Brief: Norwood Financial To Acquire Upstate New York Bancorp

Norwood Financial

09/01/2020 14:21

Jan 9 (Reuters) - Norwood Financial Corp  NWFL.O :
    * NORWOOD FINANCIAL CORP. TO ACQUIRE UPSTATE NEW YORK
BANCORP,
INC.
    * NORWOOD FINANCIAL - DEAL FOR  EITHER 0.9390 SHARES OF
NORWOOD
COMMON STOCK OR $33.33 IN CASH, OR A COMBINATION OF BOTH
    * NORWOOD FINANCIAL CORP - TRANSACTION IS VALUED AT ABOUT
$80.00
MILLION
    * NORWOOD FINANCIAL - LEWIS J. CRITELLI, PRESIDENT AND CEO
OF
NORWOOD WILL REMAIN AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF
COMBINED CO
    * NORWOOD FINANCIAL CORP - TRANSACTION IS EXPECTED TO BE
APPROXIMATELY 18.0% ACCRETIVE TO NORWOOD'S EARNINGS IN 2021
    * NORWOOD FINANCIAL CORP - ALL MEMBERS OF EXECUTIVE
MANAGEMENT
TEAM OF NORWOOD AND WAYNE BANK WILL CONTINUE IN THEIR CURRENT
POSITIONS.
    * NORWOOD FINANCIAL - TRANSACTION IS EXPECTED TO BE TAX-FREE
EXCHANGE FOR SHAREHOLDERS OF UPSTATE RECEIVING NORWOOD COMMON
STOCK

Source text for Eikon:  ID:nGNXc9JCK0 
Further company coverage:  NWFL.O 

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