GLENS
FALLS, N.Y., May 15, 2023
/PRNewswire/ -- Arrow Financial Corporation (the "Company" or
"Arrow") (NasdaqGS® - AROW) announced that
Thomas J. Murphy terminated his
employment as President and Chief Executive Officer of the Company
and its lead subsidiary, Glens Falls National Bank and Trust
Company ("GFNB") and as a director of the Company and from all
other positions he holds with the Company and its affiliates,
effective May 12, 2023. The
Company also announced that the Board of Directors has appointed
Chief Banking Officer and Senior Executive Vice President
David S. DeMarco as President and
Chief Executive Officer of Arrow and its lead subsidiary, Glens
Falls National Bank and Trust Company ("GFNB").
Mr. DeMarco, who has been with the Company for 35 years, will
continue to serve as President and Chief Executive Officer of Arrow
subsidiary Saratoga National Bank and Trust Company. Mr.
DeMarco joined the Company in 1987 as a commercial lender and since
that time has served in positions of increasing responsibility with
the organization. He was named President and CEO of Saratoga
National Bank in 2012.
William L. Owens, Chairman of the
Arrow Board, commented, "We are very pleased that Dave has agreed
to serve as President and CEO of Arrow and GFNB. Dave has dedicated
his career to the Company, understands community banking and he is
well-known throughout our organization and the communities we
serve."
Mr. De Marco added, "It is an honor to be asked to serve as
President and CEO of Arrow. I look forward to working closely with
our team to continue to serve our customers and advance our
strategic and financial goals."
Arrow Director Thomas L. Hoy, who
recently retired as Board Chair and served as President and CEO of
Arrow from 1995 to 2012, said, "Dave is extremely knowledgeable
about the operation of our banks and the needs of our customers; he
has been instrumental in the growth of our organization over his
many years of service."
Arrow Financial Corporation (NasdaqGS® - AROW) is a
multi-bank holding company headquartered in Glens Falls, New York, serving the financial
needs of northeastern New York.
The Company is the parent of Glens Falls National Bank and Trust
Company and Saratoga National Bank and Trust Company. Other
subsidiaries include North Country Investment Advisers, Inc., and
Upstate Agency, LLC, specializing in property and casualty
insurance and group health and employee benefits.
The information contained in this news release may contain
statements that are not historical in nature but rather are based
on management's beliefs, assumptions, expectations, estimates and
projections about the future. This press release may contain
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, involving a degree
of uncertainty and attendant risk. In the case of all
forward-looking statements, actual outcomes and results may differ
materially from what the statements predict or forecast, explicitly
or by implication. Factors that could cause or contribute to such
differences include, but are not limited to, factors set forth in
the Company's other filings with the Securities and Exchange
Commission and factors related to the continuity, timing and
effectiveness of the transition in executive management as
described in this press release. The Company undertakes no
obligation to revise or update these forward-looking statements to
reflect the occurrence of unanticipated events. This press release
should be read in conjunction with the Company's Annual Report on
Form 10-K for the year ended December 31,
2021 and our other filings with the Securities and Exchange
Commission.
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SOURCE Arrow Financial Corporation