Wayne Bank Supports United Way of Lackawanna and Wayne Counties Jim Donnelly, President, and Chief Executive Officer of Wayne Bank, is pleased to announce that Wayne Bank has supported the United Way of Lackawanna and Wayne Counties with a donation through the Educational Improvement Tax Credit Scholarship Program. The United Way of Lackawanna and Wayne counties works with a dedicated team of educators and community stakeholders to help better align Early Childhood Education and school districts, while building a strong bridge for families to help ensure every child in our community is supported through all the stages of growth and development. For the past 13 years, the United Way has been approved by the Pennsylvania Department of Community and Economic Development (PA DCED) as a Pre-Kindergarten, Educational Improvement, Scholarship, and Opportunity Scholarship organization. Through their support and the generosity of local companies, hundreds of children from Preschool to High School are on the path to a bright future. Matt Ceruti, Vice President of Resource Development & Campaign with the United Way of Lackawanna and Wayne Counties, accepted a check in the amount of $5,000 from Senior Vice President and PA Retail Market Manager of Wayne Bank, Joseph Castrogiovanni. “We are so pleased to make this donation to the United Way of Lackawanna and Wayne Counites. Wayne Bank is proud to support the goals and initiatives of the United Way and feels strongly about investing in our local youth and giving back to our communities,” stated Mr. Donnelly. The gift was made possible as a result of the Educational Improvement Tax Credit Program offered by the Commonwealth of Pennsylvania, acting through the Department of Community and Economic Development.
Wayne Bank Donates to Local Nonprofits Jim Donnelly, President, and Chief Executive Officer of Wayne Bank, is pleased to announce that Wayne Bank has supported the United Way of Lackawanna and Wayne Counties and the Canaan Christian Academy with a donation through the PennGift Foundation. Jerry Birmelin, Managing Director for the PennGift Foundation, accepted a check in the amount of 25,000 from Mr. Donnelly. The United Way of Wayne and Lackawanna counties works with a dedicated team of educators and community stakeholders to help better align Early Childhood Education and school districts while building a strong bridge for families to help ensure every child in our community is supported through all the stages of growth of and development. The Canaan Christian Academy is known for its commitment to educate and train students to achieve their full potential in all facets of life.
Wayne Bank Finance Team Inducted into PA Bankers Association Wayne Bank’s William S. Lance, Executive Vice President and Chief Financial Officer; and Nancy Hart, Senior Vice President and Controller, were recently recognized by the Pennsylvania Bankers Association (“PBA”) for their 40 years of service to the banking industry. New inductees to the 40-Year Club, Mr. Lance and Mrs. Hart were honored at the PBA Group 3 meeting that was held in March. Jim Donnelly, President and Chief Executive Officer of Wayne Bank said, “We are so proud to congratulate Bill and Nancy on achieving this milestone of service to the community banking industry. It is a privilege for Wayne Bank’s customers, shareholders, and employees to enjoy the benefit of their extensive experience, leadership, and dedication after 40 impressive years in banking.” A graduate of the University of Scranton, Mr. Lance has served the banking industry for over forty years, including the last 13 years at Wayne Bank. In his current position as Executive Vice President and Chief Financial Officer, he is responsible for managing the finance division of the Bank. His duties include finance and accounting activities, interest rate risk management, and compliance with regulatory requirements. Mr. Lance has a history of involvement with the Pennsylvania Bankers Association and has served the organization in various capacities, including Secretary of Group 3 since 2011. Mrs. Hart joined the Bank in 1979 as a member of the Bookkeeping Department. Over the course of her career with Wayne Bank, she has held positions in the Loan Department, as a Branch Manager, and as a Finance Manager in the Accounting Department. In 1997, Mrs. Hart was promoted to Controller and Assistant Secretary. In 2015, she was promoted to her current title of Senior Vice President. Nancy holds an associate degree with honors in Banking and Finance through the American Institute of Banking. She has also completed a two-year Graduate School of Banking and Financial Management program and is a graduate of the PBA’s School of Banking. The Pennsylvania Bankers Association, located in Harrisburg, is the state’s leading banking trade association representing an expansive and diverse membership. The Association offers extensive continuing education programs, government relations representation on behalf of the industry, and provides numerous products and services for banks and their employees. Wayne Bank is a subsidiary of Norwood Financial Corp., Member FDIC, and is located in Honesdale, Pennsylvania. The Bank has 29 Community Offices serving Wayne, Pike, Monroe, Lackawanna, and Luzerne Counties in Pennsylvania, along with Delaware, Sullivan, Otsego, Ontario, and Yates Counties in New York State, including those offices operating under the Bank of Cooperstown and Bank of the Finger Lakes brands. The stock trades on the NASDAQ Global Market under the symbol— NWFL.
