ARROW FINANCIAL CORP — Director's Dealing 2014

Feb 4, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-02-03

Reporting Person: Murphy Thomas J. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-03	Common Stock	P	1000	$25.05	Acquired	20445	Direct

Footnotes

F1: The information provided reflects 4,018 shares acquired under the Company's ESPP that includes 82 additional shares acquired since Jan. 29, 2014; 1,219 shares acquired under the Company's ESOP; and 14,208 shares held in an IRA. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.