Norwood Financial Corp reports recurring developments for its role as the bank holding company for Wayne Bank. Company news centers on operating and financial results, net interest income and margin trends, loan and deposit growth, cash dividends, and updates tied to its community banking franchise in Northeastern Pennsylvania and the Southern Tier of New York.
Recent corporate updates also include the completed acquisition of PB Bankshares and the merger of Presence Bank into Wayne Bank, along with integration items such as systems conversion. Norwood’s news flow reflects a regional bank model built around personal and business credit services, trust and investment products, real estate settlement services, and branch-based banking operations.
Norwood Financial Corp (NASDAQ: NWFL) announced the completion of its acquisition of UpState New York Bancorp and USNY Bank, effective July 7, 2020. UpState shareholders can choose between $33.33 cash or 0.9390 shares of Norwood common stock, plus an additional $0.67 cash per share. Approximately 48.2% of shareholders opted for cash. The merger expands Norwood's presence in three New York counties, growing total assets to over $1.8 billion with 31 branches. This strategic acquisition aims to enhance customer service and operational efficiencies.
Norwood Financial Corp (NASDAQ: NWFL) announced a delay in the acquisition of UpState New York Bancorp, Inc., now expected to close around July 7, 2020, pending customary closing conditions. Norwood operates Wayne Bank in Pennsylvania and New York, while UpState is the holding company for USNY Bank, which has offices in New York. The PR also includes forward-looking statements regarding potential risks related to the merger, including integration challenges and impacts from the COVID-19 pandemic.
Lewis J. Critelli, President and CEO of Norwood Financial Corp (NASDAQ: NWFL), announced a $0.25 per share cash dividend payable on August 3, 2020, to shareholders of record as of July 17, 2020. This dividend reflects a 4.2% increase from the previous year's second quarter. Norwood Financial Corp, through its subsidiary Wayne Bank, has total assets of $1.2 billion, loans of $928.6 million, and total deposits of $990.2 million as of March 31, 2020.
Norwood Financial Corp (NASDAQ: NWFL) received final regulatory approvals for its acquisition of UpState New York Bancorp, Inc. and its subsidiary, USNY Bank. The deal is expected to close around July 1, 2020, pending customary conditions. President Lewis J. Critelli stated that both organizations are integrating to enhance product offerings in their market areas. This acquisition aims to welcome UpState's stockholders and customers, expanding Norwood's presence across Northeastern Pennsylvania and New York.
Norwood Financial Corp (NASDAQ: NWFL) announced the extension of the Election Deadline for UpState stockholders to submit merger election materials due to COVID-19 delays. The new deadline is June 22, 2020. Previously, the deadline was May 26, 2020. This merger, under an agreement signed on January 8, 2020, will result in Norwood acquiring UpState, with UpState's stock being exchanged for Norwood's shares or cash. Shareholders can choose a cash or stock option with a total of 10% in cash and 90% in stock. Both companies have received shareholder approvals for the merger as of May 27, 2020.
Norwood Financial Corp (NASDAQ: NWFL) announced that shareholders overwhelmingly approved its merger with UpState New York Bancorp on May 26, 2020. This merger aims to create opportunities for stakeholders and enhance community services. The approval also included the election of new directors and the appointment of auditors for fiscal year 2020. Both companies express confidence in the merger's potential benefits despite potential challenges from factors like COVID-19 and regulatory approvals.
Norwood Financial Corp. (NWFL) clarified the web address for its virtual Annual Meeting of Stockholders, scheduled for May 26, 2020, at 11:00 a.m. local time. The updated link is www.meetingcenter.io/258232153, with the password NWFL2020. This change addresses access issues caused by an incorrect prefix in the previous web address. Stockholders who have already voted do not need to re-vote unless changing their decision. The meeting details and updated web address are also available on the company's website.
Norwood Financial Corp. (NWFL) announced a virtual Annual Meeting of Stockholders due to COVID-19 concerns. The meeting will take place on May 26, 2020, at 11:00 a.m. local time. Stockholders are eligible to vote if they were on record as of April 15, 2020. Those holding shares through intermediaries must register by May 21, 2020, to participate as stockholders. They need to obtain a legal proxy and email it to the company. Norwood Financial is the parent of Wayne Bank, operating in Pennsylvania and New York.