GLENS FALLS, N.Y. - Arrow Financial (NASDAQ:AROW) Corporation (NASDAQ:AROW) has announced that its subsidiary, Glens Falls National Bank and Trust Company, will acquire a branch from Berkshire Bank, owned by Berkshire Hills (NYSE:BHLB) Bancorp, Inc. (NYSE:BHLB), located at 184 Broadway, Whitehall, New York.
The transaction is expected to conclude by the end of the third quarter of 2024, pending standard regulatory approvals.
This acquisition will bring Glens Falls National Bank's total branches in Washington County to nine. The Whitehall branch holds deposit accounts and loans with aggregate balances of approximately $39 million and $3 million, respectively.
The deal includes the branch premises and most of the personal property and equipment. Employees at the Whitehall branch will be offered positions within the Arrow Family of Companies.
Dave DeMarco, President and CEO of Arrow Financial Corporation and Glens Falls National Bank, expressed enthusiasm about the expansion, highlighting the company's commitment to growing its market presence and enhancing shareholder value. He emphasized the importance of local expertise and a smooth transition for new customers joining from Berkshire Bank.
Arrow Financial Corporation, based in Glens Falls, New York, is a multi-bank holding company that operates through its subsidiaries, including Saratoga National Bank and Trust Company, North Country Investment Advisers, Inc., and Upstate Agency, LLC. The company serves the financial needs of northeastern New York and is known for its diversified financial services.
The purchase was advised by Piper Sandler & Co., with legal counsel provided by Thompson Coburn LLP. The acquisition is part of Arrow Financial's strategy to meet the financial needs of the communities in Washington County and to continue its growth trajectory.
This news is based on a press release statement and should be read in conjunction with Arrow's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022.
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