ARROW FINANCIAL CORP — Director's Dealing 2014

Jul 25, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-07-24

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-24	Common Stock	S	200	$25.5	Disposed	17462	Direct

Footnotes

F1: Following the reported transaction, the information provided reflects 17,432 held by the insider under the Company's ESOP; and 44 shares acquired under the Company's ESPP since March 10, 2014. 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.