ARROW FINANCIAL CORP — Director's Dealing 2012

Oct 15, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-10-15

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-15	Common Stock	S	1500	$24.74	Disposed	41971	Direct

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on July 25, 2012.

F2: The sale prices for the shares ranged from $24.73 to $24.76. The weighted average sale price is reflected above at $24.74. 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.

F3: Following the reported transaction, total direct holdings of 41,971 shares includes 881 additional shares acquired under the Company's DRIP on September 27, 2012 as a result of the payment of a 2 percent stock dividend. This transaction was not required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date fo this Form 4.