Univest Corp. of Pennsylvania announced the completion of its public offering of 3.4 million shares of common stock, a sale it expects to generate $55.5 million.

The Souderton, Pa.-based company, whose operations include insurance, said the stock sold for $17.50 per share and approximated the net proceeds based on deducting underwriting discounts and commissions as well as estimated offering expenses.

In early August, Univest announced the stock offering with the goal of using the net proceeds “for general corporate purposes, including supporting the capital needs of its subsidiary bank, the financing of its operations, the repayment of short-term indebtedness, potential business acquisitions and other capital expenditures,” according to a statement.

William S. Aichele, chairman, president and CEO for Univest, said the company is pleased with its ability to raise capital “from a position of strength to further bolster Univest’s already well-capitalized position.”

“This accomplishment is a testament to the strength of our business, our disciplined management approach and the power of our brand,” Aichele said in a statement. “As the leading independent provider of integrated financial solutions to our community, Univest is well positioned to take advantage of unprecedented growth opportunities across our competitive landscape.”

Among Univest’s subsidiaries is Univest Insurance, an independent insurance agency in Lansdale, Pa., providing commercial and personal lines of coverage. Donald K. Martin & Co., a division of Univest Insurance, specializes in insurance coverage for non-profit organizations, religious institutions and senior care facilities.