SOUDERTON, PA -- (Marketwire) -- 10/22/08 -- Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest National Bank and Trust Co. of Souderton, Pa., has reported net income of $4,190,000 or $0.33 basic net income per share for the third quarter ended September 30, 2008, compared to $6,688,000 or $0.52 basic net income per share for the third quarter ended September 30, 2007. Diluted earnings per share were $0.33 for the third quarter ended September 30, 2008, compared to $0.52 per share for the third quarter ended September 30, 2007.

For the nine months ended September 30, 2008, Univest reported net income of $16,785,000 or $1.31 basic net income per share, compared to $19,010,000 or $1.47 basic net income per share reported for the nine months ended September 30, 2007. Diluted earnings per share were $1.30 and $1.47 for the nine months ended September 30, 2008 and 2007 respectively.

On October 1, 2008, Univest Corporation paid a quarterly cash dividend of $0.20 per share.

As of September 30, 2008, assets totaled $2,046,390,000 compared to $1,952,375,000 at September 30, 2007. This is an increase of 4.8%. Total shareholders' equity increased 6.4% year-over-year with $204,251,000 reported as of September 30, 2008, compared to $191,947,000 as of September 30, 2007.

"The third quarter was one of the most challenging quarters for the financial industry in our nation's history. While Univest Corporation experienced some minor impacts as a result of the economic crisis, our core operations are strong," said William S. Aichele, chairman, president and chief executive officer for Univest Corporation. "Our disciplined business practices have stood the test of time for 132 years. We remain well capitalized and positioned to overcome the economic challenges by taking advantage of new opportunities. Our approach to business will not change. We'll continue to strengthen our local economy by investing and supporting our communities."

About Univest Corporation

Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, and Montgomery counties. Univest National Bank and Trust Co. offers customers 33 financial service centers, 12 retirement financial services centers, and 38 ATM locations throughout the region, and is the parent company of Univest Capital, Inc. (doing business as Vanguard Leasing, Inc.), a small ticket commercial leasing business; Univest Insurance, Inc., an independent insurance agency headquartered in Lansdale, Pa., which serves commercial and personal customers; and Univest Investments, Inc., a full-service broker-dealer and investment advisory firm. For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit www.univest.net.

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the company's filings with the Securities and Exchange Commission.

                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                            September 30, 2008
(Dollars in
 thousands)
Balance Sheet
 (Period End)    09/30/08    06/30/08    03/31/08    12/31/07    09/30/07
                ----------  ----------  ----------  ----------  ----------
Assets          $2,046,390  $2,012,659  $2,059,572  $1,972,505  $1,952,375
Securities         418,804     429,844     471,962     423,448     395,027
Loans and
 leases, gross   1,441,899   1,398,269   1,357,887   1,355,442   1,371,374
Allowance for
 loan and lease
 losses             14,954      13,713      12,997      13,086      13,872
Loans and
 leases, net     1,426,945   1,384,556   1,344,890   1,342,356   1,357,502
Total Deposits   1,507,527   1,504,007   1,616,843   1,532,603   1,518,163
Non-interest
 bearing
 deposits          226,606     233,436     230,531     226,513     228,908
NOW, Money
 Market and
 Savings           783,830     788,177     925,613     816,294     748,896
Time deposits      497,091     482,394     460,699     489,796     540,359
Borrowings         304,368     275,345     202,073     208,729     209,921
Shareholders'
 equity            204,251     203,138     203,263     198,726     191,947

Balance Sheet
 (Average)                     For the three months ended
                ----------------------------------------------------------
                 09/30/08    06/30/08    03/31/08    12/31/07    09/30/07
                ----------  ----------  ----------  ----------  ----------
Assets          $2,020,537  $2,044,987  $2,005,682  $1,951,233  $1,944,906
Securities         422,994     459,469     449,828     407,461     392,277
Loans and
 leases, gross   1,422,774   1,392,177   1,354,584   1,356,625   1,373,172
Deposits         1,503,402   1,560,015   1,565,693   1,522,238   1,520,998
Shareholders'
 equity            205,062     205,464     200,439     194,505     189,420

