Arrow Financial Corporation and Adirondack Bancorp Set for Merger Following OCC Approval
On June 1, 2026, Arrow Financial Corporation, the parent entity of Arrow Bank National Association, and Adirondack Bancorp, Inc., which manages Adirondack Bank, announced a significant development in their plans for a merger. They have received approval from the Office of the Comptroller of the Currency (OCC) to move forward with their merger. This merger marks a pivotal move for both organizations, poised to close around July 1, 2026, dependent on receiving necessary approvals from the New York State Department of Financial Services, the Federal Reserve Bank of New York, and other standard closing prerequisites.
Leadership Perspectives
David S. DeMarco, President and CEO of Arrow, expressed enthusiasm over the OCC's decision. He emphasized that the merger combines two client-focused banks, enhancing their capability to serve Adirondack's clientele by utilizing Arrow's commercial expertise and infrastructure. As Arrow celebrates its 175th anniversary, this merger underscores its strategy to accelerate growth and broaden its market footprint. Moreover, it aims to enrich Adirondack's existing product range with additional wealth management and insurance services, ultimately delivering greater value to shareholders.
Similarly, Rocco F. Arcuri Sr., President and CEO of Adirondack, conveyed optimism about the partnership. After months of strategic collaboration, he assured that both teams are set to ensure a seamless integration process. The merger is designed not just for operational efficiency but also to retain exceptional client service standards that both banks uphold.
Once the transaction and systems integration are finalized in the fourth quarter of 2026, the consolidated entity is projected to operate under the Arrow brand, with estimated total assets of approximately $5.4 billion, total deposits hovering around $4.8 billion, and gross loans expected to reach $4.1 billion. This acquisition extends Arrow’s presence into the Adirondack region and the Mohawk Valley, which includes Oneida, Herkimer, and Franklin counties, while reinforcing commitments to existing locations in Essex and Clinton counties.
About Arrow Financial Corporation
Arrow Financial Corporation is renowned as a banking and financial services holding company located in Glens Falls, New York. It offers a wide array of services through Arrow Bank National Association, encompassing everything from banking and wealth management to insurance services across regions from Plattsburgh to Albany. Commemorating its 175-year anniversary throughout 2026, Arrow Bank continues to provide diversified financial products like online banking, mortgages, commercial loans, and investment services. Additionally, Arrow includes an insurance division, Upstate Agency, LLC, and is publicly traded on Nasdaq under the ticker symbol "AROW."
About Adirondack Bancorp, Inc.
Adirondack Bancorp, headquartered in Utica, New York, is the holding company for Adirondack Bank, a chartered banking institution. The bank serves regions across Upstate New York, from the historic Mohawk Valley to the Canadian border, providing essential banking services tailored to the communities it serves.
Forward-Looking Statements
It’s noteworthy that the release contains several forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements encapsulate the beliefs, goals, and expectations of both institutions regarding the merger process, anticipated revenues, and overall strategic objectives. Such statements are inherently vulnerable to various risks and uncertainties that could lead to significant deviations from anticipated outcomes.
In the context of this transaction, Arrow has initiated a registration statement with the U.S. Securities and Exchange Commission (SEC) concerning its issued shares related to the merger. This documentation is critical for shareholders and investors aiming to understand the merger’s implications thoroughly. Stakeholders are encouraged to review these documents as they contain vital information relevant to the transaction and the futures of both Arrow and Adirondack.
Leadership Perspectives
David S. DeMarco, President and CEO of Arrow, expressed enthusiasm over the OCC's decision. He emphasized that the merger combines two client-focused banks, enhancing their capability to serve Adirondack's clientele by utilizing Arrow's commercial expertise and infrastructure. As Arrow celebrates its 175th anniversary, this merger underscores its strategy to accelerate growth and broaden its market footprint. Moreover, it aims to enrich Adirondack's existing product range with additional wealth management and insurance services, ultimately delivering greater value to shareholders.
Similarly, Rocco F. Arcuri Sr., President and CEO of Adirondack, conveyed optimism about the partnership. After months of strategic collaboration, he assured that both teams are set to ensure a seamless integration process. The merger is designed not just for operational efficiency but also to retain exceptional client service standards that both banks uphold.
Once the transaction and systems integration are finalized in the fourth quarter of 2026, the consolidated entity is projected to operate under the Arrow brand, with estimated total assets of approximately $5.4 billion, total deposits hovering around $4.8 billion, and gross loans expected to reach $4.1 billion. This acquisition extends Arrow’s presence into the Adirondack region and the Mohawk Valley, which includes Oneida, Herkimer, and Franklin counties, while reinforcing commitments to existing locations in Essex and Clinton counties.
About Arrow Financial Corporation
Arrow Financial Corporation is renowned as a banking and financial services holding company located in Glens Falls, New York. It offers a wide array of services through Arrow Bank National Association, encompassing everything from banking and wealth management to insurance services across regions from Plattsburgh to Albany. Commemorating its 175-year anniversary throughout 2026, Arrow Bank continues to provide diversified financial products like online banking, mortgages, commercial loans, and investment services. Additionally, Arrow includes an insurance division, Upstate Agency, LLC, and is publicly traded on Nasdaq under the ticker symbol "AROW."
About Adirondack Bancorp, Inc.
Adirondack Bancorp, headquartered in Utica, New York, is the holding company for Adirondack Bank, a chartered banking institution. The bank serves regions across Upstate New York, from the historic Mohawk Valley to the Canadian border, providing essential banking services tailored to the communities it serves.
Forward-Looking Statements
It’s noteworthy that the release contains several forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements encapsulate the beliefs, goals, and expectations of both institutions regarding the merger process, anticipated revenues, and overall strategic objectives. Such statements are inherently vulnerable to various risks and uncertainties that could lead to significant deviations from anticipated outcomes.
In the context of this transaction, Arrow has initiated a registration statement with the U.S. Securities and Exchange Commission (SEC) concerning its issued shares related to the merger. This documentation is critical for shareholders and investors aiming to understand the merger’s implications thoroughly. Stakeholders are encouraged to review these documents as they contain vital information relevant to the transaction and the futures of both Arrow and Adirondack.
Topics Financial Services & Investing）
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