Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 125

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 125
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 products and services, higher lending limits, and greater financial resources;                 |

| • |     | the expanded possibilities, including organic growth and future acquisitions, that would be available to the                             
 combined company, given its materially larger size, asset base, capital, market capitalization and footprint, compared to PB Bankshares; |

| • |     | the additional lending capacity for PB Bankshares; |

| • |     | the greater scale, operating leverage and resources of the combined company which are expected to allow the 
 company to compete more effectively;                                                                        |

| • |     | the anticipation that the capital of combined organization will grow at a faster rate than on a stand-alone 
 basis;                                                                                                      |

| • |     | the anticipation that the combined company will have a more active trading market which could provide PB 
 Bankshares shareholders with greater liquidity for their investment;                                     |

| • |     | the board’s perception that PB Bankshares’s operating philosophy as a community oriented financial       
 services company with a strong customer focus is compatible with Norwood’s similar operating philosophy; |

| • |     | the expectation that the combined company will continue to be operated as a community banking institution with                                                          
 local headquarters and decision-making, but with a scale that creates value to customers through its product and service offerings and responsive customer experiences; |

| • |     | the complimentary cultures, operating philosophies, business models, internal systems and product and service 
 offerings of PB Bankshares and Norwood;                                                                       |

| • |     | the compatibility of PB Bankshares’s and Norwood’s business activities, the enhanced management and                                                                                                                                              
 personnel depth in critical departments and efficient staff levels that would result from the merger, and the opportunity to increase revenues resulting from the combined organization having a higher lending limit to originate larger loans; |

| • |     | no PB Bankshares branches are anticipated to be closed; |

| • |     | the prospects for more career path options and growth opportunities for PB Bankshares employees in a larger 
 organization and various benefits agreed to be provided to PB Bankshares employees;                         |

| • |     | the prospects for improved recruitment and the ability to attract and retain talented employees at all levels of                                                   
 the combined organization by virtue of a broader geography, more diversified operations, a higher lending limit, greater name recognition, and better performance; |

| • |     | the geographic fit between PB Bankshares and Norwood and the increased customer convenience of the expanded 
 branch network of the combined companies;                                                                   |

| • |