Arrow Financial Corporation Announces $5M Stock Repurchase Program

The Board of Directors ofArrow Financial Corporation (Nasdaq: AROW) on November 20, 2013, approved anew stock repurchase program authorizing the repurchase, at the discretion ofsenior management, of up to $5 million of the Company's common stock over thetwelve-month period starting January 1, 2014, in open market or negotiatedtransactions. This new repurchase program will replace the existing $5 millionrepurchase program authorized on November 28, 2012, which expires December 31,2013. Through November 20, 2013, the Company had repurchased approximately$1.2 million of Company common stock under the existing program.Arrow Financial Corporation is a multi-bank holding company headquartered inGlens Falls, New York, serving the financial needs of northeastern New York.The Company is the parent of Glens Falls National Bank and Trust Company andSaratoga National Bank and Trust Company. Other subsidiaries include NorthCountry Investment Advisers, Inc.; three property and casualty insuranceagencies: Loomis & LaPann, Inc., McPhillips Insurance Agency, which is adivision of Glens Falls National Insurance Agencies, LLC, and Upstate Agency,LLC; and Capital Financial Group, Inc., an insurance agency specializing inthe sale and servicing of group health plans.The information contained in this News Release may contain statements that arenot historical in nature but rather are based on management's beliefs,assumptions, expectations, estimates and projections about the future. Thesestatements may be "forward-looking statements" within the meaning of Section21E of the Securities Exchange Act of 1934, as amended, involving a degree ofuncertainty and attendant risk. In the case of all forward-looking statements,actual outcomes and results may differ materially from what the statementspredict or forecast, explicitly or by implication. The Company undertakes noobligation to revise or update these forward-looking statements to reflect theoccurrence of unanticipated events. This News Release should be read inconjunction with the Company's Annual Report on Form 10-K for the year endedDecember 31, 2012, and our other filings with the Securities and ExchangeCommission.