ARROW FINANCIAL CORP — Director's Dealing 2012

Jun 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-05-31

Reporting Person: KRUCZLNICKI DAVID G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-31	Common Stock	J	303	$23.86	Acquired	19079	Direct

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: Following the reported transaction, total direct holdings also include 5,824 shares acquired under the Company's DRIP that includes 59 additional shares acquired since 3/2/12; and 12,952 shares acquired under the Company's ESPP that includes 172 additional shares acquired since 3/2/12. 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.