Wayne Bank Announces Quarterly Cash Dividend James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market – NWFL) and its subsidiary Wayne Bank, announced that the Board of Directors has declared a $0.29 per share quarterly cash dividend payable May 1, 2023, to shareholders of record as of April 14, 2023. The $0.29 per share represents an increase of 3.6% over the cash dividend declared in the first quarter of 2022. Mr. Donnelly commented, “The Board is extremely pleased to provide our shareholders with this quarterly cash dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance.” Norwood Financial Corp, through its subsidiary, Wayne Bank operates fourteen offices in Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of December 31, 2022, the Company had total assets of $2.047 billion, loans outstanding of $1.474 billion, total deposits of $1.728 billion and total stockholders’ equity of $167.1 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”. Forward-Looking Statements. The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of risks and uncertainties which may cause actual results to differ materially from those currently anticipated, and therefore readers should not place undue reliance on any forward looking statements. Those risks and uncertainties include, but are not limited to, our ability to pay or increase cash dividends in the future, the continued financial strength, solid performance and strong capital position of the Company, changes in federal and state laws, changes in the absolute and relative levels of interest rates, the risks and uncertainty posed by, and the effect and impact of, the COVID-19 pandemic on the economy and the Company’s results of operation and financial condition, the ability to control costs and expenses, demand for real estate, costs associated with cybercrime, general economic conditions and the effectiveness of governmental responses thereto. Norwood Financial Corp does not undertake and specifically disclaims any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
The Honesdale National Bank and Local Banks Showcase Strength of Community Banking The FDIC’s seizure of two larger financial institutions once again shapes the current and future landscape of the financial industry. Fortunately, local businesses and families remain ever supported by the strength and stability of three banks through which this corner of Northeastern Pennsylvania was built. The stability of a community can often be defined by the strength of the partnerships that comprise it. For Honesdale and the greater Wayne County area, the individual and collective business practices of The Honesdale National Bank, The Dime Bank, and Wayne Bank continue to fasten the region’s seams. While the institutions are unique, since their foundings they have shared a common goal — supporting the residents and businesses across the widening breadth of the communities they serve. Diversifying their loan concentrations and oftentimes sharing the risk burden in the name of business development has paved a landscape that is symbolic of community banking. No financial institution is completely immune to the impact of economic, political or industry-driven events. These Banks’ conservative business models have helped decrease exposure and effectively manage the market’s highs and lows. Their healthy capital and investment strategies have shepherded expansion in markets and resources to stabilize external pressures and foster growth opportunities. Healthy competition and collaboration are what set these community banks apart and continue to provide strong, dynamic financial resources for the local population. The leadership of Wayne Bank, The Honesdale National Bank, and The Dime Bank continue to monitor the markets closely and are prepared to respond to changes as necessary. The local teams at each of their office locations are also available to support questions regarding FDIC insurance and individual financial needs.
Wayne Bank Promotes Kristen E. Lancia Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Kristen E. Lancia, CFMP to Vice President and Marketing Manager. Mr. Donnelly noted, “I am happy to announce Kristen’s promotion. Kristen leads our marketing team. In doing so she has developed effective and creative plans that help drive the Bank’s strategic objectives. She manages the Wayne Bank, Bank of the Finger Lakes, and Bank of Cooperstown brands. Kristen is constantly increasing her skill set to assure that she is able to effectively lead the marketing efforts. Kristen has earned this recognition.” Mrs. Lancia began her career with Wayne Bank in 2012 and most recently served as the Bank’s Marketing Officer. She earned a Bachelor of Science in Design & Merchandising with a Writing Concentration from Drexel University and holds a Certified Financial Marketing Professional designation from the American Bankers Association. Mrs. Lancia is currently pursuing a Google Digital Marketing & E-Commerce Professional Certificate and resides in Scranton with her husband, Ralph. She enjoys cooking, gardening, and learning French as a second language. Wayne Bank is a subsidiary of Norwood Financial Corp., Member FDIC, and is located in Honesdale, Pennsylvania. The Bank has 29 Community Offices serving Wayne, Pike, Monroe, Lackawanna, and Luzerne Counties in Pennsylvania, along with Delaware, Sullivan, Otsego, Ontario, and Yates Counties in New York State, including those offices operating under the Bank of Cooperstown and Bank of the Finger Lakes brands. The stock trades on the NASDAQ Global Market under the symbol— NWFL.
