Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 124

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 124
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| • |     | relied on the experience and expertise of its financial advisors for quantitative analysis of the financial terms 
 of the merger. See “Opinion of PB Bankshares’s Financial Advisor” below;                                          |

| • |     | asked questions of PB Bankshares’s senior management, legal advisors and financial advisors regarding the 
 merger and the transactions contemplated thereby; and                                                     |

| • |     | considered all these factors and discussions as a whole and, overall, considered the factors to be favorable to, 
 and to support, its determination.                                                                               |

PB Bankshares’s board of directors realized there can be no assurance about future results, including results expected or considered in the factors listed above. However, the PB Bankshares board concluded the potential positive factors outweighed the potential risks of completing the merger. PB Bankshares’s board of directors unanimously recommends that PB Bankshares’s shareholders vote “FOR” the approval of the merger proposal and “FOR” the adjournment proposal. PB Bankshares shareholders should be aware that PB Bankshares’s directors and executive officers have interests in the merger that are different from, or in addition to, those of other PB Bankshares shareholders. The PB Bankshares board of directors was aware of and considered these interests, among other matters, in evaluating and negotiating the merger agreement, and in recommending that the merger proposal be approved by the shareholders of PB Bankshares. See “The Merger – Interests of PB Bankshares’s Directors and Executive Officers” This summary of the reasoning of PB Bankshares’s board of directors and other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under the heading “Cautionary Statement Regarding Forward-Looking Statements”. Norwood’s Reasons for the Merger In reaching its determination to approve the merger agreement, the board of directors of Norwood considered a number of factors, including:

| • |     | the complementary geographical locations of Presence Bank’s branch network, which will augment 
 Norwood’s operations;                                                                          |

| • |     | the board’s understanding of, and the presentations of Norwood’s management and financial advisor,                     
 regarding PB Bankshares’ business, operations, management, financial condition, asset quality, earnings and prospects; |

| • |     | the board’s view that the merger is consistent with Norwood’s expansion strategy and will allow for 
 enhanced opportunities for Norwood’s new and existing clients and customers;                        |

| • |     | the results of management’s due diligence