North Penn Bancorp, Inc. Shareholders Approve Pending Merger With Norwood Financial Corp.
SCRANTON, Pa., April 8, 2011 /PRNewswire/ -- North Penn Bancorp, Inc. (OTCBB: NPBP), the holding company for North Penn Bank, Scranton, Pennsylvania, announced today that at a special meeting of shareholders held on April 8, 2011, the shareholders of North Penn Bancorp voted to approve the Company's pending merger with Norwood Financial Corp. (NASDAQ Global: NWFL). More than 98% of the votes cast by North Penn Bancorp's shareholders were in favor of the merger.
Completion of the merger is subject to certain conditions, including receiving requisite regulatory approvals.
"We are pleased with this overwhelming endorsement of our merger by North Penn Bancorp's shareholders and are appreciative of the support that our shareholders have given us over the years," said Frederick L. Hickman, President and CEO of North Penn Bancorp.
Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial commented: "We are very pleased with the tremendous show of support from North Penn's shareholders for the merger of our companies. We look forward to welcoming the North Penn customers, stockholders and employees to Wayne Bank."North Penn Bancorp, Inc. is the holding company for North Penn Bank, a Pennsylvania savings bank that conducts its business from its main office in Scranton, Pennsylvania and four branch offices, in the northeastern Pennsylvania counties of Lackawana and Monroe. As of December 31, 2010, North Penn Bancorp, Inc. had total assets of $163.9 million, total net loans of $120.3 million, total deposits of $136.3 million and total stockholders' equity of $19.6 million. North Penn Bancorp, Inc.'s common stock is traded on the Over-the-Counter Bulletin Board under the symbol "NPBP." Norwood Financial Corp., through its subsidiary Wayne Bank, operates eleven offices in Wayne, Pike and Monroe Counties, Pennsylvania. At December 31, 2010, Norwood Financial Corp. had total assets of $537.0 million, loans receivable of $356.9 million, total deposits of $393.9 million and stockholders equity of $67.7 million. Norwood Financial's stock is traded on the Nasdaq Global Market, under the symbol, "NWFL". SOURCE North Penn Bancorp, Inc.
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