UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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NORWOOD FINANCIAL CORP
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 15, 2021, Norwood Financial Corp (the “Company”) issued a press release to announce that Lewis J. Critelli, President and Chief Executive Officer of the Company, and its wholly owned subsidiary, Wayne Bank (“Bank”), has notified the boards of directors of the Company and the Bank that he intends to retire as the President and Chief Executive Officer during the first half of 2022, subject to the successful completion of a search process for a successor. Mr. Critelli has served as the president and chief executive officer of both the Company and the Bank since 2010. Mr. Critelli intends to continue serving as a director of the Company and the Bank following his retirement as an executive officer, with his current term as a director of the Company ending in 2024. The Company’s board of directors is currently undertaking a process to choose the next president and chief executive officer for the Company and the Bank and has an engaged Kaplan Partners, an executive search firm to assist in this matter. The Board will consider both internal and external candidates for the position. With the assistance of Mr. Critelli, the Company’s board of directors anticipates a smooth transition to be completed by June 30, 2022.
Mr. Critelli’s announcement of his intention to retire in 2022 is due to personal reasons and is not the result of any disagreement with the Company or the Bank.
A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits:
No. |
Description | |
99.1 | Press Release dated November 15, 2021 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NORWOOD FINANCIAL CORP | ||||||
Date: November 15, 2021 | By: | /s/ Lewis J. Critelli | ||||
Lewis J. Critelli President and Chief Executive Officer (Duly Authorized Representative) |
Exhibit 99.1
NORWOOD FINANCIAL CORP ANNOUNCES PLANNED RETIREMENT OF
PRESIDENT AND CHIEF EXECUTIVE OFFICER LEWIS J. CRITELLI
FOR IMMEDIATE RELEASE
November 15, 2021Honesdale, Pennsylvania
On November 15, 2021, Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (the Company) (NASDAQ Global Market: NWFL), and its wholly owned subsidiary, Wayne Bank (Bank), announced his plans to retire as the President and Chief Executive Officer of the Company and the Bank during the first half of 2022, subject to the successful completion of a search process for a successor. Mr. Critelli joined the Bank in 1995 as Chief Financial Officer and has served as the President and Chief Executive Officer for both the Company and the Bank since 2010. Under his leadership, the Company had three successful acquisitions and expanded into new markets in Pennsylvania and Upstate New York. The Companys total assets increased from $529 million to over $2 billion as of September 30, 2021.
Mr. Critelli intends to continue serving as a director of the Company and the Bank following his retirement as an executive officer, with his current term as a director of the Company ending in 2024. The Companys Board of Directors is currently undertaking a process to choose the next President and Chief Executive Officer for the Company and the Bank and has engaged Kaplan Partners, an executive search firm to assist in this matter. The Board will consider both internal and external candidates for the position. With the assistance of Mr. Critelli, the Companys Board of Directors anticipates a smooth transition to be completed by June 30, 2022.
Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and sixteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Companys stock trades on the Nasdaq Global Market under the symbol NWFL.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words believes, anticipates, contemplates, expects, and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in federal and state laws, changes in interest rates, the risks and uncertainty posed by, and the effect and impact of, the COVID-19 pandemic on the economy and the Companys results of operation and financial condition, the ability to control costs and expenses, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact: William S. Lance
Executive Vice President &
Chief Financial Officer
NORWOOD FINANCIAL CORP
570-253-8505
www.waynebank.com
Document and Entity Information |
Nov. 15, 2021 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001013272 |
Document Type | 8-K |
Document Period End Date | Nov. 15, 2021 |
Entity Registrant Name | NORWOOD FINANCIAL CORP |
Entity Incorporation State Country Code | PA |
Entity File Number | 0-28364 |
Entity Tax Identification Number | 23-2828306 |
Entity Address, Address Line One | 717 Main Street |
Entity Address, City or Town | Honesdale |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 18431 |
City Area Code | (570) |
Local Phone Number | 253-1455 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $0.10 per share |
Trading Symbol | NWFL |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |