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  <td colspan="6" align="center" valign="top" width="38%">UNITED STATES</td></tr>
  <tr>
  <td colspan="6" align="center" valign="top">SECURITIES AND EXCHANGE COMMISSION</td></tr>
  <tr>
  <td colspan="6" align="center" valign="top">Washington, D.C. 20549</td></tr>
  <tr>
  <td colspan="6" align="center" valign="top"><strong>FORM 144</strong></td></tr>
  <tr>
  <td colspan="6" align="center" valign="top">NOTICE OF PROPOSED SALE OF SECURITIES
  
  <p>PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933</td></tr>
  <tr>
  <td colspan="6" valign="top">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.</td></tr>
  <tr>
  <td valign="top">1(a) NAME OF ISSUER</td>
  <td valign="top" width="25%">(b) IRS IDENT. NO</td>
  <td colspan="2" valign="top" width="13%">(c) S.E.C. FILE NO.</td>
  <td colspan="2" rowspan="2" valign="top" width="9%"></td></tr>
  <tr>
  <td valign="top">Arrow Financial Corporation</td>
  <td valign="top">22-2448962</td>
  <td colspan="2" valign="top">0-12507</td>
  </td></tr>
  <tr>
  <td valign="top">1(d)ADDRESS OF ISSUER STREET</td>
  <td valign="top">CITY</td>
  <td valign="top">STATE</td>
  <td valign="top" width="13%">ZIP CODE</td>
  <td colspan="2" valign="top">(e)TELEPHONE NO.</td></tr>
  <tr>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top">AREA
  CODE</td>
  <td valign="top" width="13%">NUMBER</td></tr>
  <tr>
  <td valign="top">250 Glen Street</td>
  <td valign="top">Glens Falls</td>
  <td valign="top">NY</td>
  <td valign="top">12801</td>
  <td valign="top">518</td>
  <td valign="top">745.1000</td></tr>
  <tr>
  <td align="center" valign="top">2(a) NAME OF PERSON FROM WHOSE
  ACCOUNT THE SECURITIES ARE TO BE
  SOLD</td>
  <td align="center" valign="top">(b) IRS IDENT NO.</td>
  <td align="center" valign="top">(c)RELA-
  
  <p>TIONSHIP
  TO ISSUER</td>
  <td colspan="3" align="center" valign="top">(d)ADDRESS STREET CITY STATE ZIP</td></tr>
  <tr>
  <td valign="top">Kenneth C. Hopper</td>
  <td valign="top"></td>
  <td valign="top">Director</td>
  <td colspan="3" valign="top">Hermanus Estate
  
  <p>257 Friends Lake Road
  
  <p>Chestertown, NY 12817</td></tr></table>
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2">
  <p>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.
  
  <br wp="br1"><br wp="br2">
  <table border cellpadding=5 width="100%">
  <tr>
  <td align="center" valign="top" width="14%">3(a) Title
  of the
  Class of
  Securities</td>
  <td align="center" valign="top" width="25%">(b) Name and Address
  of Each Broker Through
  Whom the Securities
  are to be Offered or
  Each Market Maker Who
  is Acquiring the
  Securities</td>
  <td align="center" valign="top" width="12%">(c)
  Number of
  Shares or
  Other
  Units To
  Be Sold</td>
  <td align="center" valign="top" width="13%">(d)
  Aggregate
  Market
  Value</td>
  <td align="center" valign="top" width="14%">(e) Number
  of Shares
  or Other
  Units
  Outstanding</td>
  <td align="center" valign="top" width="13%">(f)Approx-
  
  <p>imate Date
  of Sale</td>
  <td align="center" valign="top" width="21%">(g)Name of Each
  Securities
  Exchange</td></tr>
  <tr>
  <td valign="top">Common
  Stock</td>
  <td valign="top">McConnell, Budd &amp;
  Romano, Inc.
  
