Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 117

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 117
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 as the management capabilities of the Presence Bank team. At the meeting, Mr. Amin
conveyed the PB Bankshares’ board’s determination that PB Bankshares would not be interested in exploring such a transaction if Norwood did not suggest a purchase price of at least book value. They also discussed whether Mr. Amin
would remain with the combined organization and the possibility that he could serve as the Chief Operations Officer of the combined institution. Mr. Donnelly suggested at the meeting that Norwood would agree to honor all PB Bankshares change in
control agreements if Norwood were to make an offer. Mr. Amin suggested that PB Bankshares would be looking for four of its board members to be offered seats on the combined institutions’ board, while Mr. Donnelly indicated that
likely would not be possible, but that Norwood may be able to offer up to two board seats.

On March 7, 2025, PB Bankshares and
Norwood executed a confidentiality agreement in anticipation of sharing more detailed information.

On March 14, 2025, Mr. Donnelly and Mr. Amin discussed on a phone call whether both institutions had an interest moving forward to explore a potential acquisition of PB Bankshares by Norwood, and both
executives indicated that such a transaction would be worthwhile to explore, and they each agree to consult with their boards.

75

On March 20, 2025 Mr. Donnelly, Dr. Andrew A. Forte (Vice Chair),
Alexandra Nolan and Jeffery Gifford (Norwood Financial Executive Committee of the board) met with Janak M. Amin, Joseph Carroll (Chairman of PB Bankshares and Presence Bank board), Spencer Andress (Vice Chairman) and Larry Constable (executive
committee members of PB Bankshares) met in Stroudsburg, Pennsylvania to discuss each organizations’ business objectives, culture, values, employee considerations and the merits of a merger.

At a PB Bankshares board meeting on March 26, 2025, Stephens presented a group of similar organizations that could be potential merger
partners that would have the capacity to pay a premium for shares of PB Bankshares common stock. The board of directors of PB Bankshares then considered the prospects of Presence Bank’s organic growth, noting the CRE concentration limits and
the need to raise capital to continue its balance sheet growth. Barley Snyder, PB Bankshares’ legal counsel, reviewed with the board of directors the fiduciary duties of directors under Maryland