Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 9

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 9
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| Q: | What happens if a PB Bankshares shareholder does not make a valid election as to whether to receive cash or 
 stock?                                                                                                      |

A: If a PB Bankshares shareholder does not return a properly completed election form by the election deadline specified in the election form, such shareholder’s shares of PB Bankshares common stock will be considered “non-electionshares” and will be converted into the right to receive the stock consideration or the cash consideration according to the allocation procedures specified in the merger agreement.

| Q: | When will the merger be completed? |

A: We expect the merger will be completed when all of the conditions to completion contained in the merger agreement are satisfied or waived, including the receipt of required regulatory approvals and the approval of the merger agreement by PB Bankshares’ shareholders at the special meeting. We currently expect to complete the merger in the fourth calendar quarter of 2025 or the first quarter of 2026. However, because fulfillment of some of the conditions to completion of the merger, such as the receipt of required regulatory approvals, are not entirely within our control, we cannot predict the actual timing.

| Q: | What happens if the merger is not completed? |

A: If the merger is not completed, PB Bankshares shareholders will not receive any consideration for their shares of common stock in connection with the merger. Instead, PB Bankshares will remain an independent company. Under specified circumstances, PB Bankshares may be required to pay to Norwood a fee with respect to the termination of the merger agreement, as described under “The Merger and the Merger Agreement — Termination Fee.”

| Q: | Who is being asked to approve matters in connection with the merger? |

A: PB Bankshares shareholders are being asked (i) to vote to approve the merger agreement and (ii) to approve a proposal to adjourn the special meeting, if necessary, to solicit additional proxies. With respect to PB Bankshares, under Maryland law and PB Bankshares’ articles of incorporation, the merger cannot be completed unless a majority of the outstanding shares of PB Bankshares common stock entitled to vote approve the merger agreement and the merger. The board of directors of PB Bankshares is using this proxy statement/prospectus to obtain approval of the merger agreement at the special meeting of its shareholders. 2

Q: Should PB Bankshares shareholders send in their stock certificates with their proxy card? A: No. PB Bankshares shareholders should not send in their stock certificates with their proxy card. An election form, which includes