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ARROW FINANCIAL DECLARES CASH DIVIDEND

 GLENS FALLS, N.Y., Aug. 25 /PRNewswire/ -- Arrow Financial Corporation (NASDAQ: AROW) has announced that the board of directors has declared a $.05 per share cash dividend. The cash dividend, the first to be paid since the company suspended its dividend in August 1991, was approved by the Federal Reserve Bank of New York. The dividend will be payable Sept. 27, 1993, to shareholders of record Sept. 13, 1993.
 Michael F. Massiano, chairman and president, indicated: "We are very pleased to reinstate a cash dividend to shareholders. Arrow has had six consecutive quarters of profitable operations. Net income through the two quarters of 1993 equaled $5.3 million and represented 1.49 percent return on average assets. At June 30, 1993, all of our banks exceeded the capital ratio standards that our regulators have set for 'well capitalized' institutions, the highest classification, and our loan loss reserve coverage of nonperforming loans was 152 percent. Although we expect our positive trends to continue, particularly asset quality improvement, the board felt it prudent to consider a conservative dividend payout at this time."
 Arrow Financial Corporation is a $719 million multi-bank holding company headquartered in Glens Falls, N.Y., with banking locations in upstate New York and central and southern Vermont.
 -0- 8/25/93
 /CONTACT: Timothy C. Badger, director of marketing of Arrow Financial Corporation, 518-745-1000/
 (AROW)


CO: Arrow Financial Corporation ST: New York IN: FIN SU: DIV

AR -- CL017 -- 5902 08/25/93 17:14 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
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