Arrow Financial Corporation Recognized as One of the Top Performing Banks in the U.S.
GLENS FALLS, N.Y., June 29, 2012 /PRNewswire/ -- Thomas L. Hoy, Chairman and C.E.O. of Arrow Financial Corporation (NasdaqGS® – AROW) announced that the ABA Banking Journal recently recognized Arrow Financial Corporation in its May 2012 issue as one of the 25 Top Performing Mid-Sized Banks* in the United States. Mr. Hoy indicated, "We are very pleased that our company has been recognized for its performance. We believe in our business model, which is focused on strong fundamentals, quality customer service and exceptional profitability. Our management team and staff are dedicated to consistent growth and profitability, which has allowed us to deliver solid long term performance for our shareholders."
Arrow Financial Corporation was ranked 18th out of more than 250 banks in the United States by Return On Average Equity (ROAE) for 2011. The performance rankings compared 253 publicly held, federally insured domestic-depository institutions with assets between $1 billion and $10 billion as of December 31, 2011. They were ranked by Return On Average Equity (ROAE) for 2011. The Company was also ranked 18th for performance in 2010.
Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; three property and casualty insurance agencies, Loomis & LaPann, Inc., Upstate Agency, LLC, and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies, LLC; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.
The information contained in this News Release may contain statements that are not historical in nature but rather are based on management's beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company's Annual Report on form 10-K for the year ended December 31, 2011 and our other filings with the Securities and Exchange Commission.
*Source: ABA Banking Journal – May 2012 with analysis by Capital Performance Group, Washington, DC capitalperform.com or ababj.com.
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