---
schema_version: "secwatch.filing_event.v1"
accession: "0000717538-23-000122"
form_type: "8-K"
ticker: "AROW"
cik: "0000717538"
company_name: "ARROW FINANCIAL CORP"
filed_at: "2023-05-15T23:59:59+00:00"
generated_at: "2026-06-15T01:48:02.140277+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Arrow Financial CEO Murphy departs; Nasdaq delisting risk from late filings; DeMarco named CEO

## Summary
- CEO Thomas Murphy terminated employment and resigned as director effective May 12, 2023.
- David DeMarco appointed President and CEO on May 13; previously Chief Banking Officer and CEO of Saratoga National Bank.
- Nasdaq issued second noncompliance notice for failure to file Q1 2023 10-Q; 2022 10-K also late.
- Company must submit compliance plan by June 2, 2023; Nasdaq may grant extension to Sept 27, 2023; delisting possible.
- Noncompliance does not immediately affect trading, but Nasdaq broadcasts a noncompliance indicator.

## SEC filing metadata
- accession: 0000717538-23-000122
- form_type: 8-K
- ticker: AROW
- cik: 0000717538
- company_name: ARROW FINANCIAL CORP
- filed_at: 2023-05-15T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 3.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/717538/000071753823000122/0000717538-23-000122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/717538/000071753823000122/arow-20230512.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000717538-23-000122
- JSON: https://secwatch.observer/filing/0000717538-23-000122.json
- Plain text: https://secwatch.observer/filing/0000717538-23-000122.txt

## Key facts
- Listing & Compliance Notices
  ARROW FINANCIAL CORP received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: late filing
  - Rules: 5250(c)(1)
  source text: May 12, 2023, the Company received an additional notice from Nasdaq that the Company remains noncompliant with the Rule as a result of its failure to file its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “First Quarter Form 10-Q”) with the SEC by the required due date (the “May Nasdaq Notice” and, together with the April Nasdaq Notice, the “Nasdaq Notices”). As disclosed by the Company on its Notification of Late Filing on Form 12b-25, filed with the SEC on May 11, 2023, the Company was unable to timely file the First Quarter Form 10-Q without unreasonable effort or e
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753823000122/0000717538-23-000122-index.htm
- Executive change
  Thomas J. Murphy was terminated as President and Chief Executive Officer at ARROW FINANCIAL CORP.
  - Action: terminated
  - Role: President and Chief Executive Officer
  source text: Thomas J. Murphy, the President and Chief Executive Officer and a member of the Board of Directors of Arrow Financial Corporation (the “Company”) and President and Chief Executive Officer of Glens Falls National Bank and Trust Company (“GFNB”), terminated his employment as President and CEO and as a director of the Company and from all other positions he holds with the Company and its affiliates, effective May 12, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753823000122/0000717538-23-000122-index.htm
- Executive change
  David S. DeMarco was appointed as President and Chief Executive Officer at ARROW FINANCIAL CORP.
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: Effective on May 13, 2023, the Company appointed Chief Banking Officer and Senior Executive Vice President David S. DeMarco, 61, to serve as President and Chief Executive Officer of the Company and President and Chief Executive Officer of GFNB.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753823000122/0000717538-23-000122-index.htm

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