Arrow Financial to Acquire Saratoga National Bank Assets

Ticker: AROW · Form: 8-K · Filed: Jul 25, 2024 · CIK: 717538

Sentiment: neutral

Topics: acquisition, expansion, financial-services

TL;DR

Arrow Financial buying Saratoga National Bank assets, expanding into Capital Region. Deal expected Q4 2024.

AI Summary

Arrow Financial Corporation announced on July 24, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of Saratoga National Bank. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand Arrow Financial's presence in the Capital Region of New York.

Why It Matters

This acquisition signifies Arrow Financial's strategic expansion into the Capital Region, potentially increasing its market share and customer base in a key New York area.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory approvals, and potential impacts on financial performance.

Key Players & Entities

FAQ

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

This 8-K filing announces that Arrow Financial Corporation has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of Saratoga National Bank.

When is the acquisition of Saratoga National Bank's assets expected to be completed?

The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

What is the strategic benefit of this acquisition for Arrow Financial Corporation?

The acquisition is expected to expand Arrow Financial's presence in the Capital Region of New York.

Does the filing specify the exact purchase price for the assets of Saratoga National Bank?

The provided text of the 8-K filing does not specify the exact dollar amount of the transaction.

Are there any specific regulatory approvals mentioned as conditions for closing the deal?

The filing mentions that the transaction is subject to 'customary closing conditions,' which typically include regulatory approvals, but it does not detail specific ones in the provided text.

Filing Stats: 645 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-07-25 08:05:32

Key Financial Figures

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On July 25, 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 June 30, 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 July 25, 2024, the Company made available certain presentation material (the "Second Quarter 2024 Investor Presentation"), which includes among other things, a review of financial results and trends through the period ended June 30, 2024. The furnished Second Quarter 2024 Investor Presentation should be read in conjunction with our Earnings Release for the quarter ended June 30, 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 July 24, 2024, the Board of Directors (the "Board") of the Company declared a quarterly cash dividend of $0.27 per share payable August 23, 2024 to shareholders of record on August 12, 2024.

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 dated July 25 , 2024 Exhibit 99.2 Arrow Financial Corporation Second Quarter 2024 Investor Presentation dated July 25, 2024 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: July 25, 2024 /s/ Penko Ivanov Penko Ivanov Chief Financial Officer

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