Arrow Financial Unifies Banking Subsidiaries and Rebrands as Arrow Bank

Rhea-AI Summary

Arrow Financial (AROW) has announced the unification of its banking subsidiaries, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, under a new unified brand: Arrow Bank National Association. The strategic move aims to simplify brand identity and strengthen market presence while maintaining local, personalized service.

The bank will maintain its current leadership team, branch locations, and staffing levels. New branding will be rolled out starting January 2025. Arrow Bank operates 38 branches across northeastern New York, from Albany to Clinton counties. The institution, with roots dating back to 1851, is part of Arrow Financial , which has approximately $4.4 billion in assets and employs over 550 people.

Positive

• Strategic consolidation of banking subsidiaries streamlines operations
• Maintains existing branch network of 38 locations
• Substantial asset base of $4.4 billion
• No staff reductions or leadership changes during transition

Negative

• None.

News Market Reaction

-3.17%

1 alert

-3.17% News Effect

On the day this news was published, AROW declined 3.17%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

GLENS FALLS, N.Y., Jan. 2, 2025 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS^® - AROW) today announced that its subsidiary, Glens Falls National Bank and Trust Company has unified with its affiliate bank, Saratoga National Bank and Trust Company, and the resulting bank has legally changed its name to Arrow Bank National Association, or Arrow Bank. 

This strategic unification simplifies the bank's brand identity, strengthens its market presence and better positions the bank for future growth while maintaining the same local, personalized service that's been its hallmark. Behind Arrow Bank's new name are the same great people and the same trusted services its customers have come to know and expect. The leadership team will remain unchanged, ensuring stability and continuity. Customers can continue to use all the same bank branch locations, and staffing will not be affected. Arrow Bank will start rolling out new branding in January, including updates to bank signage and other materials.

"This unification marks a significant step forward in aligning our mission, vision and values across all areas of our business," said David S. DeMarco, President and CEO of Arrow Financial Corporation. "While our brand evolves, our unwavering commitment to quality service, trusted relationships and community engagement remains unchanged. I'd like to thank the Arrow team for their dedication and hard work in bringing us to this milestone and for their continued efforts as we move forward together."

With a proud history dating back to Glens Falls National Bank's founding in 1851 and Saratoga National Bank's formation in 1988, this unification honors the legacy and strengths of the bank's individual brands, combining their rich histories into a single, cohesive identity. Arrow Bank will continue to grow while honoring its history and deep local roots. Under its new name, Arrow Bank remains part of Arrow Financial Corporation, a publicly traded company headquartered in Glens Falls, New York.

Arrow Bank operates 38 branches in northeastern New York, stretching from Albany to Clinton counties. Arrow Financial Corporation currently has an asset size of approximately $4.4 billion and more than 550 employees.

For more information and to stay up to date, please visit arrowbank.com

About Arrow Financial Corporation:
Arrow Financial Corporation (NasdaqGS® - AROW) is a holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Arrow Bank National Association, a full-service commercial bank, and Upstate Agency, LLC, a comprehensive insurance agency. Other subsidiaries include North Country Investment Advisers, Inc.

The information in this release may contain statements based on management's beliefs, assumptions, expectations, estimates and projections about the future. Such "forward-looking statements," as defined in Section 21E of the Securities Exchange Act of 1934, as amended, involve a degree of uncertainty and attendant risk. Actual outcomes and results may differ, explicitly or by implication. We are not obliged to revise or update these statements to reflect unanticipated events. This document should be read in conjunction with Arrow's Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission.

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SOURCE Arrow Financial Corporation

FAQ

When will Arrow Financial (AROW) complete its bank subsidiaries unification?

Arrow Financial has already completed the unification of its subsidiaries, with new branding rollout beginning in January 2025.

How many branches will Arrow Bank (AROW) operate after the unification?

Arrow Bank will operate 38 branches across northeastern New York, stretching from Albany to Clinton counties.

What is Arrow Bank's (AROW) total asset size following the unification?

Arrow Financial has an asset size of approximately $4.4 billion.

Will Arrow Financial's (AROW) bank unification result in branch closures or job losses?

No, the unification will not affect branch locations or staffing levels, according to the announcement.

How many employees does Arrow Bank (AROW) have after the merger?

Arrow Financial employs more than 550 people.