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Norwood Financial Corp and UpState New York Bancorp, Inc. announce receipt of shareholder approvals of proposed merger

Posted 6/2/20

HONESDALE, PA AND GENEVA, NY - Norwood Financial Corp (NASDAQ: NWFL) (“Norwood”), the holding company for Wayne Bank, Honesdale, Pennsylvania and UpState New York Bancorp, Inc. (“UpState”), …

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Norwood Financial Corp and UpState New York Bancorp, Inc. announce receipt of shareholder approvals of proposed merger

Posted

HONESDALE, PA AND GENEVA, NY - Norwood Financial Corp (NASDAQ: NWFL) (“Norwood”), the holding company for Wayne Bank, Honesdale, Pennsylvania and UpState New York Bancorp, Inc. (“UpState”), the holding company for USNY Bank, Geneva, New York, jointly announced that the shareholders of both companies overwhelmingly approved the previously announced proposed merger of UpState with and into Norwood at their respective shareholder meetings held on May 26.

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 December 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, President and Chief Executive Officer of Norwood.

“Our shareholders have overwhelmingly approved the merger with Norwood,” R. Michael Briggs, President and Chief Executive Officer of UpState 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.”

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