Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 124

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 124
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| • |     | the PB Bankshares board’s review with its legal advisor, Barley Snyder, of the material terms of the merger                                                                                                                                            
 agreement, including the board’s ability, under certain circumstances, to withhold, withdraw, qualify or modify its recommendation to PB Bankshares’s shareholders and to consider and pursue a better unsolicited acquisition proposal,               
 subject to the potential payment by PB Bankshares of a termination fee to Norwood, which the board of directors concluded was reasonable in the context of termination fees in comparable transactions and in light of the overall terms of the merger 
 agreement, as well as the nature of the covenants, representations and warranties and termination provisions in the merger agreement;                                                                                                                  |

| • |     | the fact that, pursuant to the merger agreement, Norwood gave PB Bankshares substantial representations and                                                                                       
 warranties and a limited covenant that it would take no action that would adversely affect or delay any approvals required to consummate the merger or cause conditions to closing not to be met; |

| • |     | the anticipated pro forma impact of the merger on the combined company, including potential synergies, and the                        
 expected impact on financial metrics, such as earnings and tangible common equity per share, as well as on regulatory capital levels; |

| • |     | the stock component of the merger consideration offers PB Bankshares shareholders the opportunity to participate 
 as shareholders of Norwood in the future performance of the combined company;                                    |

| • |     | the anticipation that the merger would result in operating synergies and efficiencies by creating a larger 
 combined company;                                                                                          |

| • |     | the expectation that the strategic benefits of the transaction would result in future operational efficiencies, 
 synergies and earnings accretion;                                                                               |

| • |     | the increasing importance of operational scale and financial resources in maintaining efficiency and remaining 
 competitive over the long term and in being able to capitalize on technological                                |

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| developments that significantly impact industry competitive conditions and to absorb operational expenses resulting from regulatory compliance mandates, including potential additional capital 
 requirements;                                                                                                                                                                                   |

| • |     | the PB Bankshares board’s belief that the merger will create a larger banking franchise with an attractive                                                                                                            
 branch footprint, strong capital ratios and an attractive funding base that has the potential to deliver a higher value to PB Bankshares’s shareholders as compared to continuing to operate as a stand-alone entity; |

| • |     | the benefits to PB Bankshares and its customers of operating as a substantially larger organization, including 
 enhancements in