ARROW FINANCIAL CORP — Director's Dealing 2015

Jun 1, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-05-28

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-28	Common Stock	J	189	$26.40	Acquired	40884	Direct

Footnotes

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

F2: The information provided reflects 40,407 shares acquired under the Company's DRIP that includes 17 additional shares acquired since March 10, 2015; and 288 shares held with a broker. 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.