ARROW FINANCIAL CORP — Director's Dealing 2015

Apr 9, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-04-07

Reporting Person: OWENS WILLIAM L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-04-07	Common Stock	P	520	$26.79	Acquired	1584	Direct
2015-04-09	Common Stock	S	520	$26.39	Disposed	1064	Direct

Footnotes

F1: The information provided following the reported transactions reflects 1,064 shares that include: shares acquired under the Company's DRIP that includes 9 additional shares acquired since March 10, 2015. 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.