Arrow Financial Corporation

What Arrow Financial Corporation does

Arrow Financial Corporation (NASDAQ: AROW) is a bank holding company headquartered in Glens Falls, New York, operating primarily through its wholly-owned subsidiary Arrow Bank National Association, with approximately $4.4 billion in total assets and $3.9-4.0 billion in deposits as of mid-2025. The company serves retail consumers, small and mid-sized businesses, and commercial clients across an eight-county footprint in northeastern New York from Albany to Clinton counties, with a planned post-merger extension into the Mohawk Valley via the Adirondack Bancorp acquisition. Its product set spans deposit accounts, residential mortgage and consumer lending, commercial real estate and C&I lending, wealth management through North Country Investment Advisers, and personal, commercial, and group health insurance through Upstate Agency, LLC.

Underlying the franchise is a single unified core banking platform following the January 2025 merger of Glens Falls National Bank and Saratoga National Bank into Arrow Bank NA, supplemented by online and mobile banking, fee-free access to 50,000+ ATMs via the Allpoint Network, and traditional branch-based relationship banking across 38 locations. The bank operates with CET1 capital of 12.59% and Total Risk-Based Capital of 14.48% as of March 2025, materially exceeding regulatory 'well capitalized' thresholds.

Revenue is generated primarily through net interest income on the $3.4B loan book at a 3.15% net interest margin (Q2 2025), supplemented by recurring fee streams from wealth management, insurance commissions, deposit service charges, and debit/credit interchange. Full-year 2025 net income reached $44.0M ($2.65 per share), with a $0.30 quarterly dividend declaration and 33+ consecutive years of dividend increases. Distribution relies on community-based marketing, civic engagement, and a localized sales force, with brand recognition reinforced by 73 consecutive quarters of BauerFinancial 5-Star Superior ratings.

Name

Arrow Financial Corporation

Legal name

Arrow Financial Corporation

Website

https://arrowfinancial.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Arrow Financial Corporation is a NASDAQ-listed community bank holding company headquartered in Glens Falls, New York, operating Arrow Bank National Association with approximately $4.4 billion in assets across 38 branches serving retail consumers, small and mid-sized businesses, and commercial clients in northeastern New York.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Portfolio Management and Investment Advice (523940), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021), Investment Advice (6282), Personal Credit Institutions (6141)

akta.pro primary industry

Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ)

Keywords

• Community banking services
• Commercial lending
• Retail banking
• Wealth management services
• Insurance brokerage

Headquarters

HQ city

Glens Falls

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Primary revenue stream from interest earned on loans (commercial, residential real estate, consumer) minus interest paid on deposits. Represents the spread between lending rates and deposit costs. Net interest margin was 3.15% in Q2 2025.
2. Non-Interest Income - Wealth Management: Fiduciary activities and wealth management services generating income from fiduciary activities including investment management and related services
3. Non-Interest Income - Insurance Commission: Revenue from Upstate Agency insurance subsidiary providing personal and business insurance as well as group health and employee benefits
4. Non-Interest Income - Fees and Other Services: Fees from deposit accounts, interchange fees from debit/credit cards, and other banking service fees

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Arrow Financial Corporation is a bank holding company based in Glens Falls, New York, that provides banking and insurance services through its subsidiary Arrow Bank National Association. It offers retail and commercial banking products including deposit accounts, mortgage and consumer loans, commercial lending, online and mobile banking, wealth management, and insurance products through Upstate Agency.

Product overview

Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, with approximately $4.4 billion in assets. The company operates through its primary banking subsidiary Arrow Bank National Association (unified from Glens Falls National Bank and Saratoga National Bank in 2025), offering a broad range of banking services including online and mobile banking, wealth management, deposit accounts, and mortgage, consumer, and commercial loans. The company also provides insurance services through Upstate Agency, LLC and investment advisory services through North Country Investment Advisers, Inc. The bank operates 38 branches across northeastern New York stretching from Albany to Clinton counties.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Banking and Deposit Accounts Checking, savings, money market, and other deposit accounts offered to individual consumers and families across northeastern New York, delivered through Arrow Bank's branch network and digital channels.
• Commercial Lending and Business Banking Commercial real estate loans, commercial and industrial loans, business deposit accounts, and cash management services provided to small and mid-sized businesses in northeastern New York.
• Mortgage and Consumer Loans Residential mortgages, home equity lines of credit, and consumer loan products including indirect automobile lending offered to individual borrowers.
• Online and Mobile Banking Digital banking platform enabling customers to access accounts, transfer funds, pay bills, deposit checks, and manage finances through web and mobile applications.
• Wealth Management Services Fiduciary, investment management, financial planning, and trust services provided to affluent individuals and families through North Country Investment Advisers, Inc.
• Insurance Brokerage Services Personal and business property/casualty insurance, group health insurance, and employee benefits products distributed through Upstate Agency, LLC subsidiary.

