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

The Board of Directors of Arrow Financial Corporation AROW on April 27, 2011 approved a 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. This program replaces a similar $5 million repurchase program approved one year earlier on April 28, 2010, under which the Company repurchased approximately $3.1 million of its common stock.