Arrow Financial Corporation Market Research Report

Company Overview

• Name: Arrow Financial Corporation

• Mission: Committed to delivering value for its shareholders, customers, and communities. The company follows a conservative business model and strategy of steady growth.

• Founded: 1983

• Founders: No information is available

• Key People:

• David S. DeMarco: President and CEO

• Tenée R. Casaccio: Chair of the Board of Directors

• Headquarters: Glens Falls, New York

• Number of Employees: No information is available

• Revenue: No information is available

• Known for: Arrow Financial Corporation is recognized for providing an extensive range of banking and insurance services, as well as its conservative business practices which have resulted in several accolades from leading publications and bank-rating firms.

Products

Arrow Financial Corporation offers a broad range of financial products through its subsidiaries, including:

• Banking Services:

• Online and mobile banking

• Money market and deposit accounts

• Mortgage, consumer, and commercial loans

• Wealth management services

• Insurance Products:

• Provided by Upstate Agency, LLC, specializing in personal and business insurance, group health, and employee benefits.

• Additional Services:

• Investment services offered through North Country Investment Advisers, Inc.

Recent Developments

Financial Performance

• Second Quarter 2024:

• Net Income of $8.6 million, or $0.52 per share.

• Gross loans grew by $57.6 million, a 7.1% annualized increase.

• Net interest margin increased to 2.67% (2.69% FTE).

New Initiatives

• Subsidiary Unification: Received regulatory approval to unify the banking subsidiaries into a single entity, Arrow Bank National Association, effective December 31, 2024.

• Acquisitions:

• Completed the acquisition of a branch in Whitehall, New York, with $35 million in deposits.

• Acquired the assets of A&B Agency, Inc. to expand the insurance business.

• Leadership Changes:

• Tenée R. Casaccio appointed as Chair of the Board of Directors in June 2024.

Community Engagement

• In 2023, Arrow donated $781,000 and logged 11,193 volunteer hours, supporting 561 nonprofits across northeastern New York.

Accolades

• Named to the Piper Sandler Sm-All Stars: Class of 2024, recognizing top-performing small-cap banks and thrifts in the U.S.

Economic Contributions

• The company demonstrated its commitment to community support through significant charitable contributions and volunteerism in various fields such as education, health services, and environmental sustainability.

This report provides a structured overview of Arrow Financial Corporation, highlighting its financial products, recent activities, and community impact, derived from the available data.