Quantifiable outcome

• Net Interest Margin improved to 3.15% (3.16% FTE) in Q2 2025, up from 2.83% in Q4 2024
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Adirondack Bancorp, Inc.coreStrategic or Co-development Partner · 26 February 2026Arrow Financial Corporation announced strategic acquisition of Adirondack Bancorp, Inc. valued at approximately $89.1 million. Under terms, Adirondack shareholders receive 1.8610 Arrow shares plus $18.72 cash per share. Combined entity will have $5.4 billion in assets, $4.8 billion in deposits, $4.1 billion in loans. Merger extends Arrow into Mohawk Valley and Oneida, Herkimer, and Franklin counties. OCC approval received June 2026, closing expected around July 1, 2026.
• Allpoint NetworkcoreTechnology or Integration · 26 November 2024Arrow Bank subsidiaries joined the Allpoint ATM Network providing customers fee-free access to more than 50,000 ATMs across the US and internationally. Customers can make withdrawals at major retailers and pharmacy chains without surcharges. Cash deposits up to $200 available at select Allpoint ATMs.
• A&B Agency, Inc.minorStrategic or Co-development Partner · 25 July 2024Arrow expanded its insurance business through strategic acquisition of A&B Agency, Inc. assets during Q3 2024, enhancing the capabilities of Upstate Agency subsidiary.
• Berkshire BankminorStrategic or Co-development Partner · 4 March 2024Arrow's subsidiary Glens Falls National Bank acquired Berkshire Bank's Whitehall, NY branch office in August 2024. Transaction included approximately $39 million in deposits and $3 million in loans. All branch employees were offered positions with Arrow Family of Companies.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Chemung Financial Corporation: Chemung Financial (NASDAQ: CHMG) operates Chemung Canal Trust Company across upstate New York and northern Pennsylvania with retail, commercial, and wealth management services. Similar scale, similar community bank holding company structure, and significant operational overlap with Arrow's footprint.
• Financial Institutions, Inc. Financial Institutions (NASDAQ: FISI) operates Five Star Bank and SDN Insurance across western and central New York, providing community banking, insurance, and wealth management services. Similar scale and business mix as Arrow, including insurance subsidiary and focus on upstate New York.
• Tompkins Financial Corporation: Tompkins Financial (NYSE: TMP) is a New York-based community bank holding company serving customers across upstate New York with retail banking, commercial lending, and wealth management services. Direct geographic and business model overlap with Arrow Financial.
• Community Bank System, Inc. Community Bank System (NYSE: CBU) is a community-focused bank holding company operating primarily across upstate New York, northeastern Pennsylvania, Vermont, and Massachusetts. It is one of the most direct comparables to Arrow given similar geographic footprint, similar mix of retail and commercial banking, and similar community banking strategy.
• NBT Bancorp Inc. NBT Bancorp (NASDAQ: NBTB) operates a community banking franchise across upstate New York, Vermont, Massachusetts, and Pennsylvania with comparable retail/commercial banking products, wealth management services, and similar size and community bank operating model. It is a primary benchmark for Arrow's performance.
• Trustco Bancorp: Trustco Bancorp (NASDAQ: TRST) operates Trustco Bank primarily in upstate New York, Florida, and surrounding areas with retail banking and mortgage lending focus. Similar capital-rich community banking model with strong dividend history, comparable to Arrow's shareholder return philosophy.
• Evans Bancorp, Inc. Evans Bancorp (NYSE: EVBN) is a community bank holding company headquartered in western New York, operating Evans Bank with retail, commercial, and wealth management services. Similar scale, similar upstate NY community banking focus, and similar mix of traditional banking products.

Broad incumbents

• KeyCorp: KeyCorp (NYSE: KEY) is a major regional bank holding company with significant presence across upstate New York including the Albany market where Arrow operates. While significantly larger, it competes directly with Arrow for commercial and retail banking customers in the same northeastern New York geography.
• Berkshire Hills Bancorp, Inc. Berkshire Hills Bancorp (NYSE: BHLB) operates Berkshire Bank across the Northeast including New York, Massachusetts, and Connecticut. Larger super-regional competitor with overlapping geographic markets and the source of Arrow's 2024 Whitehall, NY branch acquisition.

Regional players

• Broadview Federal Credit Union: Broadview Federal Credit Union serves the New York Capital Region including Albany and surrounding counties with retail banking, lending, and wealth services. Competes with Arrow for retail and small business customers within Arrow's eight-county northeastern New York footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/arrow-financial-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arrow Financial Corporation