On January 1, 2015, Univest Corporation of Pennsylvania, parent company of Univest Bank and Trust Co. (Bank) completed its acquisition of Valley Green Bank. The merger of Valley Green with and into the Bank was effected pursuant to the terms and conditions of the agreement and plan of merger dated June 17, 2014.

Pursuant to the merger agreement and effective upon completion of the merger on January 1, 2015, Jay R. Goldstein and Michael L. Turner, founders of Valley Green Bank and former members of Valley Green's Board of Directors, were appointed to the corporation's Board of Directors. Mr. Goldstein was appointed to serve as a Class I Director with a term expiring at the 2015 annual shareholders meeting. Mr. Goldstein serves on the Board's loan policy and community reinvestment act committees.

Mr. Goldstein will not be paid any director's fees while he is an employee of the corporation or the Bank. Mr. Turner was appointed to serve as a Class II Director with a term expiring at the 2016 annual shareholders meeting. Mr. Turner is considered an independent director in accordance with the criteria for independence established by the Nasdaq Stock Market.

Mr. Turner serves on the Board's Audit Committee. Mr. Turner will receive compensation in accordance with the policies of the corporation relating to non-employee director compensation. Under the terms of the merger agreement, the corporation agreed to nominate both Mr. Goldstein and Mr. Turner for an additional three-year term at the completion of their first term on the corporation's Board of Directors.