Norwood Financial's Business Segments

Norwood Financial Corp., a Pennsylvania corporation, is the holding company for Wayne Bank. On March 29, 1996, the Bank completed a holding company reorganization and became a wholly owned subsidiary of the Company.

Wayne Bank is a Pennsylvania chartered bank and trust company headquartered in Honesdale, Pennsylvania. The Bank was originally chartered on February 17, 1870 as Wayne County Savings Bank. Wayne County Savings Bank changed its name to Wayne County Bank and Trust in December 1943. In September 1993, the Bank adopted the name Wayne Bank. The Bank’s deposits are currently insured to applicable limits by the Deposit Insurance Fund (“DIF”) as administered by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is regulated by the Pennsylvania Department of Banking and Securities (“Department”) and the FDIC.

The Bank is an independent community bank with five offices in Wayne County, three offices in Pike County, four offices in Monroe County and three offices in Lackawanna County. The Bank offers a wide variety of personal and business credit services and trust and investment products and real estate settlement services to the consumers, businesses, nonprofit organizations, and municipalities in each of the communities that the Bank serves. The Bank primarily serves the Pennsylvania counties of Wayne, Pike, Monroe and Lackawanna and, to a much lesser extent, Susquehanna County. In addition, the Bank operates 15 automated teller machines, each one located at a branch facility.

Norwood Financial Corp is a financial institution primarily engaged in providing a diverse range of banking and financial services. Operating primarily through its bank subsidiary, Wayne Bank, the company serves individual consumers, small businesses, and commercial entities. Below is an extensive overview of the segments, products, and services that Norwood Financial Corp typically offers:

Segments

1. Consumer Banking:
- Personal Banking Services: This includes checking accounts, savings accounts, and certificates of deposit (CDs). These accounts typically offer competitive interest rates and various features tailored to customer needs.
- Loans and Credit: A significant part of consumer banking involves offering products such as personal loans, auto loans, and home equity lines of credit. These loan products are designed to meet the needs of individuals looking to finance purchases or manage expenses.

2. Commercial Banking:
- Business Accounts: The bank provides checking and savings solutions designed for small to medium-sized enterprises, including business checking accounts and business savings accounts.
- Commercial Loans: This includes term loans, lines of credit, and equipment financing that cater to various business needs. These financial products support capital investments, expansion projects, and daily operational needs.

3. Mortgage Banking:
- Residential Mortgages: Norwood Financial Corp offers a range of mortgage products for homebuyers, including fixed-rate and adjustable-rate mortgages. They often provide guidance in the mortgage application process, including pre-approval services.
- Refinancing Options: The institution also provides refinancing solutions for existing homeowners looking to adjust their mortgage terms or rates, thus potentially lowering their monthly payments.

4. Investment Services:
- Wealth Management: The bank’s wealth management services typically include investment advisory services, retirement planning, and financial planning, supporting customers in managing their investments effectively.
- Brokerage Services: Through partnerships or in-house offers, clients can access brokerage services to buy and sell securities such as stocks, bonds, and mutual funds.

5. Insurance Products:
- Personal Insurance: Offers insurance products, including homeowners, auto, and life insurance, often through partnerships with established insurance providers to provide comprehensive protection to customers.
- Commercial Insurance: Provides solutions for businesses, including liability insurance, property insurance, and worker’s compensation coverage to help mitigate various business risks.

Services

1. Online and Mobile Banking:
- Digital Banking Services: Norwood Financial Corp places a strong emphasis on providing convenient online and mobile banking services, allowing customers to manage their accounts, pay bills, transfer funds, and deposit checks from anywhere at any time.
- Mobile Apps: Features typically include mobile check deposit, account alerts, budgeting tools, and user-friendly interfaces for seamless banking experiences.

2. Customer Support Services:
- Dedicated Customer Service: The organization provides tailored customer service through various channels, including in-branch consultations, phone support, and online chat options to address customer inquiries and issues effectively.
- Financial Education: Often participates in community programs aimed at enhancing financial literacy among its clientele, offering workshops, seminars, and resources focused on personal finance, business management, and investment strategies.

3. Advisory Services:
- Financial Consulting: Aimed at both individuals and businesses, these services often encompass financial planning, investment analysis, and strategic financial guidance to help customers make informed financial decisions.

4. ATM and Branch Network:
- Convenient Access: Norwood Financial Corp typically maintains a network of ATMs and physical branches to provide easy access to banking services, allowing customers to perform transactions and access support in person.

Community Involvement

Norwood Financial Corp may also engage heavily in community involvement through various initiatives that support local organizations, charitable activities, and lending programs that foster community growth and development.

Overall, Norwood Financial Corp provides a well-rounded portfolio of services and products aimed at meeting the diverse financial needs of its customers while encouraging financial health and stability within their communities.