# ARROW FINANCIAL CORP (AROW) — merger [completed]
Source: SEC API (secapi.ai) · situation sit_6e59e3a004ac3035a91d · retrieved 2026-08-11T16:13:53.616Z

## Overview
Arrow Financial Corporation is a New York-based bank holding company with a wholly-owned subsidiary, Arrow Bank National Association, a national bank.

Arrow Financial Corporation entered into an Agreement and Plan of Merger with Adirondack Bancorp, Inc. on February 25, 2026. Under the merger agreement, each share of Adirondack common stock will be converted into 1.8610 shares of Arrow common stock and $18.72 in cash. The transaction is structured as a two-step merger: Adirondack will merge into Arrow Merger Sub (with Adirondack as the surviving corporation), followed immediately by a merger of Adirondack into Arrow. Following the corporate mergers, Adirondack Bank will merge into Arrow Bank National Association. The transaction is intended to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code.

## Terms
- Counterparty: Adirondack Bancorp, Inc. · Consideration: mixed · Price/share: $18.72

## Key dates
- Announced 2026-02-26 · Completed 2026-07-01

## Timeline
- 2026-02-26 · 425 (0000717538-26-000031): 425 - ARROW FINANCIAL CORP — *Arrow Financial Corporation is a New York-based bank holding company with a wholly-owned subsidiary, Arrow Bank National Association, a national bank.* Arrow Financial Corporation entered into an Agreement and Plan of Merger with Adirondack Bancorp, Inc. on February 25, 2026. Under the merger agreement, each share of Adirondack common stock will be converted into 1.8610 shares of Arrow common stock and $18.72 in cash. The transaction is structured as a two-step merger: Adirondack will merge into Arrow Merger Sub (with Adirondack as the surviving corporation), followed immediately by a merger of Adirondack into Arrow. Following the corporate mergers, Adirondack Bank will merge into Arrow Bank National Association. The transaction is intended to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code.
  https://www.sec.gov/Archives/edgar/data/717538/0000717538-26-000031.txt
- 2026-07-01 · 8-K (0000717538-26-000100): 8-K 8-K
  https://www.sec.gov/Archives/edgar/data/717538/000071753826000100/arow-20260701.htm

## Citations
- 0000717538-26-000031 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000071753826000031
- 0000717538-26-000100 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000071753826000100