ARROW FINANCIAL CORP — Director's Dealing 2014

Nov 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-11-20

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-20	Common Stock	J	298	$25.93	Acquired	7672	Direct

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: The information provided reflects 6,856 shares acquired under the Company's DRIP that includes 63 additional shares acquired since August 19, 2014; and 134 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 2014; and 518 shares acquired under the Company's ESPP that includes 29 additional shares acquired since August 19, 2014 and 10 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 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.