ARROW FINANCIAL CORP — Director's Dealing 2013

Apr 24, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-04-23

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-04-23	Common Stock	P	1000	$23.95	Acquired	165820	Direct
2013-04-23	Common Stock	J	0	—	Acquired	2460	Indirect
2013-04-23	Common Stock	J	0	—	Acquired	2938	Indirect
2013-04-23	Common Stock	J	0	—	Acquired	3346	Indirect

Footnotes

F1: Following the reported transaction, total direct holdings also include:
65,481 shares held in retirement plans (IRA) which include 49,336 shares transferred from an ESOP to a self-directed IRA on April 11, 2013;
98,612 shares held in a custody account; and
727 shares acquired under the Company's 401k.

F2: Amount of securities beneficially owned following reported transaction.