content: <!doctype html public "-//IETF//DTD HTML//EN">
  <HTML>
  <HEAD>
  <TITLE>UNITED STATES</TITLE>
  <META NAME="author" CONTENT="gerb">
  <META NAME="date" CONTENT="01/30/2007">
  </HEAD>
  <BODY style="line-height:12pt; font-size:10pt; color:#000000">
  <P style="margin:0pt; font-family:Courier New"><BR>
  <BR>
  <BR></P>
  <TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.9pt solid #000000" valign=top width=708 colspan=6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>UNITED STATES</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=708 colspan=6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=708 colspan=6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>Washington, D.C. 20549</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=708 colspan=6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; line-height:16pt; font-family:Courier New; font-size:14pt" align=center><B>FORM 144</B></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=708 colspan=6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin:0pt; font-family:Courier New" align=center>NOTICE OF PROPOSED SALE OF SECURITIES</P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=708 colspan=6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">ATTENTION: Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">1(a) NAME OF ISSUER</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">(b) IRS IDENT. NO</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=168 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">(c) S.E.C. FILE NO.</P>
  </TD><TD style="border-right:0.9pt solid #000000" valign=top width=144 colspan=2 rowspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Arrow Financial Corporation</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">22-2448962</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=168 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">0-12507</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">1(d)ADDRESS OF ISSUER STREET</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">CITY</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">STATE</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">ZIP CODE</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=144 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">(e)TELEPHONE NO.</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">AREA CODE</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">NUMBER</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">250 Glen Street</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Glens Falls</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">NY</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">12801</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">518</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">745.1000</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>2(a) NAME OF PERSON FROM WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(b) IRS IDENT NO.</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(c)RELA-</P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>TIONSHIP TO ISSUER</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=228 colspan=3><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(d)ADDRESS STREET CITY STATE ZIP</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=240><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Michael B Clarke</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Director</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=228 colspan=3><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">58 Christiana Court </P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Lake George, NY &nbsp;12845</P>
  </TD></TR>
  </TABLE>
  <P style="margin:0pt; font-family:Courier New"><BR></P>
  <P style="margin:0pt; font-family:Courier New"><BR>
  <BR></P>
  <P style="page-break-before:always; margin:0pt; font-family:Courier New"><BR>
  <BR>
  <BR></P>
  <P style="margin:0pt; font-family:Courier New">INSTRUCTION: The person filing this report should contact the issuer to obtain the I.R.S. Identification Number and the S.E.C. File Number.</P>
  <P style="margin:0pt; font-family:Courier New"><BR></P>
  <TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.9pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>3(a) Title of the Class of Securities</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=162><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(b) Name and Address of Each Broker Through Whom the Securities are to be Offered or Each Market Maker Who is Acquiring the Securities</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(c) Number of Shares or Other Units To Be Sold</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(d) Aggregate Market Value</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(e) Number of Shares or Other Units Outstanding</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(f)Approx-</P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>imate Date of Sale</P>
  </TD><TD style="border-top:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>(g)Name of Each Securities Exchange</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Common Stock</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=162><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Salomon Smith Barney<BR>
  Citigroup Global Mkts Inc.<BR>
  390 Greenwich St.<BR>
  3rd Floor<BR>
  New York NY 10013</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">3,100</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin:0pt; font-family:Courier New">$75,175</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">10,604,695</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">01/31/07 </P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">NASDAQ</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=162><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=162><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=162><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=162><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  </TD></TR>
  </TABLE>
  <P style="margin:0pt; font-family:Courier New"><BR></P>
  <TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.9pt solid #000000" valign=top width=720 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">INSTRUCTIONS:</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>1.(a)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Name of issuer</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(b)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Issuer<FONT FACE="WP TypographicSymbols">=</FONT>s IRS Identification Number</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(c)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Issuer<FONT FACE="WP TypographicSymbols">=</FONT>s S.E.C. file number, if any</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(d)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Issuer<FONT FACE="WP TypographicSymbols">=</FONT>s address, including zip code</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(e)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Issuer<FONT FACE="WP TypographicSymbols">=</FONT>s telephone number, including area code</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>2.(a)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Name of person for whose account the securities are to be sold</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(b)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Such person<FONT FACE="WP TypographicSymbols">=</FONT>s I.R.S. identification number, if such person is an entity</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(c)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Such person<FONT FACE="WP TypographicSymbols">=</FONT>s relationship to the issuer (i.e. officer, director, 10% stockholder, or member of immediate family of any of the foregoing)</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(d)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Such person<FONT FACE="WP TypographicSymbols">=</FONT>s address, including zip code</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>3.(a)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Title of the class of securities to be sold</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(b)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Name and address of each broker through whom the securities are intended to be sold</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(c)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Number of shares or other units to be sold (if debt securities, give the face amount)</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(d)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Aggregate market value of the securities to be sold as of a specified date within 10 days prior to the filing of this notice.</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(e)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(f)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Approximate date on which the securities are to be sold</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=right>(g)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=660><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Name of each securities exchange, if any, on which the securities are to be sold</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=720 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.</P>
