ARROW FINANCIAL CORP — Director's Dealing 2012

Feb 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-02-06

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-06	Common Stock	S	663	$26.46	Disposed	7246	Direct

Footnotes

F1: The sale price for all 663 shares sold was $26.46.

F2: The information provided reflects 62 shares acquired under the Company's ESPP since the last Form 4 was filed for the insider on Jan. 26, 2012. This transaction was not required to be timely 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.