ARROW FINANCIAL CORP — Director's Dealing 2012

Oct 24, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-10-24

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-24	Common Stock	S	140	$24.57	Disposed	13970	Direct

Footnotes

F1: The information provided reflects 102 shares acquired under the Company's ESPP since the last Form 4 was filed for the insider on Jan. 26, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclosure the holdings of the insider as of the date of this Form 4.