Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 3

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 3
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 if available, for Norwood and PB Bankshares
common stock. Norwood common stock trades on the NASDAQ Global Market under the symbol “NWFL”. PB Bankshares common stock trades on the NASDAQ Capital Market under the symbol “PBBK”. PB Bankshares may terminate the merger
agreement if the price of Norwood’s common stock both (1) declines by more than 20% from its 20-day volume weighted average price of $25.77 calculated as of July 3, 2025, as compared to the
average price of Norwood common stock over a 20-day trading period ending shortly before the closing of the merger and (2) declines by more than 20% than the decline (if any) in the KBW NASDAQ Regional
Bank Index, using the same time periods, unless Norwood elects to adjust the merger consideration to make up the difference in these two conditions, in which case PB Bankshares will still be required to complete the merger, as is discussed in
further detail beginning on page 108 of this proxy statement/prospectus.

The special meeting of PB Bankshares shareholders will be held
in person at PB Bankshares’ Administrative Office, located at 1570 Fruitville Pike, Suite 201, Lancaster, Pennsylvania on , 2025, at 10:00 a.m., local time.

PB Bankshares’ board of directors unanimously recommends that shareholders vote “FOR” the approval of the merger agreement
and “FOR” the other matters to be considered at the special meeting.

The attached proxy statement/prospectus describes the
special meeting of PB Bankshares, the merger, the documents related to the merger, and other related matters. It also contains information about Norwood and PB Bankshares and related matters. PLEASE CAREFULLY READ THE ENTIRE PROXY STATEMENT/PROSPECTUS, INCLUDING “ RISK FACTORS” BEGINNING ON PAGE 16, FOR A DISCUSSION OF

THE RISKS RELATING TO THE MERGER.You can also obtain information about Norwood and PB Bankshares from documents that Norwood and PB Bankshares have publicly filed with the United States Securities and Exchange Commission.

| Janak M. Amin                         |
| President and Chief Executive Officer |
| PB Bankshares, Inc.                   |

Neither the Securities and Exchange Commission nor any state securities commission or bank regulatory agency has approved or disapproved of the merger, the issuance of the Norwood common stock in connection with the merger or the other transactions