Regional Expansion Into Central New York
The parent company of Arrow Bank announced it will acquire Utica-based Adirondack Bank in a deal valued at $89.1 million, expanding its footprint deeper into central New York.
Adirondack Bank, founded in 1898 as the Saranac Lake Co-Operative Savings and Loan Association, operates 19 branches across Essex, Franklin, Clinton, Herkimer and Oneida counties, along with a loan office in Onondaga County.
The institution reports $942 million in total assets and $848 million in deposits. Arrow Bank currently serves eight counties stretching from the Canadian border to Albany and maintains longstanding connections to communities in the Adirondacks.
Scale and Financial Terms
Upon closing, expected in the second quarter, the combined entity will operate 58 offices with approximately $5.4 billion in assets and $4.8 billion in deposits.
Under the agreement, shareholders of Adirondack Bancorp will receive 1.861 shares of Arrow Financial Corp. stock for each share they hold, plus $18.72 in cash. Arrow stated this represents an estimated $82.79 per Adirondack share.
Leadership and Regulatory Steps
The boards of both companies have approved the transaction. The deal remains subject to regulatory review and shareholder approval from Adirondack Bancorp investors.
Following completion, Rocco F. Arcuri Sr., CEO of Adirondack Bank, will assume the role of regional president at Arrow Bank and join its board of directors.
Continued Consolidation Strategy
The acquisition follows Arrow Financial’s recent consolidation of its former subsidiaries, Glens Falls National Bank and Saratoga National Bank, into a single institution now operating as Arrow Bank.
The latest transaction underscores ongoing consolidation within community banking as regional lenders seek greater scale and broader geographic reach.
