The Board of Directors of Arrow Financial Corporation (NasdaqGS® – AROW) on May 3, 2023, declared a quarterly cash dividend of $0.27 per share payable June 15, 2023, to shareholders of record on June 2, 2023.

This represents a 3.0% increase over the cash dividend paid in the second quarter of 2022, as a result of the 3% stock dividend distributed on September 23, 2022.

The dividend will be paid in all cash including to participants in the Company’s Automatic Dividend Reinvestment Plan for which no dividends will be reinvested.

Arrow Financial Corporation