TO: All Media
DATE: Wednesday, July 29, 2009

Arrow Financial Corporation Declares Cash Dividend

           The Board of Directors of Arrow Financial Corporation (NasdaqGS® – AROW) on July 29, 2009 declared a quarterly cash dividend of $.25 per share payable September 15, 2009 to shareholders of record September 3, 2009. 

           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.