GLENS FALLS, N.Y., Sept. 1, 2011 /PRNewswire/ -- Thomas L. Hoy, Chairman, President and C.E.O., announced that a 3% stock dividend was declared on August 31, 2011 and will be distributed on September 29, 2011.
Shareholders of record on September 21, 2011 will receive three additional shares of Arrow Common Stock for every one hundred shares owned. They will also receive the cash equivalent of any fractional shares which they are entitled, since no partial shares will be issued.
Mr. Hoy also stated, "Arrow's banks and its subsidiaries sustained little or no physical damage due to the recent tropical storm and are providing normal banking and financial services to our customers. We are however, alert to our customers and communities that may have special requests and needs resulting from the extreme weather conditions."
Arrow Financial Corporation (NasdaqGS® – AROW) is a multi-bank holding company headquartered in Glens Falls, NY 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., three property and casualty insurance agencies: Loomis & LaPann, Inc.; McPhillips Insurance Agency which is a division of Glens Falls National Insurance Agencies, LLC; Upstate Agency, LLC; and Capital Financial Group, Inc. an insurance agency specializing in the sale and servicing of group health plans.
SOURCE Arrow Financial Corporation