Arrow Financial Completes Glens Falls National Bank Acquisition

Ticker: AROW · Form: 8-K · Filed: Apr 30, 2024 · CIK: 717538

Sentiment: neutral

Topics: acquisition, merger, financials

Related Tickers: AROW

TL;DR

AROW just bought Glens Falls National Bank assets/liabilities, expanding its footprint.

AI Summary

Arrow Financial Corporation announced on April 24, 2024, that it has completed its previously announced acquisition of certain assets and liabilities of Glens Falls National Bank and Trust Company. The transaction is expected to enhance Arrow Financial's market position and expand its customer base.

Why It Matters

This acquisition signifies Arrow Financial's strategic growth, potentially leading to increased market share and expanded service offerings for customers in the Glens Falls region.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent integration risks, potential for unforeseen liabilities, and market reception challenges.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing reports on the completion of Arrow Financial Corporation's acquisition of certain assets and liabilities of Glens Falls National Bank and Trust Company.

When was the earliest event reported in this filing?

The earliest event reported in this filing occurred on April 24, 2024.

What class of securities is registered by Arrow Financial Corporation?

Arrow Financial Corporation has its Common Stock, Par Value $1.00 per share, registered and traded on the NASDAQ Global Select Market.

What is the principal executive office address for Arrow Financial Corporation?

The principal executive offices of Arrow Financial Corporation are located at 250 Glen Street, Glens Falls, New York 12801.

Does this filing indicate Arrow Financial Corporation is an emerging growth company?

The filing includes a checkbox for whether the registrant is an emerging growth company, but it is not checked, indicating it is not an emerging growth company for the purposes of this filing.

Filing Stats: 784 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-04-30 08:07:54

Key Financial Figures

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On April 30, 2024, Arrow Financial Corporation (the "Company") issued a press release containing unaudited financial information and accompanying discussion for the quarter and year-to-date period ended March 31, 2024. A copy of this press release is furnished as Exhibit 99.1 to this report on Form 8-K.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On April 30, 2024, the Company made available certain presentation material (the "First Quarter 2024 Investor Presentation"), which includes among other things, a review of financial results and trends through the period ended March 31, 2024. The furnished First Quarter 2024 Investor Presentation should be read in conjunction with our Earnings Release for the quarter ended March 31, 2024. A copy of the presentation material is included as Exhibit 99.2 to this current report on Form 8-K and is incorporated herein by reference. The information furnished under this Report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

01. Other Events

Item 8.01. Other Events. On April 24, 2024, the Board of Directors (the "Board") of the Company declared a quarterly cash dividend of $0.27 per share payable May 24, 2024 to shareholders of record on May 13, 2024. Additionally on April 24, 2024, the Board approved a new stock repurchase program, under which the Board authorized management, in its discretion, to repurchase from time to time, in the open market or in privately negotiated transactions, up to $5 million of Arrow common stock. This approval follows the Company's full utilization of the prior $9.1 million stock repurchase program. As previously disclosed in the Company's definitive proxy statement filed on April 25, 2024, on April 22, 2024, the parties reached an agreement in principle to settle the previously disclosed a class action complaint against the Company filed on June 23, 2023 by Robert C. Ashe in the United States District Court for the Northern District of New York, subject to final documentation and court approval. Management believes that the settlement will not have a material effect on the Company's financial results.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibits: Exhibit No. Description Exhibit 99.1 Arrow Financial Corporation Earnings Press Release April 30 , 202 4 Exhibit 99.2 Arrow Financial Corporation First Quarter 202 4 Investor Presentation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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 Registrant Date: April 30, 2024 /s/ Penko Ivanov Penko Ivanov Chief Financial Officer

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