ARROW FINANCIAL CORP — Director's Dealing 2011

Oct 24, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-10-20

Reporting Person: DeMarco David S. (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-20	Common Stock	S	120	$22.63	Disposed	13974	Direct

Footnotes

F1: Amount of securities beneficially owned.