Wayne Bank Promotes Employee to Executive Vice President & Chief Lending Officer Jim Donnelly, President and Chief Executive Officer of Wayne Bank, is pleased to announce the promotion of Vincent (“Vinny”) G. O’Bell to Executive Vice President and Chief Lending Officer. “Vinny is a talented leader and commercial lender,” remarked Mr. Donnelly. “This promotion is in recognition of his outstanding contributions to the communities we serve, to our employees, customers, and his help in building shareholder value. Vinny’s contributions to the bank makes him deserving of this promotion. His leadership of our commercial loan division was instrumental in the record growth Wayne Bank achieved in 2022.” Mr. O’Bell joined Wayne Bank in 2016 as a Senior Vice President, Commercial Loan Officer, and Team Leader. He holds a degree in Banking and Finance from Lackawanna Jr. College and is a graduate of the Stonier School of Banking. Mr. O’Bell was recognized by the Pennsylvania Bankers Association (“PBA”) in 2019 for his 40 years of service. Mr. O’Bell is involved with his community and serves as a Scranton Lackawanna Health and Welfare Board Chairman, a Paul Harris Fellow for the Rotary Club of Scranton, Treasurer and Board Member for the Carbondale Chamber of Commerce. He is also Eucharistic Minister and finance council for the Sacred Heart of Jesus Parish, and a Finance and Investment Committee Member for the Congregation of the Sisters, Servants of the Immaculate Heart of Mary. He resides in Jessup, with his wife, MaryLynn. Wayne Bank is a subsidiary of Norwood Financial Corp., Member FDIC, and is located in Honesdale, Pennsylvania. The Bank has 29 Community Offices serving Wayne, Pike, Monroe, Lackawanna, and Luzerne Counties in Pennsylvania, along with Delaware, Sullivan, Otsego, Ontario, and Yates Counties in New York State, including those offices operating under the Bank of Cooperstown and Bank of the Finger Lakes brands. The stock trades on the NASDAQ Global Market under the symbol— NWFL.
Wayne Bank Ranks in Top 100 Performing Banks in U.S. Wayne Bank, a subsidiary of Norwood Financial Corp (Nasdaq Global Market – NWFL), was recently ranked as one of the top 100 performing banks in the country by Bank Director magazine. Coming in at number seventy-one, Wayne Bank was evaluated on its profitability, capital adequacy, asset quality, and total shareholder return within the $1 Billion to $5 Billion asset size level. President and Chief Executive Officer of Wayne Bank, James O. Donnelly, commented, “It is an honor to be included in this prestigious list of financial institutions. As a 150-year old community bank, Wayne Bank is committed to creating shareholder value by investing in our employees, customers, and communities, and we will continue to operate with that philosophy as we grow.” Bank Director has analyzed the best in banking through its RankingBanking reports, since 2017. For the 2022 study, they identified the best U.S. banks: those that balance growth and profitability, deliver long-term shareholder value, and execute their goals in a safe and sound manner. They also examined factors that drive performance including growth, leadership, board oversight, and technological innovation.
Wayne Bank Appoints Chairman of the Board The 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 Company’s 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.
Wayne Bank Announces New President and CEO On March 28, 2022, Norwood Financial Corp (the “Company”) (NASDAQ Global Market: NWFL) announced that James O. Donnelly had accepted an offer (the “Offer”) to become President and Chief Executive Officer of the Company, and its wholly owned subsidiary, Wayne Bank (the “Bank”), effective upon his first day of employment with the Company, anticipated to be in early May, 2022. Following his appointment as President and Chief Executive Officer, he will also be appointed as a member of the Board of Directors of the Company and the Bank (the “Board”). Mr. Lewis J. Critelli, current President and Chief Executive Officer of the Company and Bank previously announced his intention to retire during the first half of 2022, subject to the successful completion of a search process for a successor. Mr. Critelli intends to continue serving as a director of the Company and Bank upon his retirement as Chief Executive Officer. Mr. Donnelly joins the Company with over 30 years of banking experience, most recently with Bangor Savings Bank where he served as its Executive Vice President and Chief Commercial Officer. Mr. Donnelly will bring to the chief executive officer role substantial experience and leadership skills in the areas of commercial lending, retail and mortgage banking, credit, financial management, wealth management and franchise growth through acquisition and market expansion. Mr. Donnelly has a long and distinguished history of community service, including in the areas of healthcare, higher education and the United Way. Mr. Critelli remarked, “Jim is an experienced, dedicated and successful community banker. We look forward to Jim joining the Company and the Bank in this key leadership role. We welcome him and his wife, Melissa, to the Bank and to our Community.” He has an MBA from Post University, a Bachelor of Arts degree from the University of Maine, as well as leadership courses from various banking schools. He and his wife plan to relocate to Northeastern Pennsylvania. 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 Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.
