Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 32

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 32
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 PB Bankshares and on other matters affecting PB Bankshares. Upon the completion of the merger, each PB Bankshares shareholder who receives shares of Norwood
common stock will become a shareholder of Norwood with a percentage ownership of Norwood that is smaller than the shareholder’s percentage ownership of PB Bankshares. It is currently expected that the former shareholders of PB Bankshares as a
group will receive shares in the merger constituting approximately __% of the outstanding shares of Norwood common stock immediately after the merger. Because of this, PB Bankshares shareholders may have less influence on the management and policies
of Norwood than they now have on the management and policies of PB Bankshares. Please see the discussion under the caption “Trading Market for Norwood and PB Bankshares” beginning on page 34.

PB Bankshares shareholders will not have dissenters’ rights in the merger.

Dissenters’ rights are statutory rights that, if applicable under law, enable stockholders to dissent from an extraordinary transaction,
such as a merger, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to stockholders in connection with the extraordinary
transaction. Pursuant to Maryland law, holders of PB Bankshares’ common stock will not be entitled to dissenters’ rights in the merger with respect to their shares of PB Bankshares’ common stock. Please see the discussion under the
caption “The Merger and the Merger Agreement--No Appraisal or Dissenters’ Rights in the Merger” beginning on page 112.

17

Norwood May Fail to Realize the Anticipated Benefits of the Merger.

The success of the merger will depend on, among other things, Norwood’s ability to realize anticipated cost savings and to combine the
businesses of Wayne Bank and Presence Bank in a manner that permits growth opportunities and does not materially disrupt the existing customer relationships of Presence Bank or result in decreased revenues due to any loss of customers. If Norwood is
not able to successfully achieve these objectives, the anticipated benefits of the merger may not be realized fully or at all or may take longer to realize than expected.

Norwood and PB Bankshares have operated and, until the completion of the merger, will continue to operate, independently. Certain employees of
PB Bankshares may not be employed after the merger. In addition, employees of PB Bankshares that Norwood wishes to retain may elect to terminate their employment as a result of the merger, which could delay