Arrow Financial Corp (NASDAQ: AROW) is a bank holding company that operates Arrow Bank National Association, a community bank headquartered in Glens Falls, New York. It makes money through net interest income on loans and deposits, and through noninterest income from fiduciary activities, insurance commissions, fees for customer services, and gains on loan sales. Arrow Bank was formed effective December 31, 2024 through the unification of two former subsidiary banks, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Active subsidiaries include Upstate Agency, LLC (property, casualty, and group health insurance), North Country Investment Advisers, Inc. (registered investment adviser managing a proprietary mutual fund), and Arrow Properties, Inc. (a REIT). On February 25, 2026, Arrow announced a merger agreement with Adirondack Bancorp, Inc., parent of Adirondack Bank, subject to shareholder and regulatory approvals. CEO David DeMarco has led the company since May 13, 2023, having joined as a commercial lender in 1987.

Revenue model

Net interest income from loans and investment securities funded by deposits and borrowings, supplemented by noninterest income streams including fiduciary activity fees, insurance commissions from Upstate Agency LLC, fees for customer services, investment advisory income through North Country Investment Advisers, and gains on loan sales.

Products and services

Commercial banking, retail deposits and lending, small business lending, municipal banking, consumer payments, business services, wealth management, fiduciary services, property and casualty insurance, group health and life insurance (via Upstate Agency LLC), and registered investment advisory services including a proprietary mutual fund (via North Country Investment Advisers).

Customers and end markets

Retail consumers, small businesses, commercial borrowers, municipal entities, and wealth management clients in the Glens Falls, New York regional market and surrounding Adirondack footprint.

Value-chain role

Community bank and bank holding company that originates and holds loans, gathers deposits, provides trust and fiduciary services, distributes insurance products, and offers investment advisory services directly to end customers in its regional market.

Geographic exposure

Primary operations in northeastern New York state, centered on Glens Falls and the Adirondack region, with the pending addition of Adirondack Bank's footprint through the announced 2026 merger.

Competitors

Other commercial banks, Savings and loan associations, Credit unions, Finance companies, Internet-based financial services companies, Mutual funds, Insurance companies, Brokerage and investment banking companies

Source: SEC 10-K, filed 2026-03-06

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