Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 175

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 175
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 a result of consummating the merger or (z) would prevent Norwood from obtaining any material benefit contemplated by it to be attained as a result of the Merger;              |

| • |     | PB Bankshares shall have delivered a certificate to Norwood that, other than as set forth in such certificate, PB                                                
 Bankshares is not aware of any pending or threatened claim under the directors and officers insurance policy or the fidelity bond coverage of PB Bankshares; and |

| • |     | CSB Investments, a wholly-owned subsidiary of Presence Bank, shall have been liquidated or merged with and into 
 Presence Bank.                                                                                                  |

PB Bankshares’s obligation to consummate the merger is also conditioned upon the delivery by Norwood to the exchange agent of the cash consideration and stock consideration. Although we anticipate that the closing will occur in the fourth calendar quarter of 2025 or the first quarter of 2026, because the satisfaction of certain of these conditions is beyond our control, we cannot be certain when, or if, the conditions to the merger will be satisfied or waived or whether or not the merger will be completed. Conduct of Business Before Completion of the Merger PB Bankshares has agreed that, among other things, until completion of the merger, it and its subsidiaries will not, without the prior written consent of Norwood, except as required by law or regulation or any governmental entity: (i) change, delete or add any provision of or to the articles of incorporation or bylaws or other governing documents, or appoint any new director to the board of directors, of PB Bankshares or Presence Bank; 113

(ii) change the number of shares of its authorized, issued or outstanding capital stock,
including any issuance, purchase, redemption, split, combination or reclassification thereof, or issue or grant any option, warrant, call, commitment, subscription, right or agreement to purchase relating to its capital stock, or declare, set aside
or pay any dividend or other distribution with respect to its outstanding capital stock;

(iii) incur any material liabilities or material
obligations (other than brokered deposits and other than borrowings from the FHLB of up to $5.0 million with maturities of two years or less in the ordinary course of business), whether directly or by way of guaranty, including any obligation
for borrowed money, or whether evidenced by any note, bond, debenture, or similar instrument;

(iv) make any capital expenditures
individually in excess of $