History of Arrow Bank

Glens Falls Bank opened for business in a newly constructed building on Ridge Street in Glens Falls, N.Y. More than $17,000 deposited in our first month of operation and $3 million in “total cash business” reported in the first year. [The modern-day equivalent is $116 million]

The “Great Fire of 1864” destroyed much of downtown Glens Falls, including the Glens Falls Bank building. The bank temporarily operated out of lumber baron Henry Crandall’s Glen Street home while they put finishing touches on a new bank building on its Glen Street property, which later became known as “The Old Brownstone” because of the New York City look.

Glens Falls Bank printed its own currency, often with pictures of bank leaders. In 1865, the bank joined the new national banking system, and conducted business with “national” money, which featured pictures of our nation’s leaders.

Bank directors applied for and received a national charter and changed the bank’s name to Glens Falls National Bank. It is the oldest corporation in Warren County.

Glens Falls Bank began marketing banking to women, which was groundbreaking, as women were disenfranchised from voting until 1920.

Glens Falls Bank acquired the Glens Falls Trust Company and our name to Glens Falls National Bank and Trust Company, which we still utilize today.

Glens Falls National broke ground at 250 Glen Street, where we remain headquartered today.

Just before Glens Falls National turned 100, we acquired the Fort Edward National Bank, which resulted in the first branch outside of our Main Office.

Glens Falls National designed the Queensbury Office, the second branch in our history, to mirror the Main Office and headquarters on Glen Street. This remains one of our busiest locations.

Glens Falls National began using computer technology and joined a Capital District co-op to process checks. Additionally, BankAmericard was introduced (the predecessor to Visa^®) and 24-Hour Banking was offered via ATMs. We also began acquiring smaller banks as a way to grow, including Chester-Schroon-Horicon Bank, the National Bank of Schuylerville and Cambridge Valley National Bank.

By the mid-‘90s, we were approaching $500 million in assets. Tom Hoy took over as President and CEO and kicked off a period of geographic expansion, acquiring six Fleet Bank offices that mark the northern-most reach of our footprint as its stands today.

Glens Falls National Bank went public on NASDAQ as GFAL.

Arrow Bank Corporation (now called Arrow Financial Corporation) was formed and trading began as AROW, which remains our ticker symbol today.

Thanks to the formation of the holding company, we were able to open Saratoga National Bank and Trust Company in Saratoga Springs on July 1.

Arrow surpasses $1 billion in assets for the first time.

Glens Falls National Bank acquired four insurance agencies: Capital Financial Group, Loomis & LaPann, Upstate Agency, LLC and McPhillips Inc. This expanded the Arrow business model to include employee benefits.

We expanded our campus to better house our headquarters and operations teams by acquiring the dilapidated Madden Hotel on South Street in what was a significant economic development partnership with and investment in the City of Glens Falls.

After many years of operating the insurance agencies under their original names, we sold the Loomis name and brought other agencies together under the Upstate Agency brand. We introduced the “Arrow Family of Companies” to drive awareness of the full family of brands under Arrow.

We offered our first Visa^® Check Card to substitute for cash or checks.

Glens Falls National and Saratoga National were among the first local banks to offer internet banking, providing customers 24/7 access to their accounts from a personal computer. While functionality was limited, it was a new and exciting development beyond in-person and paper.

Our banks launched consumer banking mobile apps, which allowed new self-service features like mobile check deposit from home.

This was a period of growth and enhancement with our digital services including the digitization of loan payments, commercial lending applications, enhanced payment solutions, our mobile banking app and renovated websites. During this timeframe, Arrow surpassed $3 billion in assets.

During the COVID-19 pandemic, we further developed our digital services, including online account opening and control of debit card usage and alerts through our online banking and app.

Arrow exceeds $4 billion in assets just a few years after reaching $3 billion, a reflection of consistent and organic growth.

Arrow debuted a new mission, vision and culture statement to reflect our focus on long-lasting relationships and values, such as continuous improvement, doing the right thing the right way, taking care of our neighbors, valuing differences and corporate responsibility.

Our fully renovated and modernized campus in downtown Glens Falls reopens to employees and customers, marking a new chapter in our history and presenting a modern face of our brand.

We received official approval from the Office of the Comptroller of the Currency (OCC) to unify Glens Falls National Bank and Saratoga National Bank into one entity renamed Arrow Bank National Association, or Arrow Bank.

On January 1, 2025, we officially became Arrow Bank. Later that year, we united our customer-facing platforms under one name and introduced our new tagline, “From Point A to Anywhere.” Key milestones included:

• Updated signage at all bank branch locations
• The launch of arrowbank.com and our rebranded bank app
• A comprehensive ad campaign introducing Arrow Bank to our customers and communities