Arrow Financial $5M Stock Repurchase Program

On November 28, 2012, the Board of Directors of Arrow Financial Corporation (NasdaqGS® - AROW), approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to $5 million of the Company's common stock over the twelve month period starting January 1, 2013 in open market or negotiated transactions. This new repurchase program will replace the existing $5 million repurchase program authorized on November 30, 2011, which expires December 31, 2012. Through November 28, 2012, the Company had repurchased approximately $3.3 million of Company common stock under the existing program.