Balance Sheet
 (Average)     For the nine months ended
                ----------------------
                 09/30/08    09/30/07
                ----------  ----------
Assets          $2,023,725  $1,925,871
Securities         444,021     386,442
Loans and
 leases, gross   1,389,965   1,370,519
Deposits         1,542,892   1,490,872
Shareholders'
 equity            203,662     188,769

Asset Quality Data
 (Period End)
                 09/30/08    06/30/08    03/31/08    12/31/07    09/30/07
                ----------  ----------  ----------  ----------  ----------
Nonaccrual
 loans and
 leases         $    7,871  $    6,992  $    6,165  $    6,878  $    7,380
Troubled debt
 restructured          563         423           -           -           -
Other real
 estate owned          346           -           -           -           -
Nonperforming
 assets             10,358      10,422       9,680       8,795       9,033
Allowance for
 loan and lease
 losses             14,954      13,713      12,997      13,086      13,872
Nonperforming
 loans and
 leases / Loans
 and leases           0.69%       0.75%       0.71%       0.65%       0.66%
Allowance for
 loan and lease
 losses / Loans
 and leases           1.04%       0.98%       0.96%       0.97%       1.01%
Allowance for
 loan and lease
 losses /
 Nonperforming
 loans              149.36%     131.58%     134.27%     148.79%     153.57%

                               For the three months ended
                ----------------------------------------------------------
                 09/30/08    06/30/08    03/31/08    12/31/07    09/30/07
                ----------  ----------  ----------  ----------  ----------
Net loan and
 lease
 charge-offs    $    1,805  $    1,582  $    1,088  $    1,219  $      377
Net loan and
 lease
 charge-offs
 (annualized) /
 Average loans
 and leases           0.50%       0.46%       0.32%       0.36%       0.11%

              For the nine months ended
                ----------------------
                 09/30/08   09/30/07
                ----------  ----------
Net loan and
 lease
 charge-offs    $    4,474  $    1,144
Net loan and
 lease
 charge-offs
 (annualized) /
 Average loans
 and leases           0.43%       0.11%

                    Univest Corporation of Pennsylvania
                   Consolidated Selected Financial Data
                            September 30, 2008
(Dollars in
 thousands,
 except per
 share data)
                                For the three months ended
                -----------------------------------------------------------
For the period:  09/30/08    06/30/08    03/31/08    12/31/07    09/30/07
                ----------  ----------  ----------- ----------- -----------
Interest income $   26,739  $   27,010  $    28,093 $    29,245 $    29,782
Interest
 expense            10,148      10,370       12,162      13,715      13,989
                ----------  ----------  ----------- ----------- -----------
  Net interest
   income           16,591      16,640       15,931      15,530      15,793
Provision for
 loan and lease
 losses              3,046       2,297          999         433         456
                ----------  ----------  ----------- ----------- -----------
Net interest
 income after
 provision          13,545      14,343       14,932      15,097      15,337
Noninterest
 income
  Trust fee
   income            1,578       1,628        1,627       1,428       1,525
  Service
   charges on
   deposit
   accounts          1,719       1,708        1,658       1,764       1,706
  Investment
   advisory
   commission
   and fee
   income              581         642          615         668         647
  Insurance
   commissions
   and fee
   income            1,266       1,271        2,058       1,151       1,385
  BOLI income          241       1,734          791         379         390
  Net gain
   (loss) on
   securities         (692)       (213)          56         125         259
  Other income         793       1,134          852         972       1,000
                ----------  ----------  ----------- ----------- -----------
Total
 noninterest
 income              5,486       7,904        7,657       6,487       6,912
Noninterest
 expense
Salaries and
 benefits            7,935       8,019        8,168       7,518       7,659
Premises and
 equipment           2,110       2,085        2,057       1,859       1,981
Other expense        3,620       4,981        3,383       3,259       3,442
                ----------  ----------  ----------- ----------- -----------
Total
 noninterest
 expense            13,665      15,085       13,608      12,636      13,082
                ----------  ----------  ----------- ----------- -----------
Income before
 taxes               5,366       7,162        8,981       8,948       9,167
Applicable
 income taxes        1,176       1,288        2,260       2,401       2,479
                ----------  ----------  ----------- ----------- -----------
Net income      $    4,190  $    5,874  $     6,721 $     6,547 $     6,688
                ==========  ==========  =========== =========== ===========
Per Common
 Share Data:
Book value per
 share          $    15.83  $    15.80  $     15.83 $     15.49 $     15.02
Net income per
 share:
  Basic         $     0.33  $     0.46  $      0.52 $      0.51 $      0.52
  Diluted       $     0.33  $     0.46  $      0.52 $      0.51 $      0.52
Dividends per
 share          $     0.20  $     0.20  $      0.20 $      0.20 $      0.20
Weighted
 Average Shares
 Outstanding    12,874,648  12,855,379   12,839,040  12,789,263  12,811,495
Period End
 Shares
 Outstanding    12,905,326  12,858,376   12,843,507  12,830,609  12,782,232

