ARROW FINANCIAL CORP — Director's Dealing 2012

Nov 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-11-16

Reporting Person: Murphy Thomas J. (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-15	Common Stock	P	2500	$23.4	Acquired	14820	Direct

Footnotes

F1: The information provided reflects 555 shares acquired under the Company's ESPP and 175 shares acquired under an IRA as a result of a 2% stock dividend paid on September 27, 2012 since the last Form 4 was filed for the insider on January 25, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4.