Arrow Announces Acquisition of Insurance Agency in Washington County, N.Y.

Arrow Financial (AROW) announced that its subsidiary Upstate Agency has signed a definitive agreement to acquire Skene Valley Agency, an independent insurance agency in Washington County, New York.

Rhea-AI Summary

Arrow Financial (AROW) announced that its subsidiary Upstate Agency has signed a definitive agreement to acquire Skene Valley Agency, an independent insurance agency in Washington County, New York. The transaction is targeted to close by the end of the third quarter of 2026, subject to customary closing conditions.

After the anticipated completion, Skene Valley Agency will merge with and into Upstate Agency, expanding Upstate’s operations in Washington County and broadening its personal and business insurance offerings. Upstate Agency, based in South Glens Falls, has served New York communities for more than 50 years, focusing on personal, commercial and group employee benefit insurance. Skene Valley Agency, founded in 2002 and based in Granville with satellite offices in Whitehall and Cambridge, is expected to contribute local expertise and relationships that both companies describe as aligned with their missions.

Positive

• Definitive agreement to acquire Skene Valley Agency to expand Upstate Agency’s Washington County presence
• Planned merger of Skene Valley into Upstate Agency to broaden personal and business insurance solutions
• Added geographic reach through Skene Valley’s Granville base and satellite offices in Whitehall and Cambridge

Negative

• None.

Key Figures

Targeted closing: End of Q3 2026

Targeted closing

End of Q3 2026

Targeted closing of the Skene Valley Agency acquisition

Key Terms

definitive agreement, merger

2 terms

definitive agreement financial

"has entered into a definitive agreement to acquire Skene Valley Agency"

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

merger financial

"Skene Valley Agency will merge with and into Upstate Agency"

A merger is when two companies combine into a single business, with ownership and control reorganized so they operate as one entity. For investors it matters because mergers can change the value and risk of holdings—shares may be exchanged, diluted, or rise if the combined company saves costs or gains market power, and the deal often depends on regulatory approval and successful integration like two households joining resources and routines.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GLENS FALLS, N.Y., Sept. 10, 2026 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS^® - AROW) today announced that Upstate Agency, LLC, a subsidiary of Arrow Bank^® National Association, has entered into a definitive agreement to acquire Skene Valley Agency, Inc., an independent insurance agency in Washington County, New York.

The sale is targeted to close by the end of the third quarter of 2026. Following the anticipated completion of the sale, Skene Valley Agency will merge with and into Upstate Agency, which will expand its operations in Washington County and further enhance its personal and business insurance solutions.

David S. DeMarco, President and CEO of Arrow Financial Corporation said, "This strategic growth opportunity will allow us to deepen Upstate Agency's presence in Washington County, where we have a long history of meeting diverse financial needs. Customers will benefit from the strength of our insurance offerings while we demonstrate our commitment to growing all facets of the Arrow Family of Companies." 

Based in South Glens Falls, Upstate Agency has been serving New York communities for more than 50 years and specializes in personal, commercial and group employee benefit insurance.

Founded in 2002, Skene Valley Agency is an independent insurance agency based in Granville, with satellite operations in Whitehall and Cambridge, New York.

John Hoagland, President of Skene Valley Agency, has expanded the business over the decades and views joining Upstate Agency as a natural next step. "We pride ourselves on our personalized insurance solutions and building long-term relationships. With company missions that align, I'm excited to work with Upstate to combine our local expertise with added resources and capabilities."

Safe Harbor Statement: The information contained in this press release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements can sometimes be identified by Arrow's use of forward-looking words such as "may," "will," "anticipate," "target," "estimate," "expect," or "intend." These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, geopolitical events, difficulties in managing Arrow's growth, competition, changes in law or the regulatory environment and changes in general business and economic trends. Arrow undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This press release should be read in conjunction with Arrow's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC.

INVESTOR RELATIONS CONTACT:
Penko Ivanov
Senior EVP, Chief Financial Officer & Treasurer
Arrow Financial Corporation
(518) 415-4512
penko.ivanov@arrowbank.com

MEDIA CONTACT:
Anna Jolly Duval
VP, Communications Manager
Arrow Financial Corporation
(518) 338-6270
anna.duval@arrowbank.com

About Arrow Financial Corporation:

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, providing banking, insurance and wealth management services across northeastern New York and into the Mohawk Valley through its full-service commercial bank Arrow Bank National Association. Arrow Bank, celebrating its 175th anniversary throughout 2026, provides a broad range of financial products, including online and mobile banking, mortgages, commercial loans, investments and more. Other subsidiaries include an insurance company, Upstate Agency, LLC. Arrow's common stock is traded on the Nasdaq Global Select under the symbol "AROW." Visit arrowfinancial.com for more information.

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SOURCE Arrow Financial Corporation

FAQ

When is the acquisition of Skene Valley Agency expected to close?

The sale is targeted to close by the end of the third quarter of 2026, subject to completion of the transaction as anticipated.

What will happen to Skene Valley Agency after the transaction closes?

Following the anticipated completion of the sale, Skene Valley Agency will merge with and into Upstate Agency, becoming part of Upstate’s operations in Washington County.

Where are Upstate Agency and Skene Valley Agency currently based?

Upstate Agency is based in South Glens Falls, New York. Skene Valley Agency is based in Granville, New York, with satellite operations in Whitehall and Cambridge.