ARROW FINANCIAL CORP — Director's Dealing 2012

Sep 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-09-17

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-09-17	Common Stock	S	1500	$25.01	Disposed	42590	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 prices for the shares ranged from $25.01 to $25.02. The weighted average sale price is reflected above at $25.01. The Reporting Person will provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: Following the reported transactions, total direct holdings of 42,590 shares includes 14 additional shares acquired under the Company's DRIP on 9/14/12. 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.