Norwood Financial Corp. in Honesdale, Pa., said Monday that it had received regulatory approval to acquire North Penn Bancorp Inc. in Scranton.

The $537 million-asset Norwood, which received shareholder approval last month, said it expects to complete the acquisition of the $163.9 million-asset North Penn on May 31.

Shareholders of North Penn can choose $19.12 in cash or 0.6829 shares of Norwood for each share of North Penn.

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