ARROW FINANCIAL CORP — Director's Dealing 2014

Aug 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-08-19

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-19	Common Stock	S	765	$26.59	Disposed	7138	Direct

Footnotes

F1: The information provided reflects 71 additional shares acquired under the Company's DRIP since May 30, 2014; and 52 additional shares acquired under the Company's ESPP since May 30, 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.