Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 10

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 10
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 appropriate and customary transmittal materials, will be mailed concurrently or shortly after the mailing of the proxy statement prospectus, and will contain instructions with respect to the surrender of certificates representing shares of PB Bankshares common stock. For an election to be effective, a PB Bankshares shareholder’s properly completed election form, accompanied by all stock certificates for PB Bankshares common stock owned by such shareholder, must be received by the exchange agent by the date specified in the election form as the election deadline.

| Q: | What are the material United States federal income tax consequences of the merger to PB Bankshares 
 shareholders?                                                                                      |

A: Norwood and PB Bankshares will not be required to complete the merger unless they receive legal opinions from their respective counsel to the effect that the merger will qualify as a tax-freereorganization for United States federal income tax purposes. Provided that the merger qualifies as a reorganization for United States federal income tax purposes, the specific tax consequences of the merger to a PB Bankshares shareholder will depend upon the form of consideration such shareholder will receive in the merger (i.e., cash, stock or a combination thereof) and other particular facts and circumstances of such shareholder. The consequences of the merger to any particular shareholder will depend on that shareholder’s particular facts and circumstances. Accordingly, you are urged to consult your tax advisor to determine your tax consequences from the merger. For a more detailed discussion of the material United States federal income tax consequences of the transaction, see “The Merger and the Merger Agreement — Material United States Federal Income Tax Consequences of the Merger.”

| Q: | Are PB Bankshares shareholders entitled to appraisal or dissenters’ rights? |

A: No. Under Maryland law and PB Bankshares’ articles of incorporation, holders of PB Bankshares common stock are not entitled to appraisal or dissenters’ rights.

| Q: | Are there any risks that I should consider in deciding whether to vote for approval of the merger-related 
 proposals?                                                                                                |

A: Yes. You should read and carefully consider the risk factors set forth in the section of this joint proxy statement/ prospectus entitled “Risk Factors” beginning on page 17.

| Q: | When and where will PB Bankshares shareholders meet? |

A: PB Bankshares will hold a special meeting of its shareholders on, 2025, at 10:00 a.m., local time, at PB Bankshares’ Administrative Office, located at 1570 Fruitville Pike, Suite 201, Lancaster, Pennsylvania.

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