  </TD></TR>
  </TABLE>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.9pt solid #000000" valign=top width=719.6 colspan=7><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>TABLE I - SECURITIES TO BE SOLD</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=719.6 colspan=7><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefore:</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Title of the Class</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Date You Acquired</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Nature of Acquisition Transaction</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=150><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Name of Person from Whom Acquired (If gift, also give date donor acquired)</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Amount of Securities Acquired</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Date of Payment</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=101.6><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Nature of Payment</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Common Stock</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin:0pt; font-family:Courier New">Acquired on various</P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">dates </P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Semi-annual retainer payments, automatic monthly cash contributions and Company match/discount, automatically reinvested cash dividends and stock dividends</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=150><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Administrator of Dividend Reinvestment Plan or Employee Stock Purchase Plan</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">3,100</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New">Full payment made on each Date of Purchase</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=101.6><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin:0pt; font-family:Courier New">Company paid semi- annual retainer,</P>
  <P style="margin:0pt; font-family:Courier New">Company match/</P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; font-family:Courier New">discount, reinvested cash dividends, and stock dividends</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:2.85pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">INSTRUCTIONS:</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360 colspan=3><P style="margin:0pt; line-height:2.85pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=justify>1. If the securities were purchased and full payment therefore was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. &nbsp;If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment period.</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=263.6 colspan=3><P style="margin:0pt; line-height:2.85pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=justify>2. If within two years after the acquisition of the securities the person for whose account they are to be sold had any short positions, put or other option to dispose of securities referred to in paragraph (d)(3) of Rule 144, furnish full information with respect thereto.</P>
  </TD></TR>
  </TABLE>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.9pt solid #000000" valign=top width=720 colspan=5><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=720 colspan=5><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold:</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=198><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Name and Address of Seller</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=174><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Title of Securities Sold</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=120><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Date of Sale</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Amount of Securities Sold</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Gross Proceeds</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=198>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=174>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=120>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114>&nbsp;</TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=198>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=174>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=120>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114>&nbsp;</TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=198>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=174>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=120>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114>&nbsp;</TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=114>&nbsp;</TD></TR>
  </TABLE>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.9pt solid #000000" valign=top width=720 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">Remarks:</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=justify>INSTRUCTIONS:</P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=justify>See the definition of <FONT FACE="WP TypographicSymbols">A</FONT>person<FONT FACE="WP TypographicSymbols">@</FONT> in paragraph (a) of Rule 144. &nbsp;Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=justify>ATTENTION:</P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=justify>The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current an prospective operations of the issuer of the securities to be sold which has not been publicly disclosed.</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Courier New" align=center>01/31/07</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360><P style="margin:0pt; line-height:6pt; font-family:Courier New"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; font-family:Courier New" align=center>Michael B. Clarke</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>DATE OF NOTICE</P>
  </TD><TD style="border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=360><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt">(SIGNATURE)</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=720 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>The notice shall be signed by the person for whose account the securities are to be sold.</P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>&nbsp;&nbsp;At least one copy of the notice shall be manually signed.</P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center>Any copies not manually signed shall be typed or printed signatures.</P>
  </TD></TR>
  <TR><TD style="border-left:0.9pt solid #000000; border-right:0.9pt solid #000000; border-bottom:0.9pt solid #000000" valign=top width=720 colspan=2><P style="margin:0pt; line-height:6pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center><B>ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations</B></P>
  <P style="margin-top:0pt; margin-bottom:1.95pt; line-height:10pt; font-family:Courier New; font-size:8pt" align=center><B>(See 18 U.S.C.1001)</B></P>
  </TD></TR>
  </TABLE>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR></P>
  <P style="margin:0pt; font-family:Courier New; font-size:8pt"><BR>
  <BR></P>
  </BODY>
  </HTML>
metadata_documents: [{"type": "144", "sequence": "1", "filename": "clarkeform14401312007final.htm", "secsgml_size_bytes": 53473}]
text: UNITED STATES
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 144
  NOTICE OF PROPOSED SALE OF SECURITIES
  PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
  ATTENTION: Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.
