Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 31

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 31
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 the existing customer relationships of Presence Bank or result in decreased revenues due to any loss of customers. If Norwood is
not able to successfully achieve these objectives, the anticipated benefits of the merger may not be realized fully or at all or may take longer to realize than expected.

Norwood and PB Bankshares have operated and, until the completion of the merger, will continue to operate, independently. Certain employees of
PB Bankshares may not be employed after the merger. In addition, employees of PB Bankshares that Norwood wishes to retain may elect to terminate their employment as a result of the merger, which could delay or disrupt the integration process. It is
possible that the integration process could result in the disruption of Norwood’s or PB Bankshares’s ongoing businesses or cause inconsistencies in standards, controls, procedures and policies that adversely affect the ability of Norwood
or PB Bankshares to maintain relationships with customers and employees or to achieve the anticipated benefits of the merger.

Regulatory Approvals May Not Be Received, May Take Longer than Expected or May Impose Conditions that Are Not Presently Anticipated or Cannot Be Met.

Before the transactions contemplated in the merger agreement, including the merger and the bank merger, may be
completed, various approvals must be obtained from the bank regulatory and other governmental authorities. These approvals may not be received, may not be received in a timely fashion, and may contain conditions on the completion of the merger or
the bank merger or both, or require changes to the terms of the merger agreement. Although the parties do not currently expect that any such conditions or changes would be imposed, if such conditions or changes are imposed, such conditions or
changes could have the effect of delaying completion of the transactions contemplated in the merger agreement or imposing additional costs on or limiting Norwood’s revenues, any of which might have a material adverse effect on Norwood
following the merger.

The Merger Agreement May Be Terminated in Accordance with Its Terms, and the Merger May Not Be Completed.

The merger agreement is subject to a number of conditions which must be fulfilled in order to complete the merger. Those
conditions include: approval of the merger agreement by PB Bankshares shareholders, receipt of regulatory approvals, absence of orders prohibiting the completion of the merger, effectiveness of the registration statement of which this proxy
statement/prospectus is a part, approval of the shares of Norwood common stock to be issued to PB Bankshares shareholders for listing on the NASDAQ Global Market, the continued accuracy of the representations and warranties by both