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Arrow Financial Corp. Announces $5 Million Stock Repurchase Program
Nov 29 - On Nov. 28, 2012, the board of directors of Arrow Financial Corp. (Nasdaq "AROW"), approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to $5 million of the company's common stock over the 12 month period starting Jan. 1, 2013, in open market or negotiated transactions. This new repurchase program will replace the existing $5 million repurchase program authorized on Nov. 30, 2011, which expires Dec. 31, 2012. Through Nov. 28, 2012, the company had repurchased approximately $3.3 million of company common stock under the existing program.
Arrow Financial Corp. is a multi-bank holding company headquartered in Glens Falls, N.Y., serving the financial needs of northeastern New York. The company is the parent of Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co. Other subsidiaries include North Country Investment Advisers Inc.; three property and casualty insurance agencies: Loomis & LaPann Inc., Upstate Agency LLC, and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies LLC; and Capital Financial Group Inc., an insurance agency specializing in the sale and servicing of group health plans.