Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 380

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 380
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 other communication required or permitted under this Bank Merger Agreement shall be given to the parent company of the party to which such notice or communication is given, and shall be effective, in accordance with the
provisions of Section 11.4 of the Holding Company Merger Agreement.

A-76

9.5 . The headings of the several Articles and Sections herein are inserted
for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Bank Merger Agreement.

9.6 . This Bank Merger Agreement may be executed in one or more counterparts all of which shall be considered one and the
same agreement and each of which shall be deemed an original. A facsimile copy of a signature page or e-mail delivery of a “.pdf” format data file of a signature page shall each be deemed to be an
original signature page

9.7 . This Bank Merger Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflicts of law, except to the extent that certain maters may be governed by federal law.

[Signature page immediately follows]

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IN WITNESS WHEREOF, the parties have caused this Agreement and Plan of Bank Merger to be executed by their duly authorized officers and their corporate seals to be hereunto affixed as of the date first written above.

| Presence Bank |     |                                      |
| By:           |     | /s/ Janak M. Amin                    |
|               |     | Janak M. Amin, President and CEO     |
| Wayne Bank    |     |                                      |
| By:           |     | /s/ James O. Donnelly                |
|               |     | James O. Donnelly, President and CEO |

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Annex B July 7, 2025 Board of Directors PB Bankshares, Inc. 185 East Lincoln Highway Coatesville, PA 19320 Dear Members of the Board: We have acted as your financial advisor in connection with the proposed merger (the “Transaction”) of PB Bankshares, Inc. (the “Company”) with and into Norwood Financial Corp. (the “Buyer”). You have requested that we provide our opinion (the “Opinion”) as investment bankers as to whether the consideration to be received by the common stockholders of the Company (solely in their capacity as such, the “Shareholders”) in the Transaction is fair to