Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 126

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 126
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 | the ability of Norwood to complete the merger from a financial and regulatory perspective; |

| • |     | the expectation that the required regulatory approvals could be obtained in a timely fashion; |

| • |     | the fact that the merger provides that PB Bankshares will have a significant voice in the combined company by                                                                        
 virtue of the appointment of two of its directors to the combined company’s board of directors and significant representation on the senior management team of the combined company; |

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The PB Bankshares board of directors also considered a number of potential risks and uncertainties associated with the merger in connection with its deliberation of the proposed transaction, including, without limitation, the following:

| • |     | with the stock portion of the merger consideration based on a fixed exchange ratio, the risk that the                                                                            
 consideration to be paid to PB Bankshares shareholders could be adversely affected by a decrease in the trading price of Norwood common stock during the pendency of the merger; |

| • |     | the recent declines in trading values of stock of companies in the banking sector and the value of 
 Norwood’s stock leading up to the signing of the merger agreement;                                 |

| • |     | the risk that potential business benefits, cost savings and other synergies sought in the merger may not be                                 
 realized or may not be realized within the expected time period and the risks associated with the integration of PB Bankshares and Norwood; |

| • |     | the fact that the interests of certain of PB Bankshares’s directors and executive officers may be different                                                                                                        
 from, or in addition to, the interests of PB Bankshares’s other shareholders as described under the heading “The Merger and the Merger Agreement – Interests of PB Bankshares’s Directors and Executive Officers”; |

| • |     | while the stock of the combined institution is anticipated to be more liquid than the market for PB Bankshares 
 common stock, it may not be an active market;                                                                  |

| • |     | the fact that: (i) PB Bankshares would be prohibited from affirmatively soliciting acquisition proposals                                                                                                                                            
 after execution of the merger agreement; and (ii) PB Bankshares would be obligated to pay to Norwood a termination fee if the merger agreement is terminated under certain circumstances, which may discourage other parties potentially interested 
 in a strategic transaction with PB Bankshares from pursuing such a transaction;                                                                                                                                                                     |

| • |     | the potential risk of diverting management attention and resources from the operation of PB Bankshares’s