GLENS FALLS, N.Y., Sept. 7, 2012 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) has been recognized by American Banker Magazine as one of the top 200 community banks and thrifts, based on three-year average return on equity.
Arrow Financial Corporation ranked 11th on the magazine's list of high-performing U.S. banks with assets less than $2 billion; the top 200 were selected from a pool of more than 1,000 financial institutions that met the size criteria. Arrow had a three-year average ROE of 14.72%, as compared to the peer group average of 4.44%.
Thomas L. Hoy, Chairman and C.E.O. of Arrow Financial Corporation indicated, "We are very pleased that our company has been recognized for its performance. Our management team and staff are dedicated to quality service, consistent growth and profitability. We are committed to delivering strong results and creating shareholder value."
The article, called "Simply the Best," can be viewed at www.americanbanker.com/magazine.
Arrow Financial Corporation 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.; 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.
The information contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on form 10-K for the year ended December 31, 2011, and our other filings with the Securities and Exchange Commission.
SOURCE Arrow Financial Corporation