  <p>365 South Street
  
  <p>Morristown, NJ
  07960</td>
  <td valign="top">700</td>
  <td valign="top">$20,279</td>
  <td valign="top">7,896,865</td>
  <td valign="top">4/21/03</td>
  <td valign="top">NASDAQ</td></tr>
  <tr>
  <td valign="top"></td>
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  <td valign="top"></td></tr></table>
  <br wp="br1"><br wp="br2">
  <table border cellpadding=5 width="100%">
  <tr>
  <td colspan="2" valign="top" width="9%">INSTRUCTIONS:</td></tr>
  <tr>
  <td align="right" valign="top">1.(a)</td>
  <td valign="top" width="105%">Name of issuer</td></tr>
  <tr>
  <td align="right" valign="top">(b)</td>
  <td valign="top">Issuer's IRS Identification Number</td></tr>
  <tr>
  <td align="right" valign="top">(c)</td>
  <td valign="top">Issuer's S.E.C. file number, if any</td></tr>
  <tr>
  <td align="right" valign="top">(d)</td>
  <td valign="top">Issuer's address, including zip code</td></tr>
  <tr>
  <td align="right" valign="top">(e)</td>
  <td valign="top">Issuer's telephone number, including area code</td></tr>
  <tr>
  <td align="right" valign="top"></td>
  <td valign="top"></td></tr>
  <tr>
  <td align="right" valign="top">2.(a)</td>
  <td valign="top">Name of person for whose account the securities are to be sold</td></tr>
  <tr>
  <td align="right" valign="top">(b)</td>
  <td valign="top">Such person's I.R.S. identification number, if such person is an entity</td></tr>
  <tr>
  <td align="right" valign="top">(c)</td>
  <td valign="top">Such person's relationship to the issuer (i.e. officer, director, 10% stockholder, or member of
  immediate family of any of the foregoing)</td></tr>
  <tr>
  <td align="right" valign="top">(d)</td>
  <td valign="top">Such person's address, including zip code</td></tr>
  <tr>
  <td align="right" valign="top"></td>
  <td valign="top"></td></tr>
  <tr>
  <td align="right" valign="top">3.(a)</td>
  <td valign="top">Title of the class of securities to be sold</td></tr>
  <tr>
  <td align="right" valign="top">(b)</td>
  <td valign="top">Name and address of each broker through whom the securities are intended to be sold</td></tr>
  <tr>
  <td align="right" valign="top">(c)</td>
  <td valign="top">Number of shares or other units to be sold (if debt securities, give the face amount)</td></tr>
  <tr>
  <td align="right" valign="top">(d)</td>
  <td valign="top">Aggregate market value of the securities to be sold as of a specified date within 10 days prior to
  the filing of this notice.</td></tr>
  <tr>
  <td align="right" valign="top">(e)</td>
  <td valign="top">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</td></tr>
  <tr>
  <td align="right" valign="top">(f)</td>
  <td valign="top">Approximate date on which the securities are to be sold</td></tr>
  <tr>
  <td align="right" valign="top">(g)</td>
  <td valign="top">Name of each securities exchange, if any, on which the securities are to be sold</td></tr>
  <tr>
  <td colspan="2" align="center" valign="top">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.</td></tr></table>
  <table border cellpadding=5 width="100%">
  <tr>
  <td colspan="7" align="center" valign="top" width="14%">TABLE I - SECURITIES TO BE SOLD</td></tr>
  <tr>
  <td colspan="7" align="center" valign="top">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 therefor:</td></tr>
  <tr>
  <td align="center" valign="top">Title of
  the Class</td>
  <td align="center" valign="top" width="13%">Date You
  Acquired</td>
  <td align="center" valign="top" width="18%">Nature of
  Acquisition
  Transaction</td>
  <td align="center" valign="top" width="24%">Name of Person from
  Whom Acquired (If
  gift, also give date
  donor acquired)</td>
  <td align="center" valign="top" width="13%">Amount of
  Securities
  Acquired</td>
  <td align="center" valign="top" width="13%">Date of
  Payment</td>
  <td align="center" valign="top" width="18%">Nature of
  Payment</td></tr>
  <tr>
  <td valign="top">Common
  Stock</td>
  <td valign="top">Various
  dates
  from
  
