Arrow Financial appoints Penko Ivanov as CFO; declares $0.27 quarterly dividend, 3% increase

ARROW FINANCIAL CORP

Penko Ivanov named CFO, EVP, Treasurer & CAO of Arrow and subsidiary banks; effective Feb 21.
Ivanov previously CFO of Bankwell Financial Group; will receive $40,000 relocation bonus.
New employment agreements for CEO Murphy ($650k base) and other executives; change-of-control terms updated.
Quarterly cash dividend of $0.27 per share declared, payable March 15 to holders of record March 3.
Dividend represents a 3% increase over Q1 2022 due to 3% stock dividend distributed Sept 2022.

item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Thomas J. Murphy

President and Chief Executive Officer

AROW · ARROW FINANCIAL CORP

Effective: 2023-02-21
Successor: Penko Ivanov
Filed: February 6, 2023, 6:59 PM ET

As a result, following Mr. Ivanov’s start date, Thomas J. Murphy, the Company’s President and Chief Executive Officer, will no longer serve as the Company’s interim Treasurer, Chief Financial Officer and Chief Accounting Officer.

Appointed

Penko Ivanov

Chief Financial Officer

AROW · ARROW FINANCIAL CORP

Effective: 2023-02-21
Filed: February 6, 2023, 6:59 PM ET

On February 1, 2023, the board of directors of Arrow Financial Corporation (the “Company”) appointed Penko Ivanov, CPA, MBA, as Chief Financial Officer, Executive Vice President, Treasurer and Chief Accounting Officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, as well as its insurance subsidiary, Upstate Agency, LLC., effective February 21, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.9

Thomas J. Murphy changed role as President and Chief Executive Officer at ARROW FINANCIAL CORP.

Action: stepped down from interim Treasurer, Chief Financial Officer and Chief Accounting Officer
Role: President and Chief Executive Officer

Exact text from the filing

As a result, following Mr. Ivanov’s start date, Thomas J. Murphy, the Company’s President and Chief Executive Officer, will no longer serve as the Company’s interim Treasurer, Chief Financial Officer and Chief Accounting Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Penko Ivanov was appointed as Chief Financial Officer at ARROW FINANCIAL CORP.

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

On February 1, 2023, the board of directors of Arrow Financial Corporation (the “Company”) appointed Penko Ivanov, CPA, MBA, as Chief Financial Officer, Executive Vice President, Treasurer and Chief Accounting Officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, as well as its insurance subsidiary, Upstate Agency, LLC., effective February 21, 2023.

View on SEC.gov

ARROW FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0000717538-23-000082

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