Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 57

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 57
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 |     | $              | 21.17 |     | $             | 19.75 |

Because the exchange ratio is fixed and will be adjusted only in limited circumstances, including if Norwood declares any stock dividends or effects a stock split or reverse stock split, and the market price of Norwood common stock will fluctuate prior to the merger, the estimated equivalent per share value of PB Bankshares common stock will also fluctuate prior to the merger. PB Bankshares shareholders will not know the final equivalent per share value of PB Bankshares common stock when they vote on the merger. This information relates to the estimated equivalent per share value of shares of PB Bankshares common stock that will be converted into shares of Norwood common stock in the merger. You should obtain current stock price quotations for Norwood’s and PB Bankshares’s shares prior to voting on the merger. Following completion of the merger, current Norwood shareholders will own in the aggregate approximately 83.35% of the outstanding shares of Norwood common stock and PB Bankshares’ shareholders will own approximately 16.65% of the outstanding shares of Norwood common stock. 34

THE SPECIAL MEETING OF PB BANKSHARES SHAREHOLDERS PB Bankshares will hold a special meeting of its shareholders on December 10, 2025, at 10:00 a.m., local time, at PB Bankshares’ Administrative Office, located at 1570 Fruitville Pike, Suite 201, Lancaster, Pennsylvania. PB Bankshares is first mailing this proxy statement/prospectus to you as a PB Bankshares shareholder on or about November 3, 2025. With this proxy statement/prospectus, PB Bankshares is sending you a notice of the PB Bankshares special meeting of shareholders and a form of proxy that is solicited by the PB Bankshares board of directors. Matters to be Considered The purpose of the PB Bankshares special meeting of shareholders is to vote (i) on the adoption of the merger agreement, pursuant to which PB Bankshares will be merged with and into Norwood; and (ii) on a proposal to adjourn, postpone or continue the PB Bankshares special meeting of shareholders, if necessary, to permit further solicitation of proxies in favor of adopting the merger agreement. PB Bankshares could use any adjournment or postponement for the purpose, among others, of allowing additional time to solicit proxies. Who Can Vote at the Meeting You are entitled to vote the shares of PB Bankshares common stock that you owned as of