  1(a) NAME OF ISSUER
  (b) IRS IDENT. NO
  (c) S.E.C. FILE NO.
  Arrow Financial Corporation
  22-2448962
  0-12507
  1(d)ADDRESS OF ISSUER STREET
  CITY
  STATE
  ZIP CODE
  (e)TELEPHONE NO.
  AREA CODE
  NUMBER
  250 Glen Street
  Glens Falls
  NY
  12801
  518
  745.1000
  2(a) NAME OF PERSON FROM WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD
  (b) IRS IDENT NO.
  (c)RELA-
  TIONSHIP TO ISSUER
  (d)ADDRESS STREET CITY STATE ZIP
  Michael B Clarke
  Director
  58 Christiana Court
  Lake George, NY  12845
  INSTRUCTION: The person filing this report should contact the issuer to obtain the I.R.S. Identification Number and the S.E.C. File Number.
  3(a) Title of the Class of Securities
  (b) Name and Address of Each Broker Through Whom the Securities are to be Offered or Each Market Maker Who is Acquiring the Securities
  (c) Number of Shares or Other Units To Be Sold
  (d) Aggregate Market Value
  (e) Number of Shares or Other Units Outstanding
  (f)Approx-
  imate Date of Sale
  (g)Name of Each Securities Exchange
  Common Stock
  Salomon Smith Barney
  Citigroup Global Mkts Inc.
  390 Greenwich St.
  3rd Floor
  New York NY 10013
  3,100
  $75,175
  10,604,695
  01/31/07
  NASDAQ
  INSTRUCTIONS:
  1.(a)
  Name of issuer
  (b)
  Issuer
  =
  s IRS Identification Number
  (c)
  Issuer
  =
  s S.E.C. file number, if any
  (d)
  Issuer
  =
  s address, including zip code
  (e)
  Issuer
  =
  s telephone number, including area code
  2.(a)
  Name of person for whose account the securities are to be sold
  (b)
  Such person
  =
  s I.R.S. identification number, if such person is an entity
  (c)
  Such person
  =
  s relationship to the issuer (i.e. officer, director, 10% stockholder, or member of immediate family of any of the foregoing)
  (d)
  Such person
  =
  s address, including zip code
  3.(a)
  Title of the class of securities to be sold
  (b)
  Name and address of each broker through whom the securities are intended to be sold
  (c)
  Number of shares or other units to be sold (if debt securities, give the face amount)
  (d)
  Aggregate market value of the securities to be sold as of a specified date within 10 days prior to the filing of this notice.
  (e)
  Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer
  (f)
  Approximate date on which the securities are to be sold
  (g)
  Name of each securities exchange, if any, on which the securities are to be sold
  Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
  TABLE I - SECURITIES TO BE SOLD
  Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefore:
  Title of the Class
  Date You Acquired
  Nature of Acquisition Transaction
  Name of Person from Whom Acquired (If gift, also give date donor acquired)
  Amount of Securities Acquired
  Date of Payment
  Nature of Payment
  Common Stock
  Acquired on various
  dates
  Semi-annual retainer payments, automatic monthly cash contributions and Company match/discount, automatically reinvested cash dividends and stock dividends
  Administrator of Dividend Reinvestment Plan or Employee Stock Purchase Plan
  3,100
  Full payment made on each Date of Purchase
  Company paid semi- annual retainer,
  Company match/
  discount, reinvested cash dividends, and stock dividends
  INSTRUCTIONS:
  1. If the securities were purchased and full payment therefore was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given.  If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment period.
  2. If within two years after the acquisition of the securities the person for whose account they are to be sold had any short positions, put or other option to dispose of securities referred to in paragraph (d)(3) of Rule 144, furnish full information with respect thereto.
  TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS
  Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold:
  Name and Address of Seller
  Title of Securities Sold
  Date of Sale
  Amount of Securities Sold
  Gross Proceeds
  Remarks:
  INSTRUCTIONS:
  See the definition of
  A
  person
  @
  in paragraph (a) of Rule 144.  Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice
  ATTENTION:
  The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current an prospective operations of the issuer of the securities to be sold which has not been publicly disclosed.
  01/31/07
  Michael B. Clarke
  DATE OF NOTICE
  (SIGNATURE)
  The notice shall be signed by the person for whose account the securities are to be sold.
  At least one copy of the notice shall be manually signed.
  Any copies not manually signed shall be typed or printed signatures.
  ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations
  (See 18 U.S.C.1001)