Arrow Financial (AROW) Director Raymond O'Conor Receives 203 Shares

What Happened

• Raymond F. O'Conor, a director of Arrow Financial Corp (AROW), had two reported transactions: a gift of 140 shares on 2026-09-03 (disposed, $0) and an acquisition of 203 shares on 2026-09-23 at $36.97 each, a total value of $7,505. The 9/23 acquisition is noted as a quarterly director's retainer payment (footnote F1), i.e., compensation in stock rather than an open-market purchase.

Key Details

• Transaction dates and amounts:
  • 2026-09-03: Gift of 140 shares (disposition), $0 reported.
  • 2026-09-23: Acquisition of 203 shares @ $36.97 = $7,505 (footnote F1: Quarterly Director's Retainer Payment).
• Shares owned after the transactions: Not specified in the provided filing.
• Footnote: F1 indicates the 9/23 shares came from a director retainer paid in stock.
• Filing date: Report filed 2026-09-25. Because the filing covers a 2026-09-03 gift, that portion appears to be reported late relative to typical two-business-day Form 4 timing.

Context

• Gifts (the 9/03 transaction) are transfers and do not necessarily indicate the insider's market view. The 9/23 acquisition appears to be compensation (retainer paid in stock), not an open-market purchase, so it primarily reflects director pay rather than a direct bullish purchase signal.