ARROW FINANCIAL CORP — Director's Dealing 2012

Nov 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-11-20

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-20	Common Stock	S	813	$23.86	Disposed	6908	Direct

Footnotes

F1: Following the last reported transaction, total direct holdings also includes 6,908 shares acquired under the Company's DRIP that includes 67 additional shares acquired since Aug. 3, 2012 and 135 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2012; and 813 shares acquired under the Company's ESPP that includes 113 additional shares acquired since Aug. 3, 2012 and 15 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2012. 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.