ARROW FINANCIAL CORP — Director's Dealing 2012

Jul 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-07-09

Reporting Person: MOYNEHAN DAVID L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-09	Common Stock	S	207	$24.6	Disposed	22638	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 December 12, 2011.

F2: The sale price for the 207 shares sold was $24.60.

F3: Amount of securities beneficially owned following reported transaction.