UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
NORWOOD FINANCIAL CORP
INFORMATION TO BE INCLUDED IN THE REPORT
Section 5 – Corporate Governance and Management
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) On May 3, 2022, Norwood Financial Corp (the “Company”) issued a press release announcing that (i) Lewis J. Critelli will retire as President and Chief Executive Officer of the Company and Wayne Bank (the “Bank”), effective as of May 9, 2022; and (ii) Mr. Critelli has been appointed Chairman of the Board of the Company and the Bank. A copy of the press release is filed with this report as Exhibit 99.1 hereto and incorporated herein by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are filed herewith:
Number |
Description | |
99.1 | Press Release dated May 3, 2022 | |
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: May 3, 2022 | By: | /s/ Lewis J. Critelli | ||||
Lewis J. Critelli President and Chief Executive Officer (Duly Authorized Representative) |
Exhibit 99.1
For Immediate Release
Contact: Kristen E. Lancia, CFMP, AVP & Marketing Officer
Email: kristen.lancia@waynebank.com
Phone: (570) 253-8594
Norwood Financial Corp and Wayne Bank
Appoint Lewis J. Critelli as Chairman
May 3, 2022, Honesdale, PAThe Board of Directors of Norwood Financial Corp (NASDAQ Global Market NWFL) and its subsidiary, Wayne Bank, announced the appointment of Lewis J. Critelli as Chairman of the Board of Norwood and Wayne Bank.
Mr. Critelli will retire as President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank on May 9 of this year and has enjoyed a long and distinguished banking career of over forty years. He joined the Bank in 1995 as Chief Financial Officer and has served as President and CEO 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 $2.1 billion as of March 31, 2022.
Prior to joining Wayne Bank, Mr. Critelli held various leadership roles for ten years in the Lehigh Valley banking industry. He earned a B.S. in Finance from Penn State in 1981 and an M.B. A. from Lehigh University in 1988. He also holds a Bank Administration Institute Degree in Community Banking Financial Management from the University of Wisconsin.
With a strong dedication to the local community, Mr. Critelli is actively involved with many organizations. He is a past President of the Wayne Economic Development Corp (WEDCO). He is also on the Board of Trustees, Director of Resource Development, and Co-Chair of the Wayne County Division, for the United Way of Lackawanna and Wayne Counties, as well as past Chair of the 2019 United Way Campaign. Mr. Critelli is a past President and Treasurer for the Wayne County Chamber of Commerce and a past Treasurer and Director for the Chamber of the Northern Poconos. He has served on the Board of Directors for both the Greater Honesdale Partnership and the Center for Developmental Disabilities. A Honesdale Lions Club Member, Mr. Critelli was also Treasurer and on the Board of Trustees for the Dorflinger-Suydam Wildlife Sanctuary. He is past President for the Wayne County YMCA and past Treasurer for the Honesdale Rotary Club. Mr. Critelli serves on the Board of Trustees of the Villaume Foundation and has served on various committees of the Pennsylvania Bankers Association at the state and local level, including Government Regulations, Legislative, Education, and Taxation.
Mr. Critelli stated, It is my honor and privilege to serve Norwood Financial Corp and Wayne Bank as we continue to grow, serve our customers and communities, and build shareholder value.
Mr. Critelli resides in Honesdale with his wife, Lisa.
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.
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Document and Entity Information |
May 03, 2022 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001013272 |
Document Type | 8-K |
Document Period End Date | May 03, 2022 |
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 |