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ARROW FINANCIAL CORP Director's Dealing 2012

Jun 1, 2012

32888_dirs_2012-06-01_7c462969-27af-4d89-8a49-319e3605f02b.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-05-31 Common Stock J 303 $23.86 Acquired 7651 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 6,728 shares acquired under the Company's DRIP that includes 69 additional shares acquired since 3/2/12; and 620 shares acquired under the Company's ESPP that includes 33 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.