Arrow Financial Corporation to Renovate and Improve Glens Falls, NY, Headquarters

Rhea-AI Summary

Arrow Financial Corporation (NasdaqGS: AROW) announces a significant renovation of its headquarters in Glens Falls, NY, set to begin in the coming months. The project focuses on enhancing both exterior and interior aspects, replacing outdated systems with energy-efficient alternatives, and creating a new customer transaction lobby. This renovation aims to accommodate anticipated growth and improve operational efficiency. The completion is projected for early 2023, marking a substantial investment in the company's future and its ability to serve customers effectively.

Positive

• Investment in headquarters renovations to improve efficiency and customer service.
• Replacement of old systems with energy-efficient equipment.
• Creation of flexible working spaces to adapt to business growth.

Negative

• None.

GLENS FALLS, N.Y., May 24, 2021 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS^® – AROW) is pleased to announce a major renovation of its longtime headquarters in downtown Glens Falls. The project will begin in stages in the coming months and involves exterior and interior improvements, replacement of aging building equipment with new, energy-efficient systems, creation of a new lobby for customer transactions and development of additional space for lending and corporate offices.

"As we prepare for anticipated growth in customer transactions, the proposed renovations to our headquarters will provide more efficient and flexible working space that can be adapted to the needs of our Arrow Team, our customers and our business and will help us streamline processes and consolidate technology,'' said Thomas J. Murphy, President and CEO of Arrow Financial Corporation.

"We also propose to update obsolete heating, ventilation and air conditioning equipment with new energy-saving systems, while creating an attractive new lobby for the main branch of our subsidiary Glens Falls National Bank and Trust Company that blends modern lighting and comfort with popular historic features.''

The main campus of the Arrow Family of Companies occupies a prominent downtown corner in Glens Falls and includes the Main Office of Glens Falls National Bank and Trust Company as well as back office and operational support for not only Glens Falls National, but also Saratoga National Bank and Trust Company and Upstate Agency, LLC.

Glens Falls National Bank was founded in 1851 in the City of Glens Falls. While it has had a few homes since then, its current location on the corner of Glen and South streets is a well-known community landmark. As Arrow's banking and insurance subsidiaries have grown over the last 20 years, the company has built out its workforce using the main campus and additional offices elsewhere. More than 280 employees are based out of Arrow's downtown campus, and more than 500 are employed companywide in Northeastern New York. These renovations are the last and largest phase of a multi-year renovation to ensure better space utilization and address deferred maintenance.

"These renovations represent an investment in the future growth of Arrow Financial, in our ability to attract and retain top talent and in our capacity to deliver responsive and efficient service to better serve our customers for years to come," said Mr. Murphy.

The project is expected to be completed in early 2023.

Arrow Financial Corporation 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.

 

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SOURCE Arrow Financial Corporation

FAQ

What are the details of the renovation project for Arrow Financial Corporation's headquarters?

Arrow Financial Corporation is renovating its headquarters in Glens Falls, NY, focusing on energy efficiency, updated systems, and creating a new customer lobby, expected to complete by early 2023.

Why is Arrow Financial renovating its headquarters?

The renovation aims to enhance operational efficiency, accommodate growth in customer transactions, and improve the working environment for employees.

When is the completion date for the Arrow Financial headquarters renovation?

The renovation project is projected to be completed in early 2023.

How will the renovation impact Arrow Financial's employees?

The renovations will create more flexible working spaces and improve the overall working environment for over 280 employees based in the downtown campus.