Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 122

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 122
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 due diligence on Norwood, and the merger agreement. Barley Snyder provided a summary of the current terms of the merger agreement, as then negotiated, as well as the need for continued confidentiality,
trading blackout and the board’s fiduciary duties in considering the merger and the merger agreement. The board asked for minor changes to the merger agreement.

On July 7, 2025 PB Bankshares board held a meeting to make its decision on the proposed merger agreement. At the meeting, Barley Snyder
highlighted minor changes from the version reviewed by the board on July 2 and again highlighted for the directors their fiduciary duties in considering the merger and the merger agreement. The Board unanimously approved the merger and the
merger agreement and a recommendation to PB Bankshares shareholders that they vote “FOR” the approval of the merger and the merger agreement.

PB Bankshares’s Reasons for the Merger; Recommendation of PB Bankshares’s Board of Directors

After careful consideration, at a meeting held on July 7, 2025, the PB Bankshares board of directors unanimously determined that the
merger agreement and the merger are in the best interests of PB Bankshares, its shareholders, employees, community, customers and other constituents and approved the merger agreement. In reaching its decision to approve the merger agreement and the
merger and to recommend that PB Bankshares’s shareholders vote “FOR” the merger agreement and the merger, the PB Bankshares board of directors evaluated the merger agreement and the merger in consultation with PB Bankshares
management, as well as PB

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Bankshares’s financial and legal advisors, and considered a number of factors, including the following material factors, which are not presented in any order of priority:

| • |     | its knowledge of PB Bankshares’s business, operations, regulatory and financial condition, asset quality,                              
 earnings, loan portfolio, capital and prospects both as an independent organization, and as a part of a combined company with Norwood; |

| • |     | its understanding of Norwood’s business, operations, regulatory and financial condition, asset quality,                                  
 earnings, capital and prospects, taking into account discussions with senior management regarding their due diligence review of Norwood; |

| • |     | the PB Bankshares board’s understanding of the current and prospective environment in which PB Bankshares                                                                                                                                     
 and Norwood operate, including national and local economic conditions, the interest rate environment, increasing operating costs resulting from regulatory initiatives and compliance mandates, and the competitive effects of the continuing