Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 126

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 126
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 asked to undertake a study of the fairness, from a financial point of view, of the proposed merger of PB Bankshares with and into Norwood and the merger of PB Bankshares’ bank subsidiary with Norwood’s bank subsidiary, with Norwood’s bank subsidiary surviving. PB Bankshares engaged Stephens because, among other factors, Stephens is a nationally recognized investment banking firm with substantial experience in similar transactions. As part of its investment banking business, Stephens is continually engaged in the valuation of financial services businesses and their securities in connection with mergers and acquisitions. As part of Stephens’ engagement, representatives of Stephens participated in a meeting of PB Bankshares’s board of directors held on July 7, 2025, in which PB Bankshares’s board of directors considered and approved the proposed merger. At this meeting, Stephens reviewed the financial aspects of the proposed merger and rendered its oral opinion, which was subsequently confirmed by delivery of a written opinion to PB Bankshares’s board of directors dated as of July 7 th, 2025, that, as of such date, the consideration to be received by the common stockholders of PB Bankshares (solely in their capacity as such) in the proposed merger was fair to them from a financial point of view, based upon and subject to the qualifications, assumptions and other matters considered by Stephens in connection with the preparation of its opinion. The full text of Stephens’ written opinion letter (the “Opinion Letter”) is attached as Appendix B to this proxy statement/prospectus. The Opinion Letter outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Stephens in rendering its opinion. The summary of the opinion set forth in this document is qualified in its entirety by reference to the full text of such written Opinion Letter. Investors are urged to read the entire Opinion Letter carefully in connection with their consideration of the proposed merger. PB Bankshares did not give any instruction to or impose any limitations on Stephens as it related to the issuance of its opinion. Stephens’ opinion speaks only as of the date of the opinion, and Stephens has undertaken no obligation to update or revise its opinion. The opinion was directed to PB Bankshares’s board of directors (solely in its capacity as such) in connection with, and for purposes of, its consideration of the proposed merger. The opinion only addresses whether the consideration to be received by the common stockholders of PB Bankshares (solely in their capacity as such) in the proposed merger was fair to them from a financial point of view as of