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Posted 15 May, 2023

ARROW FINANCIAL CORP appointed David S. DeMarco as new CEO

Nasdaq:AROW appointed new Chief Executive Officer David S. DeMarco in a 8-K filed on 15 May, 2023.


  Effective on May 13, 2023, the Company appointed Chief Banking Officer and Senior Executive Vice President David S. DeMarco, 61, to serve as President and Chief Executive Officer of the Company and President and Chief Executive Officer of GFNB.  

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Overview of ARROW FINANCIAL CORP
Financial Services • Banking
Arrow Financial Corp. is a bank holding company, which engages in the provision of banking and insurance services through its subsidiaries, Glens Falls National and Saratoga National. It offers deposit accounts, lending activities, insurance products, and loans. The company was founded on March 21, 1983 and is headquartered in Glens Falls, NY.
Market Cap
$407M
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ARROW FINANCIAL CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


Departure of President and CEO and Director Thomas J. Murphy. Thomas J. Murphy, the President and Chief Executive Officer and a member of the Board of Directors of Arrow Financial Corporation (the "Company") and President and Chief Executive Officer of Glens Falls National Bank and Trust Company ("GFNB"), terminated his employment as President and CEO and as a director of the Company and from all other positions he holds with the Company and its affiliates, effective May 12, 2023.


Appointment of CEO. Effective on May 13, 2023, the Company appointed Chief Banking Officer and Senior Executive Vice President David S. DeMarco, 61, to serve as President and Chief Executive Officer of the Company and President and Chief Executive Officer of GFNB. Mr. DeMarco currently serves, and will continue to serve, as President and Chief Executive Officer of Arrow subsidiary Saratoga National Bank and Trust Company ("SNB"). Mr. DeMarco has been with the Company since 1987 and has served as President and CEO of SNB since 2012. His other various executive officer capacities are described more fully in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed by the Company on March 11, 2022. Mr. DeMarco has no related party transactions with the Company reportable under Item 404(a) of Regulation S-K and has no family relationships with any director or executive officer of the Company. Mr. DeMarco's compensation will remain as set forth in his Employment Agreement, described in the Current Report on Form 8-K filed by the Company on February 1, 2023.