ARROW FINANCIAL CORP — Director's Dealing 2012

Dec 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-12-17

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-17	Common Stock	S	1500	$24.42	Disposed	39280	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 price for the 1,500 shares sold was $24.42.

F3: Following the reported transactions, total direct holdings of 39,280 shares includes 14 additional shares acquired under the Company's DRIP on December 14, 2012. 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 of this Form 4.