By Brad Segall

MONTGOMERY COUNTY, Pa. (CBS) — Univest Corporation has handed out more than $170,000 in just the first round of its new “Committed to Local” grant-making program.

The Montgomery County-based financial corporation cut its ties to the popular Grand Prix bike race in Souderton and Doylestown late last year. Instead, the bank said it would start the “Committed to Local” program focusing on youth education and wellness development.

“We need to really have a different initiative here that can help the communities where, basically, our employees live and work and we play,” says Univest Bank and Trust President and CEO Leon Moyer, who also says that $172,000 has been donated to 30 non-profits in Bucks, Montgomery, Chester and Lehigh counties.

Univest’s commitment will be a total of $1 million, and their employees will donate 10,000 hours of volunteer time with local non-profits. Moyer says it’s Univest’s way of investing in our young people—the next generation of community leaders.

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