Norwood Financial Corp completed the acquisition of PB Bankshares, Inc. and its subsidiary, Presence Bank.
Approximately 87% of PB Bankshares shareholders elected to receive Norwood common stock.
The merger resulted in an extension of Norwood's footprint into Chester and Lancaster Counties in Pennsylvania.
Merger Consideration
PB Bankshares shareholders could choose between $19.75 in cash or 0.7850 shares of Norwood common stock for each share of PB Bankshares.
New Appointments
Former directors of PB Bankshares were appointed to the boards of directors of Norwood and Wayne Bank. Janak M. Amin joined as Executive Vice President and Chief Operating Officer.
Company Growth
The combined company now has approximately $2.9 billion in assets and 33 office locations, with an extended presence in Pennsylvania.
- The merger allows Norwood to offer expanded products and services in the combined market areas.
- Norwood expects to benefit from PB Bankshares' focus on community and relationship banking, aligning with Norwood's culture of value creation.
The completion of the acquisition marks a significant milestone for Norwood Financial Corp, enhancing its capabilities and market presence. The company looks forward to integrating PB Bankshares' operations and delivering enhanced value to customers and shareholders.