ARROW FINANCIAL CORP — Director's Dealing 2011

Apr 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-04-08

Reporting Person: MOYNEHAN DAVID L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-08	Common Stock	S	1000	$24.541	Disposed	32727	Direct

Footnotes

F1: The sale prices for the shares ranged from $24.51 to $24.63. The weighted average sale price is reflected above at $24.541. The Reporting Person will provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.