ARROW FINANCIAL CORP — Director's Dealing 2012

Jun 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-05-31

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-31	Common Stock	J	303	$23.86	Acquired	22841	Direct
2012-05-31	Common Stock	J	0	—	Acquired	477	Direct

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: Following the reported transaction, total direct holdings also include 2,060 shares held with a broker; 10,823 shares acquired under the Company's DRIP that includes 110 additional shares acquired since 3/2/12; and 9,655 shares acquired under the Company's ESPP that includes 140 additional shares acquired since 3/2/12. None of these transactions were 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.

F3: The information provided reflects 5 shares acquired by the wife under a Dividend Reinvestment Plan since the last Form 4 was filed for the insider on Dec. 2, 2011. This information is being furnished to disclose the holdings of the insider as of the date of this Form 4.