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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: October 25, 2023

(Date of earliest event reported)

ARROW FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


New York	0-12507	22-2448962
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

250 Glen Street

Glens Falls

New York

12801

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

518

745-1000

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $1.00 per share	AROW	NASDAQ Global Select Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company						☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act						☐

Item 8.01. Other Events

Arrow Declares December 2023 Cash Dividend; Announces Resumption of Dividend Reinvestment Plan and Expansion of Its Stock Repurchase Program

On October 25, 2023, the Board of Directors (the “Board”) of Arrow Financial Corporation (the “Company”) declared a quarterly cash dividend of $0.27 per share payable December 15, 2023 to shareholders of record on December 1, 2023. With this dividend, Arrow will resume its Dividend Reinvestment Plan (DRIP). Participation under the DRIP will automatically resume for Company shareholders that were previously enrolled.

Additionally, the Board expanded its existing stock repurchase program by $5 million, bringing the total availability under the repurchase program to $9.1 million, and removed the expiration date previously incorporated into the existing repurchase program. The stock repurchase program allows the Company to repurchase shares of its common stock in open-market or negotiated transactions. The Company expects to resume repurchases in the coming months.

A copy of the press release announcing the quarterly cash dividend, the resumption of the DRIP and the stock repurchase program is furnished as Exhibit 99.1 to this report on Form 8-K.

Item 9.01. Financial Statements and Exhibits

Exhibit No. Description


99.1			Arrow Financial Corporation Press Release dated October 26, 2023 - December 2023 Cash Dividend; Announces Resumption of Dividend Reinvestment Plan and Expansion of I ts Stock Repurchase Program

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		ARROW FINANCIAL CORPORATION


Date:	October 26, 2023	/s/ Penko Ivanov
		Penko Ivanov Chief Financial Officer

EX-99.1 2 ex99-declarationofthedecem.htm EX-99.1 Document


			250 Glen Street Glens Falls, NY 12801
			NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Rachael Murray Tel: (518) 415-4313

FOR IMMEDIATE RELEASE

Arrow Declares December 2023 Cash Dividend; Announces Resumption of Dividend Reinvestment Plan and Expansion of Its Stock Repurchase Program

GLENS FALLS, N.Y. (October 26, 2023) — The Board of Directors of Arrow Financial Corporation (NasdaqGS® - AROW) on October 25, 2023, declared a quarterly cash dividend of $0.27 per share payable December 15, 2023 to shareholders of record on December 1, 2023. This dividend marks the 42nd consecutive quarterly cash dividend declared by Arrow.

With this dividend, Arrow will be resuming its Dividend Reinvestment Plan (DRIP). Participation under the DRIP will automatically resume for Company shareholders that were previously enrolled. For questions regarding the DRIP, please call the Plan Administrator, Equiniti Trust Company, formerly American Stock and Transfer Company, toll free at (888) 444-0058.

Additionally, the Arrow Board of Directors expanded its existing stock repurchase program by $5 million, bringing the total availability under the repurchase program to $9.1 million, and removed the expiration date previously incorporated into the existing repurchase program. The stock repurchase program allows the Company to repurchase shares of its common stock in open-market or negotiated transactions. The Company expects to resume repurchases in the coming months.

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Arrow Financial Corporation (NasdaqGS® - AROW) 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., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.

The information in this document may contain statements based on management’s beliefs, assumptions, expectations, estimates and projections about the future. Such "forward-looking statements," as defined in Section 21E of the Securities Exchange Act of 1934, as amended, involve a degree of uncertainty and attendant risk. Actual outcomes and results may differ, explicitly or by implication. We are not obliged to revise or update these statements to reflect unanticipated events. This document should be read in conjunction with Arrow’s Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the Securities and Exchange Commission.