Stephen Rosenman
Long/short equity, deep value, special situations

Univest Corp. Of PA: Can The Bank Make It In The Big City?

Privately-held Valley Green Bank made it big in the city. In 2006, the bank held $22 million of deposits; by 2014, its deposits had grown to $335 million. Indeed, growth at the bank has been nothing short of spectacular: Over the last 4 years, the bank increased its assets, loans, and tangible book over 3X. SNL ranked Valley Green the 8th top community bank in 2013 (it should be noted that most of the banks ahead of Valley Green were located in oil-rich Oklahoma and Texas.) Valley Green's stats are eye-popping, all the more remarkable considering it only has $321 million in assets: ROA 1.5, ROE 17.5, NIM 5.06%, NPL/assets 0.36%, 5-yr. CAGR 37.1. Similarly sized banks write off...

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