---
schema_version: "secwatch.filing_event.v1"
accession: "0000717538-26-000030"
form_type: "8-K"
ticker: "AROW"
cik: "0000717538"
company_name: "ARROW FINANCIAL CORP"
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:55:46.735762+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Arrow Financial to acquire Adirondack Bancorp; consideration 1.8610 shares + $18.72 cash per share

## Summary
- Merger consideration: 1.8610 Arrow shares plus $18.72 cash per Adirondack share; intended as tax-free reorganization.
- Adirondack CEO Rocco Arcuri will join Arrow and Arrow Bank boards and serve as Regional President after closing.
- Deal requires Adirondack shareholder vote, regulatory approvals from Fed, OCC, NYDFS, and other customary conditions.
- Termination fee of $3.62M payable by Adirondack under certain circumstances; voting and lock-up agreements in place.
- Expected to close in 2026; Arrow will file S-4 proxy/prospectus with SEC.

## SEC filing metadata
- accession: 0000717538-26-000030
- form_type: 8-K
- ticker: AROW
- cik: 0000717538
- company_name: ARROW FINANCIAL CORP
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/717538/000071753826000030/0000717538-26-000030-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/717538/000071753826000030/arow-20260225.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000717538-26-000030
- JSON: https://secwatch.observer/filing/0000717538-26-000030.json
- Plain text: https://secwatch.observer/filing/0000717538-26-000030.txt

## Key facts
- Material Agreements
  ARROW FINANCIAL CORP entered into Agreement and Plan of Merger with Adirondack Bancorp, Inc., Arrow Merger Sub, Inc. (effective 2026-02-25).
  - Action: entry
  - Agreement: merger
  - Counterparty: Adirondack Bancorp, Inc., Arrow Merger Sub, Inc.
  - Effective: 2026-02-25
  source text: On February 25, 2026, Arrow Financial Corporation, a New York corporation ("Arrow") entered into an Agreement and Plan of Merger (the “Agreement”) with Adirondack Bancorp, Inc., a New York corporation (“Adirondack”) and Arrow Merger Sub, Inc. (“Merger Sub”), a Maryland corporation and wholly owned subsidiary of Arrow.
  evidence_url: https://www.sec.gov/Archives/edgar/data/717538/000071753826000030/0000717538-26-000030-index.htm

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