Will Be Known As Wayne Bank Once Final Steps Taken
May 27, 2020
The shareholders of Norwood Financial Corp., the holding company for Wayne Bank, Honesdale, Pennsylvania, and UpState New York Bancorp, the holding company for USNY Bank, Geneva, New York, have approved the previously announced proposed merger of UpState with and into Norwood at their respective shareholder meetings held on May 26, 2020.
Norwood shareholders also elected Joseph W. Adams, Kevin M. Lamont and Dr. Kenneth A. Phillips as directors of Norwood each for a three-year term, ratified the appointment of S.R. Snodgrass, P.C. as independent auditors for the fiscal year ending Dec. 31, 2020 and approved a non-binding advisory resolution on executive compensation.
"We are very pleased with the strong show of support from Norwood shareholders for the merger. We believe that the combination of our organizations will create opportunities for our customers, employees and the communities we serve," commented Lewis J. Critelli, Norwood president and CEO.
"Our shareholders have overwhelmingly approved the merger with Norwood," R. Michael Briggs, UpState president and CEO stated. "We are very excited about the potential benefits of the merger for all stakeholders: our employees, customers and communities; as well as the value being created for our shareholders."
Norwood Financial Corp is the parent company of Wayne Bank, which operates from 15 offices throughout Northeastern Pennsylvania and 12 offices in the Southern Tier of New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL.”
UpState New York Bancorp, Inc. is the holding company for USNY Bank, a New York chartered bank that conducts its business from its two Bank of the Finger Lakes offices in Geneva and Penn Yan, New York, and two Bank of Cooperstown offices in Cooperstown and Oneonta, New York.