ARROW FINANCIAL CORP — Director's Dealing 2012

Aug 6, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-08-03

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-03	Common Stock	S	400	$24.4	Disposed	7423	Direct

Footnotes

F1: The sale price for all 400 shares sold was $24.40.

F2: Following the last reported transaction, total direct holdings also includes 7,105 shares acquired under the Company's DRIP that includes 73 additional shares acquired since 6/15/12; and 718 shares acquired under the Company's ESPP that includes 98 additional shares acquired since 6/1/12. 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.