject to certain adjustments depending upon the changes in the price of Univest’s common stock.

The final exchange ratio will be based upon an average closing price of Univest’s stock over the 20 consecutive trading day period ending on the day prior to the closing date.

The acquisition will enable Univest to foray into a new and attractive small business and consumer market and expands its existing lending network within southeastern Pennsylvannia.

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Once the deal is completed, Valley Green will operate as a standalone division of Univest Bank, under the Valley Green brand.

Valley Green president and CEO Jay Goldstein will remain president of the Valley Green Division of Univest Bank and Trust Co, while Goldstein and one of the existing directors from Valley Green will also be named to the Univest Board.

Univest president and CEO Jeffrey Schweitzer said, "Valley Green Bank is a high-performing and well respected community-focused organization, which is why this merger is so exciting for Univest and our stakeholders."

"This is an important step in our strategic plan and we are excited for the opportunity to combine our joint expertise and introduce Univest’s diversified financial solutions to the very desirable Philadelphia market."

After takeover, Univest will have nearly $2.7bn in assets, $2bn in loans, and $2.3bn in deposits.