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Glens Falls, New York – Arrow Financial (NASDAQ:) Corporation (NASDAQ:AROW) is a subsidiary of Glens Falls National Bank & Trust Company and Berkshire Hills (NYSE:) Bancorp, Inc. announced that it would acquire the branch from Berkshire Bank, which owns it. (NYSE:BHLB), 184 Broadway, Whitehall, New York.
The transaction is expected to close by the end of the third quarter of 2024, subject to standard regulatory approvals.
The acquisition brings Glens Falls National Bank's total number of branches in Washington County to nine. The Whitehall Branch holds deposit accounts and loans with total balances of approximately $39 million and approximately $3 million, respectively.
The transaction includes the branch's premises and most of its personal property and equipment. Employees at the Whitehall branch are offered positions within the Arrow Family of Companies.
Dave DeMarco, president and CEO of Arrow Financial Corporation and Glens Falls National Bank, emphasized the company's commitment to growing its market presence and increasing shareholder value. He expressed his enthusiasm for this business expansion. He emphasized the importance of local expertise and a smooth transition for new customers from Berkshire Bank.
Arrow Financial Corporation is a multibank holding company headquartered in Glens Falls, New York, operating through its subsidiaries, including Saratoga National Bank and Trust Company, North Country Investment Advisors, Inc., and Upstate Agency, LLC. The company serves the financial needs of Northeast New York and is known for its diverse range of financial services.
The purchase was advised by Piper Sandler & Company, with Thompson Coburn LLP serving as legal advisor. This acquisition is part of Arrow Financial's strategy to serve the financial needs of the Washington County community and 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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