Glens Falls Bank to Acquire New York’s Upstate Agency

October 15, 2008

Arrow Financial Corp. reported that its Arrow’s lead subsidiary, Glens Falls National Bank and Trust Co., agreed to acquire Upstate Agency, Inc., an independent property and casualty insurance agency headquartered in Chestertown, New York with five offices located in northern New York.

Mark Carpenter, president of Upstate Agency, will continue managing the agency. Arrow anticipates that it will complete the transaction in the fourth quarter of 2008.

Glens Falls National currently owns another insurance agency, Capital Financial Group, Inc., which sells and services group health and life insurance and will continue to operate as a separate agency after the proposed acquisition of Upstate.

Arrow Financial Corp. is a multi-bank holding company headquartered in Glens Falls, with 33 banking locations in northeastern New York. Arrow Financial Corp. is the parent company of Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co.. Other subsidiaries include North Country Investment Advisors, Inc. and Capital Financial Group, Inc.

Source: Arrow Financial Corp.
www.arrowfinancial.com

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