Arrow Declares March Cash Dividend and Approves Stock Repurchase Program

Rhea-AI Summary

Arrow Financial Corporation (NASDAQ: AROW) announced a quarterly cash dividend of $0.26 per share, reflecting a 3% increase from the previous year. The dividend will be payable on March 15, 2021, to shareholders of record on March 2, 2021. Additionally, the company approved a new stock repurchase program allowing the buyback of up to $5 million of its common stock through December 31, 2021. This program replaces earlier authorizations and aims to enhance shareholder value.

Positive

• Quarterly cash dividend increased by 3% over the previous year.
• New stock repurchase program authorized for up to $5 million.

Negative

• None.

GLENS FALLS, N.Y., Jan. 28, 2021 /PRNewswire/ -- The Board of Directors of Arrow Financial Corporation (NasdaqGS^® - AROW) on January 27, 2021, declared a quarterly cash dividend of $0.26 per share payable March 15, 2021, to shareholders of record March 2, 2021. This represents an increase of 3% over the cash dividend paid in the first quarter of 2020, as a result of the 3% stock dividend distributed September 25, 2020.

The Board also approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to $5 million of the Company's common stock for the period January 27, 2021, through December 31, 2021, in open market or negotiated transactions. This new repurchase program replaces all prior authorizations.

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 contained in this news release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019, and our other filings with the Securities and Exchange Commission.

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SOURCE Arrow Financial Corporation