ARROW FINANCIAL CORP — Director's Dealing 2013

Feb 11, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-02-11

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-02-11	Common Stock	S	3900	$24.5	Disposed	14013	Direct

Footnotes

F1: The sale price of the shares sold was $24.50.

F2: Amount of securities benefically owned following reported transaction.