Arrow Financial and Adirondack Bancorp Merge, Transaction Valued at Approximately $89.1M
Arrow Financial and Adirondack Bancorp jointly announced that both companies' boards of directors have unanimously approved an agreement and plan of merger pursuant to which Adirondack will merge with and into Arrow. Pursuant to the terms of the Agreement, Adirondack shareholders will receive a combination of stock and cash upon closing of the merger with Arrow. Each outstanding share of Adirondack common stock will be converted into 1.8610 shares of Arrow common stock plus $18.72 in cash. Based on the closing stock price of AROW common stock of $34.43 as of February 25, 2026, the per share implied consideration value is $82.79 and the aggregate implied transaction value is approximately $89.1M. Closing of the transaction is expected by the end of the second quarter of 2026 following receipt of approvals from regulatory authorities, the approval of Adirondack shareholders, and the satisfaction of other customary closing conditions. Once the acquisition is completed, Arrow will have 58 offices in upstate New York offering a full range of financial products and services.