Whale Wisdom: Track Hedge Funds Using 13F Filings

Form Type: 4

Acccession Number:	0000717538-12-000084
Date:	2011-07-30
Issuer:	ARROW FINANCIAL CORP (AROW)
Original Submission Date:

Reporting Person:

MURPHY JOHN J
20264 COUNTRY CLUB DR.
ESTERO, FL 33928

Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
Title of Security	Transaction Date	2a. Deemed Execution Date	Transaction Code	Shares	Acquired or Disposed	Price per share	5. Amount of Securities Beneficially Owned Following Reported Transaction	6. Ownership Form Direct or Indirect	Nature of Indirect Ownership
COMMON STOCK	2011-07-30		S	1,500	d	$24.26	45,576	direct

Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, convertible securities
Title of Derivative Security	Conversion or Exercise Price of Derivative Security	Transaction Date	Deemed Execution Date	Transaction Code	Number of Derivative Securities Acquired (A) or Disposed of (D)	Date Exercisable	Expiration Date	Title and Amount of Securities Underlying Derivative Security	Price of Derivative Security	Number of derivative Securities Beneficially Owned Following Reported Transaction(s)	Ownership Form: Direct (D) or Indirect (I)	Nature of Indirect Beneficial Ownership
COMMON STOCK	0.0	2011-07-30	deemed execution date	S	1,500 (d)				$0.00	45,576	direct

Footnotes
ID	footnote
f1	the sales reported in this form 4 were effected pursuant to a rule 10b5-1 trading plan adopted by the reporting person on july 25, 2012.
f2	the sale prices for the shares ranged from $24.18 to $24.44. the weighted average sale price is reflected above at $24.26. the reporting person will provide upon request by the commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
f3	following the reported transactions total direct holdings of 45,576 shares includes 14 additional shares acquired under the companys drip on 6/15/12. this transaction was not required to be reported on a form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this form 4.