Arrow Financial Corporation announced that Thomas J. Murphy terminated his employment as Chief Executive Officer of the Company, effective May 12, 2023. The company also announced that the Board of Directors has appointed Chief Banking Officer and Senior Executive Vice President David S. DeMarco as Chief Executive Officer of Arrow. Mr. DeMarco, who has been with the Company for 35 years, will continue to serve as President and Chief Executive Officer of Arrow subsidiary Saratoga National Bank and Trust Company.

Mr. DeMarco joined the Company in 1987 as a commercial lender and since that time has served in positions of increasing responsibility with the organization. He was named President and CEO of Saratoga National Bank in 2012.