Brief: Norwood Financial to buy Delaware bancshares for $15.4 mln

Norwood Financial

10/03/2016 21:29

March 10 (Reuters) - Norwood Financial Corp  NWFL.O : 
 * To acquire Delaware bancshares, inc 
 * Deal for about $15.4 million 
 * Says nbdc bank will merge with and into Wayne bank, with Wayne bank as the 
   surviving bank 
 * Combined company will have over $1.0 billion in assets 
 * One member of Delaware bancshares inc.'s board of directors will be appointed 
   to boards of directors of co and Wayne bank 
 * Delaware bancshares stockholders to elect to get for each share either 0.6221 
   shares of co or $16.68 in cash or combination of both 
 * Says transaction is expected to be a tax-free exchange for shareholders of 
   Delaware bancshares 
 * Says directors of Delaware bancshares, inc. will be invited to join a 
   regional advisory board 
 * Transaction is expected to be accretive to Norwood Financial corp.'s earnings 
   in the first full year of operations 
 * Lewis Critelli, chief executive officer of Norwood will remain as president 
   and CEO of the combined company 
 * All members of the executive management team of Norwood Financial Corp and 
   Wayne bank will continue in their current positions 
 * All members of the executive management team of Norwood Financial Corp and 
   Wayne bank will continue in their current positions 
 * All shareholder elections subject to allocation to ensure 75% of deal 
   consideration will consist stock and 25% of cash 
 * Says expected that the merger will be consummated in the third quarter of 
   2016 
 
 * Source text for Eikon  urn:newsml:reuters.com:*:nGNXMNUNJa 
 
 * Further company coverage  NWFL.O   
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