Norwood Financial Corp Completes Acquisition of PB Bankshares, Inc.

Core Viewpoint - Norwood Financial Corp has successfully completed the acquisition of PB Bankshares, Inc. and its subsidiary Presence Bank, enhancing its market presence and operational capacity in Pennsylvania [1][5]. Group 1: Acquisition Details - The acquisition became effective on January 5, 2026, with PB Bankshares shareholders receiving either $19.75 in cash or 0.7850 shares of Norwood common stock for each share held [1]. - Approximately 87% of PB Bankshares shareholders opted for Norwood common stock, while about 1% chose cash, and 12% did not express a preference [2]. - The merger will result in Norwood having approximately $2.9 billion in assets and 33 office locations [5]. Group 2: Leadership Changes - Following the merger, Joseph W. Carroll and Spencer J. Andress, former directors of PB Bankshares, were appointed to the boards of Norwood and Wayne Bank [3]. - Key executives from PB Bankshares, including Janak M. Amin, will join Norwood in significant leadership roles, enhancing operational capabilities [4]. Group 3: Strategic Implications - The merger allows Norwood to expand its footprint into Chester and Lancaster Counties, aligning with its strategy to offer more products and services to a broader customer base [5][6]. - Norwood's President and CEO emphasized the cultural alignment between the two companies, focusing on community and relationship banking [6].