Univest Bank and Trust Co. Appoints Patrick McCormick as Chief Credit Officer

Rhea-AI Summary

Univest Bank and Trust Co., a subsidiary of Univest Financial Corporation (NASDAQ: UVSP), has announced the appointment of Patrick McCormick as Executive Vice President and Chief Credit Officer. McCormick, with nearly 20 years of industry experience, will oversee credit policy and manage credit risk in the bank’s loan portfolio, succeeding Duane Brobst, who is retiring after more than 30 years. President Mike Keim praised McCormick’s extensive background, anticipating it will aid in the growth of their loan portfolio.

Positive

• Appointment of Patrick McCormick expected to strengthen credit risk management.
• McCormick's extensive experience in credit policy enhances leadership team.

Negative

• Retirement of Duane Brobst may create a gap in leadership continuity.

SOUDERTON, Pa., April 07, 2022 (GLOBE NEWSWIRE) -- Univest Bank and Trust Co., subsidiary of Univest Financial Corporation (NASDAQ: UVSP), announced the appointment of Patrick McCormick as Executive Vice President and Chief Credit Officer. McCormick brings nearly 20 years of credit experience in the financial services industry to his role. He will be responsible for overseeing credit policy and managing credit risk for the bank’s loan portfolio. McCormick replaces Duane Brobst who is retiring from the Chief Credit Officer role after more than 30 years with Univest.

“We are excited to welcome Patrick to the Univest Family and look forward to his contributions as a member of our senior leadership team,” said Mike Keim, President, Univest Bank and Trust Co. “Patrick’s extensive experience in credit policy and credit risk management will be integral as we continue to grow our loan portfolio and move Univest forward. We also congratulate Duane on a tremendous career and wish him a long, happy and healthy retirement. His contributions have been significant to our success, and we look forward to Patrick continuing his legacy.”

McCormick is a graduate of Ithaca College. He lives out Univest’s core value of Community by volunteering with nonprofit organizations and serving as coach for various youth sports teams in the Wilmington, Delaware area where he resides.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.1 billion in assets and $4.9 billion in assets under management and supervision through its Wealth Management lines of business at December 31, 2021. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

MEDIA CONTACT:
Nicole Heverly
Senior Vice President, Corporate Communications
Univest Financial Corporation
215-721-2450, heverlyn@univest.net

A photo accompanying this announcement is available at: 
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3b9dc22-7e89-460a-ad69-21b783ac240c

FAQ

Who is Patrick McCormick at Univest Financial Corporation?

Patrick McCormick is the newly appointed Executive Vice President and Chief Credit Officer of Univest Bank and Trust Co.

What are McCormick's responsibilities at Univest?

McCormick will oversee credit policy and manage credit risk for the bank’s loan portfolio.

Why did Duane Brobst retire from Univest?

Duane Brobst retired after more than 30 years of service as Chief Credit Officer.

What impact might McCormick have on Univest's loan portfolio?

His extensive experience in credit policy and risk management is expected to support the growth of the loan portfolio.

When was Patrick McCormick appointed to his new role?

Patrick McCormick was appointed on April 7, 2022.