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The Board of Directors of
Arrow Financial Corporation
on November 20, 2013, 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, 2014, in open market or negotiated
transactions. This new repurchase program will replace the existing $5 million
repurchase 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 in
Glens Falls, New York, serving the financial needs of northeastern New York.
The Company is the parent of Glens Falls National Bank and Trust Company and
Saratoga National Bank and Trust Company. Other subsidiaries include North
Country Investment Advisers, Inc.; three property and casualty insurance
agencies: Loomis & LaPann, Inc., McPhillips Insurance Agency, which is a
division of Glens Falls National Insurance Agencies, LLC, and Upstate Agency,
LLC; and Capital Financial Group, Inc., an insurance agency specializing in
the sale and servicing of group health plans.
The information contained in this News 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 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. The Company undertakes no
obligation to revise or update these forward-looking statements to reflect the
occurrence of unanticipated events. This News Release should be read in
conjunction with the Company's Annual Report on Form 10-K for the year ended
December 31, 2012, and our other filings with the Securities and Exchange
Commission.
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