Arrow Financial Corporation Announces $5 Million Stock Repurchase Program and Declares...

Arrow Financial Corporation Announces $5 Million Stock Repurchase Program and
Declares Cash Dividend

GLENS FALLS, N.Y., April 29 /PRNewswire-FirstCall/ -- The Board of Directors
of Arrow Financial Corporation (NasdaqGS(R): AROW) on April 29, 2009 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 next twelve months in open market or negotiated transactions.

Also, the Board declared a quarterly cash dividend of $.25 per share payable
June 15, 2009 to shareholders of record June 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.

SOURCE Arrow Financial Corporation

Tim Badger of Arrow Financial Corporation, +1-518-745-1000, ext. 306