Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 0

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 0
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Filed pursuant to Rule 424(b)(3)
Registration No. 333-290392

PROXY STATEMENT/PROSPECTUS Dear PB Bankshares Shareholders: On behalf of PB Bankshares, Inc., a Maryland corporation (“PB Bankshares”), we are pleased to enclose the accompanying proxy statement/prospectus relating to the acquisition of PB Bankshares by Norwood Financial Corp, a Pennsylvania corporation (“Norwood” or the “Company”). We are requesting that you take certain actions as a PB Bankshares shareholder. On July 7, 2025, Norwood and PB Bankshares entered into an Agreement and Plan of Merger (which we refer to as the “merger agreement”) that provides for the combination of the two companies. Under the merger agreement, PB Bankshares will merge with and into Norwood, with Norwood as the surviving corporation (which we refer to as the “merger”). Following the completion of the merger, Presence Bank, a wholly-owned bank subsidiary of PB Bankshares, will merge with and into Wayne Bank, a wholly-owned bank subsidiary of Norwood, with Wayne Bank as the surviving bank (which we refer to as the “bank merger”). Pursuant to the terms of the merger agreement, shareholders of PB Bankshares will have the opportunity to elect to receive for each share of PB Bankshares common stock they own, either 0.7850 shares of Norwood common stock or $19.75 in cash. All shareholder elections will be subject to the allocation and proration procedures set forth in the merger agreement which are intended to ensure that 80% of the shares of PB Bankshares will be exchanged for Norwood common stock and 20% of the shares of PB Bankshares will be exchanged for cash. The transaction is expected to be a tax-free stock-for-stockexchange for shareholders of PB Bankshares receiving Norwood common stock. Under the terms of the merger agreement, the cash consideration and the exchange ratio will remain fixed, while the value of the stock consideration will fluctuate with the market price of Norwood common stock. Based on the closing price of Norwood common stock on the NASDAQ Global Market on July 3, 2025, the last trading day before public announcement of the merger agreement, the value of the stock consideration represented approximately $25.77 in value for each share of PB Bankshares common stock. In addition, based on the closing price of Norwood common stock on the NASDAQ Global Market on October 27, 2025, the value of