Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 123

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 123
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 closed; |

| • |     | the prospects for more career path options and growth opportunities for PB Bankshares employees in a larger 
 organization and various benefits agreed to be provided to PB Bankshares employees;                         |

| • |     | the prospects for improved recruitment and the ability to attract and retain talented employees at all levels of                                                   
 the combined organization by virtue of a broader geography, more diversified operations, a higher lending limit, greater name recognition, and better performance; |

| • |     | the geographic fit between PB Bankshares and Norwood and the increased customer convenience of the expanded 
 branch network of the combined companies;                                                                   |

| • |     | 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; |

79

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