Arrow Financial (AROW) Director Mark Behan Acquires 211 Shares

What Happened Mark Behan, a director of Arrow Financial Corp. (AROW), was reported to have acquired 211 shares on September 23, 2026 at $36.97 per share, for a total value of $7,801. The transaction is reported on Form 4 as an "other acquisition" (transaction code J) tied to director compensation.

Key Details

• Transaction date: 2026-09-23; Price: $36.97; Shares acquired: 211; Total value: $7,801.
• Transaction code: J — labeled in the filing as a Quarterly Director's Retainer Payment (Footnote F1).
• Footnote F2: The filing also furnishes that 50 shares were acquired under the company’s DRIP since Aug 17, 2026 (these were not previously required to be reported); the company provided this to disclose total holdings as of this Form 4.
• Shares owned after the transaction: the Form 4 does not state a post-transaction total explicitly; the DRIP shares are disclosed separately.
• Filing timing: Form filed 2026-09-25 for a 2026-09-23 transaction — appears timely (within the usual two-business-day reporting window).

Context This was a non-open-market issuance tied to director compensation (quarterly retainer), not an open-market purchase or sale. Such compensation-related share issuances are common and do not necessarily signal the director’s personal buying/selling decision. The additional 50 DRIP shares are being disclosed for completeness, rather than as a new Form 4-required transaction.