Arrow Financial Merges with Adirondack Bancorp to Expand Regional Banking Presence

### Arrow Financial and Adirondack Bancorp Merge to Strengthen Regional Presence

Arrow Financial Corporation, the parent company of Arrow Bank National Association, has officially secured a merger agreement with Adirondack Bancorp, Inc., the holding company for Adirondack Bank. This strategic move represents a significant expansion for Arrow, allowing it to extend its operations into the Adirondack region and the Mohawk Valley, which includes key areas such as Oneida, Herkimer, and Franklin counties. The merger is set to enhance Arrow's footprint in regions where it currently operates, notably Essex and Clinton counties. With a projected combined asset portfolio of $5.4 billion, Arrow is poised to significantly bolster its market presence.

As part of this strategic merger, Arrow anticipates a substantial increase in total deposits and gross loans, which are expected to reach $4.8 billion and $4.1 billion, respectively, by December 31, 2025. David S. DeMarco, President and CEO of Arrow, highlights the cultural compatibility between the two institutions, suggesting that the merger not only aligns with Arrow's growth ambitions but also reinforces its commitment to the communities it serves. This alignment reflects Arrow’s longstanding mission to foster local economic development and customer-oriented services.

Rocco F. Arcuri Sr., the current President and CEO of Adirondack Bancorp, is set to transition into the role of Regional President at Arrow and will join the company’s Board of Directors. He expresses confidence that the merger will allow both institutions to maintain their dedication to customer service and community engagement while providing customers with access to a wider range of products and services. By merging these two banks, Arrow aims to create a stronger, more resilient banking entity that is equipped to navigate future challenges while delivering greater value to its shareholders and clients.

In conjunction with this notable merger, Arrow Financial celebrates its 175th anniversary, a milestone that reflects its deep-rooted commitment to community-oriented banking and sustainable growth. This acquisition signifies a pivotal moment for Arrow as it embraces opportunities to expand its service offerings and strengthen its relationship with the communities involved.

The merger also holds the potential to reshape the competitive landscape in the regions served by both banks. By combining resources and expertise, Arrow Financial and Adirondack Bank aim to enhance their operational efficiencies and solidify their roles as key players in the regional banking sector. Overall, the collaboration marks a forward-thinking approach to address the increasingly complex financial needs of consumers and businesses alike in a rapidly evolving market.