Acquisitions Sterner Insurance Associates On July 1, 2014 , the Corporation and its insurance subsidiary, Univest Insurance, completed the acquisition of Sterner Insurance Associates, a full service firm providing insurance and consultative risk management solutions to individuals and businesses throughout the Lehigh Valley, Berks, Bucks and Montgomery counties. The Corporation paid $3.9 million in cash and assumed liabilities of $940 thousand at closing with additional contingent consideration to be paid in annual installments over the three -year period ending June 30, 2017 , based on the achievement of certain levels of revenue growth and EBITDA (earnings before interest, taxes, depreciation and amortization). At the acquisition date, the Corporation recorded the estimated fair value of the contingent consideration of $635 thousand in other liabilities. The potential cash payments that could result from the contingent consideration arrangement range from $0 to a maximum of $5.7 million cumulative over the next three years . As a result of the Sterner Insurance acquisition, the Corporation recorded goodwill of $3.4 million (inclusive of the contingent consideration) and customer related intangibles of $1.6 million . The goodwill is expected to be deductible for tax purposes. The customer related intangibles are being amortized over nine years using the sum-of-the-years-digits amortization method. Valley Green Bank On June 17, 2014 , the Corporation, the Bank and Valley Green Bank entered into an Agreement and Plan of Merger which provided for the merger of Valley Green Bank with and into the Bank in an all-stock transaction with an aggregate value of approximately $78.9 million . On January 1, 2015, the Corporation completed its acquisition of Valley Green Bank. See Note 26, "Subsequent Event" for additional information. The transaction qualifies as a tax-free reorganization for federal income tax purposes. The transaction is anticipated to be accretive to the Corporation s earnings per share in the first combi