GLENS
FALLS, N.Y., Aug. 6, 2024
/PRNewswire/ -- Arrow Financial Corporation
(NasdaqGS® - AROW), through its bank subsidiary Glens
Falls National Bank and Trust Company, completed the acquisition of
the Whitehall, New York branch
office from Berkshire Bank, a subsidiary of Berkshire Hills
Bancorp, Inc. (NYSE: BHLB).
The previously announced acquisition of the branch at 184
Broadway in Whitehall, New York
closed on August 2, 2024 and included
deposit accounts with an aggregate approximate balance of
$37.5 million and loans with an
aggregate approximate balance of $3
million. Glens Falls National Bank now operates a total of
nine branches in Washington
County.
"We are pleased to announce this successful acquisition and
extend a warm welcome to our new customers and team members in the
Whitehall community," said
Dave DeMarco, President and CEO of
Arrow Financial Corporation and Glens Falls National Bank. "This
strategic step underscores our dedication to broadening our
presence, enhancing our offerings and increasing value for our
shareholders. With a long history of serving Washington County, we are committed to
providing local expertise to our Whitehall customers and strengthening
financial lives."
All on-site employees of the Whitehall branch are now employed by Glens
Falls National Bank. The completion of the sale includes the branch
premises and substantially all of the personal property and
equipment used in the business. 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, 2023 and other filings
with the Securities and Exchange Commission.
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SOURCE Arrow Financial Corporation