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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549


FORM 8-K


CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934



Date of report (Date of earliest event reported)    April 29, 2009


Arrow Financial Corporation

(Exact Name of Registrant as Specified in Its Charter)


New York

(State or Other Jurisdiction of Incorporation)


0-12507

22-2448962

(Commission File Number)

(IRS Employer Identification No.)



250 Glen Street, Glens Falls, NY

12801

(Address of Principal Executive Offices)

(Zip Code)


(518) 745-1000

(Registrant’s Telephone Number, Including Area Code)



(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 


Item 8.01 – Other Events


On April 29, 2009, the Board of Directors of the Company approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to $5 million of the Company’s common stock over the next twelve months in open market or negotiated transactions.  The press release is attached to this Current Report on Form 8-K as Exhibit 99.1.


Also, the Board of Directors declared a quarterly cash dividend of $.25 per share payable June 15, 2009 to shareholders of record June 3, 2009.  



Item 9.01 Financial Statements and Exhibits


(d) Exhibits



Exhibit No.

Description

99.1

Press Release, dated April 29, 2009





SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

ARROW FINANCIAL CORPORATION

Date: April 29, 2009

By:

/s/ Terry R. Goodemote

Terry R. Goodemote

Senior Vice President, Treasurer and
Chief Financial Officer