Norwood Financial to acquire PB Bankshares for ~$54.9M in stock/cash mix

NORWOOD FINANCIAL CORP

80% stock (0.7850 NWFL shares) or $19.75 cash per PBBK share; total consideration ~$54.9M.
Deal valued at 106.6% of PBBK tangible book value; 2.3% core deposit premium.
Expected 10% EPS accretion in 2026, 4.2% TBV dilution, earnback period of 2.5 years.
Combined company to have ~$3.0B assets; PBBK shareholders to own ~14% of NWFL post-close.
PBBK CEO Janak Amin to stay as EVP/COO of Wayne Bank; closing expected late 2025/early 2026.

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