---
schema_version: "secwatch.filing_event.v1"
accession: "0000717538-23-000082"
form_type: "8-K"
ticker: "AROW"
cik: "0000717538"
company_name: "ARROW FINANCIAL CORP"
filed_at: "2023-02-06T23:59:59+00:00"
generated_at: "2026-06-20T00:36:24.294965+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000717538-23-000082
- form_type: 8-K
- ticker: AROW
- cik: 0000717538
- company_name: ARROW FINANCIAL CORP
- filed_at: 2023-02-06T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/717538/000071753823000082/0000717538-23-000082-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/717538/000071753823000082/arow-20230201.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000717538-23-000082
- JSON: https://secwatch.observer/filing/0000717538-23-000082.json
- Plain text: https://secwatch.observer/filing/0000717538-23-000082.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753823000082/0000717538-23-000082-index.htm
- Executive change
  Penko Ivanov was appointed as Chief Financial Officer at ARROW FINANCIAL CORP.
  - Action: appointed
  - Role: Chief Financial Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753823000082/0000717538-23-000082-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.