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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0000717538</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2026</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2026</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Arrow Financial Corp</name>
        <address>
          <com:street1>250 GLEN STREET</com:street1>
          <com:city>Glens Falls</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>12801</com:zipCode>
        </address>
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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-12533</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Penko Ivanov</name>
      <title>Chief Financial Officer</title>
      <phone>518-415-4512</phone>
      <signature>/s/ Penko Ivanov</signature>
      <city>Glens Falls</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>05-11-2026</signatureDate>
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          <otherManager>
            <cik>0000902882</cik>
            <name>ARROW BANK NATIONAL ASSOCIATION</name>
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