TO: All Media
DATE: Wednesday, January 23, 2008

Arrow Financial Corporation Declares Cash Dividend

            Arrow Financial Corporation (NasdaqGS® – AROW) on January 23, 2008 declared a quarterly cash dividend of $.24 per share payable March 14, 2008 to shareholders of record March 3, 2008. 

            Arrow Financial Corporation is a multi-bank holding company headquartered in
Glens Falls, NY serving the financial needs of northeastern New York.  Arrow 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 Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.