GLENS
FALLS, N.Y., July 31,
2023 /PRNewswire/ -- The Board of Directors (the
"Board") of Arrow Financial Corporation (the "Company")
(NasdaqGS® - AROW) on July
26, 2023, reset the number of directors from 11 to 10 and
appointed our President and Chief Executive Officer David S. DeMarco to serve as a Class B member of
the Board effective immediately. As an executive officer of the
Company, Mr. DeMarco will not be joining any committee of the Board
at the effective date of his appointment, nor will he receive any
additional compensation for service as a director of the
Company.
Mr. DeMarco joined the Company in 1987 as a commercial lender
and has served in positions of increasing responsibility with the
organization. He was named President and CEO of Saratoga National
Bank in 2012. He was named President and CEO of Arrow and its lead
subsidiary, Glens Falls National Bank and Trust Company, in
May 2023.
"On behalf of the Board, we are pleased to welcome Dave to the
Arrow Board of Directors," said William L.
Owens, Chair of the Arrow Board. "He has a strong strategic
vision for the future of our Company and remains dedicated to our
customers and our communities."
The Board on July 26, 2023, also
approved holding the 2023 Annual Meeting of Shareholders (the
"Annual Meeting") on October 25,
2023. The Board has adopted August
29, 2023 as the record date for the Annual Meeting. As in
the past, the meeting will begin with a review of all voting
matters and then feature a short presentation about the Company.
Additional details about the Annual Meeting and related voting
instructions will be found in the Notice of 2023 Annual Meeting of
Shareholders and the 2023 Proxy Statement.
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 in this document may contain statements based on
management's beliefs, assumptions, expectations, estimates and
projections about the future. Such "forward-looking statements," as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended, involve a degree of uncertainty and attendant risk. Actual
outcomes and results may differ, explicitly or by implication. We
are not obligated to revise or update these statements to reflect
unanticipated events. This document should be read in conjunction
with Arrow's Annual Report on Form 10-K for the year ended
December 31, 2022 and other filings
with the Securities and Exchange Commission.
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SOURCE Arrow Financial Corporation