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ARROW FINANCIAL CORP Director's Dealing 2011

Dec 9, 2011

Director's Dealing

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Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-12-08

Reporting Person: MOYNEHAN DAVID L (Director)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-08	Common Stock	S	1000	$23.16	Disposed	27569	Direct

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on April 1, 2011.

F2: The sale price for the 1,000 shares sold was $23.16.

F3: Amount of securities beneficially owned following reported transaction.