Arrow Completes Acquisition of Whitehall, N.Y. Branch

Rhea-AI Summary

Arrow Financial (NasdaqGS® - AROW) has completed the acquisition of the Whitehall, New York branch from Berkshire Bank. The transaction, which closed on August 2, 2024, included:

• Deposit accounts with an approximate balance of $37.5 million
• Loans with an approximate balance of $3 million
• The branch premises and substantially all related property and equipment

This strategic move expands Glens Falls National Bank's presence in Washington County to nine branches. All on-site employees of the Whitehall branch have been retained. The acquisition aligns with Arrow's commitment to broadening its presence, enhancing offerings, and increasing shareholder value.

Positive

• Acquisition of $37.5 million in deposits and $3 million in loans
• Expansion to nine branches in Washington County
• Retention of all on-site employees, preserving local expertise
• Strategic growth in the Whitehall community

Negative

• None.

News Market Reaction

+0.04%

1 alert

+0.04% News Effect

On the day this news was published, AROW gained 0.04%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

GLENS FALLS, N.Y., Aug. 6, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS^® - AROW), through its bank subsidiary Glens Falls National Bank and Trust Company, completed the acquisition of the Whitehall, New York branch office from Berkshire Bank, a subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB).

The previously announced acquisition of the branch at 184 Broadway in Whitehall, New York closed on August 2, 2024 and included deposit accounts with an aggregate approximate balance of $37.5 million and loans with an aggregate approximate balance of $3 million. Glens Falls National Bank now operates a total of nine branches in Washington County.

"We are pleased to announce this successful acquisition and extend a warm welcome to our new customers and team members in the Whitehall community," said Dave DeMarco, President and CEO of Arrow Financial Corporation and Glens Falls National Bank. "This strategic step underscores our dedication to broadening our presence, enhancing our offerings and increasing value for our shareholders. With a long history of serving Washington County, we are committed to providing local expertise to our Whitehall customers and strengthening financial lives." 

All on-site employees of the Whitehall branch are now employed by Glens Falls National Bank. The completion of the sale includes the branch premises and substantially all of the personal property and equipment used in the business. Arrow's advisor for the purchase was Piper Sandler & Co. and legal counsel was provided by Thompson Coburn LLP.

Arrow Financial Corporation (NasdaqGS® - AROW) is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.

The information in this document may contain statements based on management's beliefs, assumptions, expectations, estimates and projections about the future. Such "forward-looking statements," as defined in Section 21E of the Securities Exchange Act of 1934, as amended, involve a degree of uncertainty and attendant risk. Actual outcomes and results may differ, explicitly or by implication. We are not obligated to revise or update these statements to reflect unanticipated events. This document should be read in conjunction with Arrow's Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission.

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SOURCE Arrow Financial Corporation

FAQ

What branch did Arrow Financial (AROW) acquire on August 2, 2024?

Arrow Financial acquired the Whitehall, New York branch from Berkshire Bank, a subsidiary of Berkshire Hills Bancorp, Inc.

How much in deposits and loans did Arrow (AROW) acquire in the Whitehall branch purchase?

Arrow acquired approximately $37.5 million in deposits and $3 million in loans through the Whitehall branch acquisition.

How many branches does Glens Falls National Bank now operate in Washington County after the AROW acquisition?

After the acquisition, Glens Falls National Bank now operates a total of nine branches in Washington County.

What happened to the employees of the Whitehall branch after Arrow's (AROW) acquisition?

All on-site employees of the Whitehall branch are now employed by Glens Falls National Bank, a subsidiary of Arrow Financial