Norwood Financial Corp Announces Planned Retirement of President and Chief Executive Officer Lewis J. Critelli

Rhea-AI Summary

On November 15, 2021, Norwood Financial Corp (NASDAQ: NWFL) announced that CEO Lewis J. Critelli will retire in the first half of 2022 following a successor search. Critelli has been with the company since 1995 and has led significant growth, increasing total assets from $529 million to over $2 billion as of September 30, 2021. The Board is collaborating with Kaplan Partners for a smooth leadership transition, expected to conclude by June 30, 2022. Critelli will remain a director until 2024.

Positive

• Total assets grew from $529 million to over $2 billion since Critelli's tenure.
• Successful execution of three acquisitions under Critelli's leadership.
• Board is ensuring a smooth leadership transition.

Negative

• None.

HONESDALE, Pa., Nov. 15, 2021 (GLOBE NEWSWIRE) -- On November 15, 2021, Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (the “Company”) (NASDAQ Global Market: NWFL), and its wholly owned subsidiary, Wayne Bank (“Bank”), announced his plans to retire as the President and Chief Executive Officer of the Company and the Bank during the first half of 2022, subject to the successful completion of a search process for a successor. Mr. Critelli joined the Bank in 1995 as Chief Financial Officer and has served as the President and Chief Executive Officer 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 billion as of September 30, 2021.

Mr. Critelli intends to continue serving as a director of the Company and the Bank following his retirement as an executive officer, with his current term as a director of the Company ending in 2024. The Company’s Board of Directors is currently undertaking a process to choose the next President and Chief Executive Officer for the Company and the Bank and has engaged Kaplan Partners, an executive search firm, to assist in this matter. The Board will consider both internal and external candidates for the position. With the assistance of Mr. Critelli, the Company’s Board of Directors anticipates a smooth transition to be completed by June 30, 2022.

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”.

Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in federal and state laws, changes in 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, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact: William S. Lance
Executive Vice President &
Chief Financial Officer
NORWOOD FINANCIAL CORP
570-253-8505
www.waynebank.com

FAQ

When will Lewis J. Critelli retire from Norwood Financial Corp?

Lewis J. Critelli will retire in the first half of 2022.

What is Norwood Financial Corp's stock symbol?

Norwood Financial Corp trades under the symbol NWFL.

What significant changes occurred during Critelli's leadership at NWFL?

Under Critelli, total assets increased significantly, and three acquisitions were completed.

Is there an executive search firm involved in finding Critelli's successor?

Yes, Kaplan Partners has been engaged to assist in the executive search process.

What will Critelli's role be after his retirement?

Critelli will continue as a director of the Company and the Bank until 2024.