GLENS
FALLS, N.Y., March 4,
2024 /PRNewswire/ -- Arrow Financial Corporation
(NasdaqGS® - AROW) today announced that its bank
subsidiary, Glens Falls National Bank and Trust Company, has
entered into a definitive agreement with Berkshire Bank, a
subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB), under
which Glens Falls National Bank will acquire the branch office at
184 Broadway, Whitehall, New
York.
The sale is targeted for completion by the end of the third
quarter of 2024, subject to customary regulatory approvals.
Following the anticipated completion of the sale, Glens Falls
National Bank will operate a total of nine branches in Washington County.
"We are thrilled to announce the acquisition of the Whitehall location from Berkshire Bank, and we
are eager to welcome its customers to our Arrow Family of
Companies," said Dave DeMarco,
President and CEO of Arrow Financial Corporation and Glens Falls
National Bank. "This strategic move marks a milestone in our growth
and underscores our commitment to expanding our market presence,
allowing us to further enhance our offerings and drive value for
our shareholders. We have a long history of meeting diverse
financial needs in Washington
County and communities like Whitehall. With our commitment to the area and
our local expertise, we are confident this will be a smooth
transition for our new customers."
The Whitehall branch includes
deposit accounts with an aggregate approximate balance of
$39 million and loans with an
aggregate approximate balance of $3
million. The sale includes the branch premises and
substantially all of the personal property and equipment used in
the business. All employees associated with the Whitehall branch will be offered employment
with the Arrow Family of Companies. Arrow's advisor for the
purchase was Piper Sandler & Co.
and legal counsel was provided by Thompson Coburn LLP.
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