In connection with an increase by the Board of Directors of Arrow Financial Corporation (the “Company”) in the number of directors to serve thereon from 12 to 15 persons, on November 30, 2016, the Board appointed Mark Behan, Elizabeth Miller, and Ray O’Conor to fill the newly created vacancies effective January 1, 2017.

Mr. Behan is the founder and President of Behan Communications, Inc., a public affairs and strategic communications firm with offices in Albany and Glens Falls. He has served as a Director of Glens Falls National Bank and Trust Company, Arrow’s lead subsidiary, since 2015.

Ms. Miller is President and CEO of Miller Mechanical Services, Inc., in Glens Falls and Chair of Doty Machine Works in Fort Edward. She has served on Glens Falls National Bank’s Board of Directors since 2015.

Mr. O’Conor is the current Chairman and former President and CEO of Saratoga National Bank and Trust Company, an Arrow subsidiary. He has served on Saratoga National Bank’s Board of Directors since 1996.

The three new directors will not initially serve on any committees of the Board. There are no arrangements between any of the three new directors and any other person to which he or she was elected to serve as a director nor has any of these directors had any previous or currently proposed transactions with the Company which are required to be disclosed to Item 404(a) of Regulation S-K. The new directors will be compensated in accordance with the Company’s director compensation policy as more fully described in the Company’s proxy statement filed with the Securities and Exchange Commission on March 25, 2016.

The related press release is attached to this Current Report on Form 8-K as Exhibit 99.

Item 9.01. Financial Statements and Exhibits.

Exhibit No. Description

Exhibit 99 Arrow Financial Corporation Press Release dated December 1, 2016.

About ARROW FINANCIAL CORPORATION (NASDAQ:AROW)

Arrow Financial Corporation (Arrow) is a bank holding company. The Company’s banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and Saratoga National Bank and Trust Company (Saratoga National). It operates in community banking industry segment. The Company’s business consists primarily of the ownership, supervision and control of its approximately two banks. It provides advisory and administrative services and coordinates the general policies and operation of the banks. The Company offers a range of commercial and consumer banking, and financial products. Its deposit base consists of deposits derived from the communities it serves. Through its banks’ trust operations, the Company provides retirement planning, trust and estate administration services for individuals, and pension, profit-sharing and employee benefit plan administration for corporations.

ARROW FINANCIAL CORPORATION (NASDAQ:AROW) Recent Trading Information

ARROW FINANCIAL CORPORATION (NASDAQ:AROW) closed its last trading session down -0.45 at 38.00 with 20,448 shares trading hands.