Norwood Financial Corp Completes Acquisition of UpState New York Bancorp, Inc. - Seite 2

As a result of the merger, Norwood will extend its footprint into Otsego, Ontario and Yates Counties, New York. The combined company will have over $1.8 billion in assets and 31 branches. At March 31, 2020, UpState had total assets of $443.8 million, deposits of $393.9 million and shareholders’ equity of $46.5 million.

“We are pleased to announce the completion of the merger and to welcome Upstate’s shareholders to Norwood and the employees to Wayne Bank. We also look forward to serving the customers of Bank of the Finger Lakes and Bank of Cooperstown,” said Lewis J. Critelli, President and Chief Executive Officer of Norwood.

“UpState is proud to become part of the Norwood family. This transaction will provide expanded opportunities for our valued customers and dedicated employees,” stated R. Michael Briggs, President and Chief Executive Officer of UpState.

The Kafafian Group, Inc. acted as financial advisor to Norwood Financial Corp and Boenning & Scattergood, Inc. acted as financial advisor to UpState New York Bancorp, Inc. Jones Walker LLP, Washington, DC, served as legal counsel for Norwood Financial Corp, and Stevens & Lee, P.C. served as legal counsel for UpState New York Bancorp, Inc.

About Norwood Financial Corp

Norwood Financial Corp is the parent company of Wayne Bank, which operates from fifteen offices throughout Northeastern Pennsylvania and twelve offices in the Southern Tier of New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Norwood’s and UpState’s beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward” and other expressions that indicate future events and trends identify forward-looking statements.