Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 11

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 11
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 has unanimously approved the merger agreement and determined that the merger agreement and the merger are fair to and in the best interests of PB Bankshares and its shareholders and unanimously recommends that PB Bankshares shareholders vote “FOR” the merger agreement and “FOR” the adjournment proposal.

| Q: | Did the Board of Directors of PB Bankshares receive an opinion from a financial advisor with respect to the 
 merger?                                                                                                     |

A: Yes. On July 7, 2025, Stephens Inc., which we refer to in this proxy statement/prospectus as “Stephens,” rendered its written opinion to the board of directors of PB Bankshares that, as of such date and based upon and subject to the factors and assumptions described to the PB Bankshares board of directors during its presentation and set forth in the opinion, the consideration in the proposed merger was fair, from a financial point of view, to holders of PB Bankshares common stock. You should read and carefully consider the description of Stephens’ opinion and analysis set forth in the section of this proxy statement/prospectus entitled “The Merger and the Merger Agreement — Opinion of PB Bankshares’s Financial Advisor.” The full text of Stephens’ written opinion is attached as Annex B to this proxy statement/prospectus. PB Bankshares shareholders are urged to read the opinion in its entirety.

| Q: | Who can vote at the PB Bankshares special meeting? |

A: Holders of record of PB Bankshares common stock at the close of business on October 6, 2025, which is the record date for the PB Bankshares special meeting, are entitled to vote at the special meeting.

| Q: | How many votes must be represented in person or by proxy at the PB Bankshares special meeting to have a 
 quorum?                                                                                                 |

A: The holders of a majority of the shares of PB Bankshares common stock outstanding and entitled to vote at the special meeting, present in person or represented by proxy, will constitute a quorum at the special meeting.

| Q: | What vote by PB Bankshares shareholders is required to approve each of the proposals? |

A: Approval of the merger agreement will require the affirmative vote of the holders of a majority of the outstanding shares of PB Bankshares entitled to vote on the proposal. Approval of the adjournment proposal will require the affirmative vote of a majority of the votes cast at the PB Bankshares special meeting assuming a quorum is present. Abstentions and broker non-voteswill have the same effect