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ARROW FINANCIAL CORP Director's Dealing 2014

Aug 18, 2014

32888_dirs_2014-08-18_1b57e4bf-df20-4829-bc5b-26323d627bab.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-08-18

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-18	Common Stock	S	1250	$26.55	Disposed	1324	Direct
2014-08-18	Common Stock	J	0	—	Acquired	16460	Indirect

Footnotes

F1: Following the reported transaction, the total direct holdings for the insider reflects 1,324 shares acquired under the Company's DRIP that includes 13 additional shares acquired since May 29, 2014. None of the 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.

F2: Amount of securities beneficially owned following reported transaction.