Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 27

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 27
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 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. Stock Market Listing (page 112) Application will be made by Norwood to have the shares of Norwood common stock to be issued in the merger approved for listing on the NASDAQ Global Market, which is the principal trading market for existing shares of Norwood common stock. It is a condition to both parties’ obligation to complete the merger that such approval be obtained, subject to official notice of issuance. In the merger, the PB Bankshares common stock currently listed on NASDAQ Capital Market will be delisted and deregistered under the Securities Exchange Act of 1934 (“Exchange Act”). Comparison of Shareholders’ Rights (page 135) The rights of PB Bankshares shareholders who continue as Norwood shareholders after the merger will be governed by the Pennsylvania Business Corporation Law and the articles of incorporation and bylaws of Norwood rather than by the Maryland Business Corporation Law and the articles of incorporation and bylaws of PB Bankshares. No Appraisal or Dissenters’ Rights in the Merger (page 112) PB Bankshares is organized under Maryland law. Under applicable Maryland law and PB Bankshares’ articles of incorporation, PB Bankshares shareholders are not entitled to dissenters’ appraisal rights.

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RISK FACTORS

In addition to the other information included in this proxy statement/prospectus, including the matters addressed under “Cautionary Statement Regarding Forward-Looking Statements,” PB Bankshares’ shareholders should carefully consider the following risks before deciding whether to vote for approval of the merger agreement. In addition, PB Bankshares’ shareholders should read and consider the risks associated with the business of Norwood because these risks will relate to the combined company. Certain of these risks pertain to the business of Norwood. You should also consider the other information in this proxy statement/prospectus and the other documents incorporated by reference into this proxy statement/prospectus. See “Where You Can Find More Information” beginning on page 143 and “Incorporation of Certain Documents by Reference” on page 142 of this proxy statement/prospectus.

Risks Related to the Merger

PB Bankshares’ Shareholders May Not Receive the Form of Merger Consideration They Elect.

The merger agreement contains provisions relating to adjustment, election and allocation of the merger consideration under certain
circumstances. The allocation procedures are intended to provide that the aggregate number of shares