Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 19

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 19
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 “FOR” the approval of the merger agreement. In determining whether to approve the merger agreement and recommend approval of the merger agreement to the PB Bankshares shareholders, PB Bankshares’s board considered the factors described under “The Merger and the Merger Agreement — PB Bankshares’s Reasons for the Merger; Recommendation of the PB Bankshares Board of Directors.” Norwood’s Reasons for the Merger (page 81) Norwood’s board of directors has unanimously determined that the merger agreement and the merger are fair to and in the best interests of Norwood and its shareholders and accordingly unanimously approved the merger agreement. In determining whether to approve the merger agreement, Norwood’s board considered the factors described under “The Merger and the Merger Agreement — Norwood’s Reasons for the Merger; Recommendation of the Norwood Board of Directors.” Opinion of PB Bankshares’s Financial Advisor (page 82 and Annex B) On July 7, 2025, Stephens rendered its written opinion to the board of directors of PB Bankshares, that, as of such date and based upon and subject to the factors and assumptions described to the PB Bankshares board of directors during its presentation and set forth in its written opinion, the consideration in the proposed merger was fair, from a financial point of view, to holders of PB Bankshares common stock. The full text of Stephens’ written opinion, which sets forth the assumptions made, matters considered and limits on the review undertaken in connection with the opinion, is attached as Annex B to this proxy statement/prospectus and is incorporated by reference herein. PB Bankshares shareholders are urged to read the opinion in its entirety. Stephens’ written opinion is addressed to the board of directors of PB Bankshares, is directed only to the fairness, from a financial point of view, of the consideration in the merger to the holders of PB Bankshares common stock and does not constitute a recommendation as to how any holder of PB Bankshares common stock should vote with respect to the merger or any other matter. Interests of PB Bankshares’s Directors and Executive Officers in the Merger (page 104) In considering the recommendation of the board of directors of PB Bankshares to approve the merger agreement, you should be aware that executive officers and directors of PB Bankshares have employment and other compensation agreements or plans that give them interests in the merger that may be different from, or in addition to, their interests as PB Bankshares shareholders. These interests and agreements include:

| • |     | employment and severance agreements that provide for