Arrow Financial Corporation
06/11/2026 | Press release | Distributed by Public on 06/11/2026 06:00
Material Event (Form 8-K)
Item 8.01. Other Events.
As previously announced, on February 25, 2026, Arrow Financial Corporation, a New York corporation ("Arrow") entered into an Agreement and Plan of Merger (the "Agreement") with Adirondack Bancorp, Inc., a New York corporation ("Adirondack") and Arrow Merger Sub, Inc. ("Merger Sub"), a Maryland corporation and wholly owned subsidiary of Arrow. Subject to the terms and conditions of the Agreement, which has been approved by the boards of directors of each party, and pursuant to which, among other things, Adirondack will merge with and into Arrow, with Arrow as the surviving corporation (collectively the "Merger"). Following the Merger, Adirondack Bank, the wholly-owned subsidiary of Adirondack, will merge with and into Arrow Bank National Association and a wholly-owned subsidiary of Arrow ("Arrow Bank"), with Arrow Bank as the surviving bank (the "Bank Merger" and, together with the Merger, the "Transaction").
On June 9, 2026, at a special meeting of the stockholders of Adirondack, Adirondack stockholders voted to approve the Merger.
On June 10, 2026, New York State Department of Financial Services issued their approval of the proposed Transaction and Arrow received a waiver from filing an application with the Federal Reserve Bank of New York in connection with the Merger. As previously announced on June 1, 2026, the Office of the Comptroller of the Currency has also approved the proposed Transaction.
Subject to the satisfaction of customary closing conditions in the Agreement, the Transaction is anticipated to be completed on July 1, 2026.
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