GLENS
FALLS, N.Y., July 23,
2024 /PRNewswire/ -- Arrow Financial Corporation
(NasdaqGS® - AROW) has finalized plans to unify its
banking subsidiaries, Glens Falls National Bank and Trust Company
and Saratoga National Bank and Trust Company, into one entity to be
renamed Arrow Bank National Association ("Arrow Bank"). Today's
announcement follows the necessary public comment period and
regulatory approval by the Office of the Comptroller of the
Currency.
"Our decision to unify our bank brands under the Arrow Bank name
represents a pivotal moment in our company's history," said
David S. DeMarco, President and CEO
of Arrow Financial Corporation. "Years of research and careful
planning have led us to this moment, where we are poised to enhance
our strategic growth opportunities and provide an unparalleled
customer experience. This exciting development would not have been
possible without the dedication of the Arrow team who already work
together to offer financial solutions throughout our
footprint."
With a proud history dating back to Glens Falls National Bank's
founding in 1851 and Saratoga National Bank's formation in 1988,
Arrow Bank will remain deeply rooted in the communities it serves.
Under its new name, Arrow Bank will continue to be part of Arrow
Financial Corporation, a publicly traded company headquartered in
Glens Falls, New York. The
leadership team will remain unchanged, ensuring stability and
continuity. Customers can continue to use all the same bank branch
locations, and staffing will not be affected.
Arrow Bank will begin rolling out its new branding as part of
the unification process. While the name may be updated, the bank
remains dedicated to honoring its history and community-based
approach to banking including through charitable contributions and
volunteerism. Collectively, the banks operate 37 branches in
northeastern New York, stretching
from Albany to Clinton counties. Arrow currently has an asset
size of approximately $4.2 billion
and more than 550 employees.
"This brand unification allows Arrow Bank to showcase the scope
of services we provide to our customers," said Tenée R. Casaccio,
Board Chair of Arrow Financial Corporation. "Moving forward as one
bank, we will remain dedicated to personalized service while
delivering value to our shareholders and support to our
communities."
Arrow Financial Corporation (NasdaqGS® - AROW) is a multi-bank
holding company headquartered in Glens
Falls, New York, serving the financial needs of northeastern
New York. The Company is the
parent of Glens Falls National Bank and Trust Company and Saratoga
National Bank and Trust Company. Other subsidiaries include North
Country Investment Advisers, Inc., and Upstate Agency, LLC,
specializing in property and casualty insurance and group health
and employee benefits.
The information in this document may contain statements based on
management's beliefs, assumptions, expectations, estimates and
projections about the future. Such "forward-looking statements," as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended, involve a degree of uncertainty and attendant risk. Actual
outcomes and results may differ, explicitly or by implication. We
are not obligated to revise or update these statements to reflect
unanticipated events. This document should be read in conjunction
with Arrow's Annual Report on Form 10-K for the year ended
December 31, 2023 and other filings
with the Securities and Exchange Commission.
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SOURCE Arrow Financial Corporation