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GLENS FALLS — Arrow Financial Corporation on Aug. 28 declared a 3% stock dividend.

The dividend will be distributed on Sept. 27.

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The shareholders of record on Sep. 17 will receive three additional shares of Arrow Common Stock for every 100 shares owned. Certificate shareholders will receive the cash equivalent of any fractional shares to which they are entitled, according to a news release.

Arrow Financial Corp. is a multi-bank holding company headquartered in Glens Falls. It is the parent of Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co.

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