(Dollars in
 thousands,
 except per
 share data)
                  For the nine months
                        ended
                -----------------------
For the period:  09/30/08    09/30/07
                ----------  -----------
Interest income $   81,842  $    87,288
Interest
 expense            32,680       40,412
                ----------  -----------
  Net interest
   income           49,162       46,876
Provision for
 loan and lease
 losses              6,342        1,733
                ----------  -----------
Net interest
 income after
 provision          42,820       45,143
Noninterest
 income
  Trust fee
   income            4,833        4,493
  Service
   charges on
   deposit
   accounts          5,085        5,058
  Investment
   advisory
   commission
   and fee
   income            1,838        2,012
  Insurance
   commissions
   and fee
   income            4,595        4,576
  BOLI income        2,766        1,125
  Net gain
   (loss) on
   securities         (849)         310
  Other income       2,779        2,818
                ----------  -----------
Total
 noninterest
 income             21,047       20,392
Noninterest
 expense
Salaries and
 benefits           24,122       23,293
Premises and
 equipment           6,252        6,021
Other expense       11,984       10,261
                ----------  -----------
Total
 noninterest
 expense            42,358       39,575
                ----------  -----------
Income before
 taxes              21,509       25,960
Applicable
 income taxes        4,724        6,950
                ----------  -----------
Net income      $   16,785  $    19,010
                ==========  ===========
Per Common
 Share Data:
Book value per
 share          $    15.83  $     15.02
Net income per
 share:
  Basic         $     1.31  $      1.47
  Diluted       $     1.30  $      1.47
Dividends per
 share          $     0.60  $      0.60
Weighted
 Average Shares
 Outstanding    12,856,462   12,916,554
Period End
 Shares
 Outstanding    12,905,326   12,782,232

                   Consolidated Selected Financial Data
                            September 30, 2008
                                   For the three months ended
                     -----------------------------------------------------
Profitability Ratios
 (annualized)        09/30/08   06/30/08   03/31/08   12/31/07   09/30/07
                     ---------  ---------  ---------  ---------  ---------
Return on average
 assets                   0.82%      1.16%      1.35%      1.33%      1.36%
Return on average
 shareholders'
 equity                   8.13%     11.50%     13.49%     13.35%     14.01%
Net interest margin
 (FTE)                    3.76%      3.74%      3.66%      3.71%      3.71%
Efficiency ratio (1)     59.14%     57.35%     54.77%     54.45%     55.05%
Capitalization
 Ratios
Dividends Paid to
 Net Income              61.46%     43.77%     38.22%     39.10%     38.68%
Shareholders' Equity
 to Assets (Period
 End)                     9.98%     10.09%      9.87%     10.07%      9.83%

                         Year to date
                     --------------------
Profitability Ratios
 (annualized)        09/30/08   09/30/07
                     ---------  ---------
Return on average
 assets                   1.11%      1.32%
Return on average
 shareholders'
 equity                  11.01%     13.46%
Net interest margin
 (FTE)                    3.73%      3.73%
Efficiency ratio (1)     57.06%     56.33%
Capitalization
 Ratios
Dividends Paid to
 Net Income              45.96%     40.95%
Shareholders' Equity
 to Assets (Period
 End)                     9.98%      9.83%

(1) Total operating expenses to net interest income before loan loss
    provision plus non-interest income adjusted for tax equivalent income.

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