ARROW FINANCIAL CORP — Director's Dealing 2012

Nov 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-11-08

Reporting Person: FITZGERALD MARY ELIZABETH T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-08	Common Stock	S	505	$23.93	Disposed	10367	Direct

Footnotes

F1: The information provided reflects 166 shares acquired under the Company's ESPP, 235 shares acquired under the Company's DRIP and 77 shares resulting from the Company's 2 percent stock dividend distributed on September 27, 2012. The last Form 4 was filed for the insider on June 1, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4.