Arrow Financial Corporation Declares Cash Dividend

GLENS FALLS, N.Y., Oct. 29 /PRNewswire-FirstCall/ -- The Board of Directors of
Arrow Financial Corporation (Nasdaq: AROW) on October 29, 2009 declared a
quarterly cash dividend of $.25 per share payable December 15, 2009 to
shareholders of record December 3, 2009. This represents an increase of 3%
over the cash dividend paid in the fourth quarter of 2008, as a result of the
September 29, 2009 3% stock dividend.

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

Timothy Badger, +1-518-745-1000 et. 306, TCBadger@arrowbank.com