Wayne Bank Ranks Amongst Top Banks in the Country Wayne Bank, a subsidiary of Norwood Financial Corp (Nasdaq Global Market – NWFL), was recently ranked by Bank Director magazine as one of the top 25 best banks in the country in their Ranking Banking, The Best US Banks 2023 publication. Wayne Bank was also ranked number ten (#10) in the country for banks in the $1B-$5B asset size category. Bank Director applied a consistent set of metrics to determine the best banks, based on calendar year 2022 results. Wayne Bank was evaluated on its profitability, capital adequacy, asset quality, and total shareholder return. For this 2023 study, Bank Director identified The Best U.S. Banks 2023: 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. President and Chief Executive Officer, James O. Donnelly, stated, “We are delighted and honored to be on both prestigious lists of The Best U.S. Banks 2023. Our inclusion in the Top 25 Banks in the Country overall is an accomplishment we have never before achieved. Last year, Wayne Bank was ranked at number seventy-one for banks in our asset size. This year we are proud to say that our dedication and commitment to shareholders, employees, customers, and our communities has helped us rise to number ten in our asset size. This is a testament to the dedication of our employees and to executing our strategic vision.”
Wayne Bank Staff Member Receives Honor Student Recognition Anna Van Acker, Assistant Vice President and Commercial Loan Officer of Wayne Bank, achieved honor student status from the Pennsylvania Bankers Association’s (PA Bankers’) 2023 School of Commercial Lending. Honor students are selected for outstanding academic achievement on a final examination. Jim Donnelly, President and Chief Executive Officer of Wayne Bank, stated, “Anna’s strong work ethic and dedication to her customers makes her an asset to our commercial lending team. I am so pleased, but not at all surprised by her tremendous achievement. Her commitment to ensuring she remains knowledgeable on the latest banking products and procedures for her co-workers and her customers is admirable. Congratulations, Anna!” Van Acker has served the banking industry for five years and joined Wayne Bank in 2021 as a Commercial Loan Associate. She specializes in commercial property mortgages and construction loans, equipment financing and lines of credit, customized acquisition financing, capital projects, and USDA loans. She is very active in the community and serves on the boards of the Wayne Pike Building Industry Association, Pennsylvania Builders Association, and Professional Women in Building. Anna holds a bachelor’s degree from the University of Scranton. PA Bankers’ School of Commercial Lending provides educational content similar to 200- and 300-level college course study. Topics for this program include: business development, credit structuring, the practical application of commercial lending knowledge, and client and internal communication. PA Bankers has been bringing banks and bankers together for more than 125 years to learn, grow, serve and engage with their peers, communities and lawmakers. The association has built a strong reputation as a leading advocate for pro-banking policies at the state and federal levels, as well as the delivery of quality education, products and services for banks of all sizes 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, 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
Norwood Financial Corp Rejoins Russell 3000® Index Logo Mockup by Mithun Mitra Jim Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market – NWFL) and its subsidiary, Wayne Banks pleased to announce that the Company has been included in the Russell 3000® Index, as part of the 2023 Russell U.S. Indexes annual reconstitution.The Russell 3000® Index encompasses and tracks the performance of the 3,000 largest traded U.S. stocks, based on market capitalization. “Norwood Financial Corp is honored to be a part of the Russell 3000 Index, alongside some of the top performing companies in the U.S. This distinguished designation shows our commitment to our shareholders and is a testament to our strong capital position and credit quality metrics. This inclusion will continue to drive awareness of Norwood Financial Corp as an appealing investment as we continue to execute our strategic plans for growth,” stated Mr. Donnelly. The Russell 3000 Index is comprised of the large-cap Russell 1000 and the small-cap Russell 2000 index. The top 1,000 companies having the highest market capitalization make up the Russell 1000, while the next largest 2,000 make up the Russell 2000.
Local Foundation and Wayne Bank Supports Community Foundation The Board of The John and Helen Villaume Foundation, a fiduciary of the Wayne Bank, announced that the Wayne County Community Foundation was selected to receive one of the Foundation’s 2023 community grant awards. Ryanne Jennings, President & CEO, received a check in the amount of $5,000.00 from Villaume Foundation board members, Jon Villaume and Tracy L. Schwarz. The John and Helen Villaume Foundation established by Honesdale natives, John and Helen Villaume, was created to benefit charitable, religious, scientific, literary, and educational programs within Wayne County. Since its inception, the Foundation has made awards totaling over $2,425,000.00 with Wayne Bank managing the account in the Wealth Management and Trust Services Division of Wayne Bank. Additional information about the Foundation and grant applications may be obtained from: The John and Helen Villaume Foundation, c/o Wayne Bank Wealth Management and Trust Services Division, 717 Main Street, Honesdale, PA 18431, or by phone: 570-253-1571 or email: Trust@WayneBank.com
Wayne Bank Ranks in Top 100 Performing Banks in U.S. American Banker has conducted its rankings of the top-performing banks of 2023. Wayne Bank has been evaluated by American Banker on profitability, efficiency, capital adequacy, and asset quality based on a three-year average return. Jim Donnelly, President, and Chief Executive Officer of Wayne Bank is pleased to announce that Wayne Bank has ranked number eighty-four out of two hundred in the $2 billion to $10 billion asset size category. Financial industry professionals turn to American Banker, every day and throughout the day, to stay maximally informed — drilling down on complex issues, keeping up with breaking news, and downloading research and data. “We are honored to be recognized for our strong financial performance. For over 150 years, we have been committed to helping our employees, customers, and communities we serve achieve their financial goals,” stated Mr. Donnelly.
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.
