250 Glen Street Glens Falls, NY 12801
	NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Jillian Cutrone Tel: (518) 415-4306 Fax: (518) 761-6741

FOR IMMEDIATE RELEASE

Arrow Financial Corporation Declares Stock Dividend

GLENS FALLS, N.Y. (August 28, 2019) -- Thomas J. Murphy, President and CEO, announced that a 3% stock dividend was declared on August 28, 2019, and will be distributed on September 27, 2019.

Shareholders of record on September 17, 2019, will receive three additional shares of Arrow Common Stock for every 100 shares owned. Certificate shareholders will receive the cash equivalent of any fractional shares to which they are entitled.

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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.; and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.

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