---
schema_version: "secwatch.filing_event.v1"
accession: "0000717538-23-000253"
form_type: "8-K"
ticker: "AROW"
cik: "0000717538"
company_name: "ARROW FINANCIAL CORP"
filed_at: "2023-12-04T23:59:59+00:00"
generated_at: "2026-06-07T19:02:43.703510+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Arrow Financial sells Visa shares for $9.3M gain, repositions $100M securities portfolio

## Summary
- Sold 27,771 Visa Class B shares for pre-tax gain of approximately $9.3 million.
- Sold ~$100M lower-yielding securities for pre-tax loss of ~$9.2M; proceeds reinvested in higher-yielding assets.
- Annual pre-tax earnings uplift of ~$3M expected from ~3% positive spread differential.
- Transactions improve regulatory risk-based capital ratios and are accretive to book value per share.

## SEC filing metadata
- accession: 0000717538-23-000253
- form_type: 8-K
- ticker: AROW
- cik: 0000717538
- company_name: ARROW FINANCIAL CORP
- filed_at: 2023-12-04T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/717538/000071753823000253/0000717538-23-000253-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/717538/000071753823000253/arow-20231127.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000717538-23-000253
- JSON: https://secwatch.observer/filing/0000717538-23-000253.json
- Plain text: https://secwatch.observer/filing/0000717538-23-000253.txt

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