  <p>1/1/85
  to
  12/31/99
  
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2"></td>
  <td valign="top">Automatic
  reinvestment
  of cash
  dividends.</td>
  <td valign="top">Administrator of
  the Arrow
  Financial
  Corporation
  Dividend
  Reinvestment
  Plan</td>
  <td valign="top">700</td>
  <td valign="top">Various
  dates
  from
  1/1/85
  to
  12/31/99</td>
  <td valign="top">Automatic
  reinvestment
  of cash
  dividends.</td></tr>
  <tr>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td></tr>
  <tr>
  <td valign="top">INSTRUCTIONS:</td>
  <td colspan="3" valign="top">1. If the securities were purchased and full payment
  therefor 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.</td>
  <td colspan="3" valign="top">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.</td></tr></table>
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2">
  <table border cellpadding=5 width="100%">
  <tr>
  <td colspan="5" align="center" valign="top" width="31%">TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS</td></tr>
  <tr>
  <td colspan="5" align="center" valign="top">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:</td></tr>
  <tr>
  <td align="center" valign="top">Name and Address of Seller</td>
  <td align="center" valign="top" width="27%">Title of Securities Sold</td>
  <td align="center" valign="top" width="19%">Date of Sale</td>
  <td align="center" valign="top" width="18%">Amount of
  Securities Sold</td>
  <td align="center" valign="top" width="18%">Gross Proceeds
  </td></tr>
  <tr>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top">None</td>
  <td valign="top"></td></tr>
  <tr>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="top"></td></tr></table>
  <br wp="br1"><br wp="br2">
  <br wp="br1"><br wp="br2">
  <table border cellpadding=5 width="100%">
  <tr>
  <td colspan="2" valign="top" width="57%">Remarks: The shares were later transferred to Dr. Hopper's wife's account.</td></tr>
  <tr>
  <td valign="top"></td>
  <td valign="top" width="57%"></td></tr>
  <tr>
  <td valign="top">INSTRUCTIONS:
  
  <p>See the definition of "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</td>
  <td valign="top">ATTENTION:
  
  <p>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.</td></tr>
  <tr>
  <td valign="top">
  <p align="center">4/21/03</td>
  <td valign="top">
  <p align="center">Kenneth C. Hopper</td></tr>
  <tr>
  <td align="center" valign="top">
  <p align="center">DATE OF NOTICE</td>
  <td align="center" valign="top">(SIGNATURE)</td></tr>
  <tr>
  <td colspan="2" align="center" valign="top">The notice shall be signed by the person for whose account the securities are to be sold.
  
  <p>  At least one copy of the notice shall be manually signed.
  
  <p>Any copies not manually signed shall be typed or printed signatures.</td></tr>
  <tr>
  <td colspan="2" align="center" valign="top"><strong>ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations</strong>
  
  <p><strong>(See 18 U.S.C.1001)</strong></td></tr></table>
  </body>
  </html>
metadata_documents: [{"type": "144", "sequence": "1", "filename": "hopperform14404212003.htm", "secsgml_size_bytes": 12914}]
text: 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
  Kenneth C. Hopper
  Director
  Hermanus Estate
  257 Friends Lake Road
  Chestertown, NY 12817
  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
  McConnell, Budd &
  Romano, Inc.
  365 South Street
  Morristown, NJ
  07960
  700
  $20,279
  7,896,865
  4/21/03
  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 therefor:
  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
  Various
  dates
  from
  1/1/85
  to
  12/31/99
  Automatic
  reinvestment
  of cash
  dividends.
  Administrator of
  the Arrow
  Financial
  Corporation
  Dividend
  Reinvestment
  Plan
  700
  Various
  dates
  from
  1/1/85
  to
  12/31/99
  Automatic
  reinvestment
  of cash
  dividends.
  INSTRUCTIONS:
  1. If the securities were purchased and full payment
  therefor 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
  None
  Remarks: The shares were later transferred to Dr. Hopper's wife's account.
  INSTRUCTIONS:
  See the definition of "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.
  4/21/03
  Kenneth C. Hopper
  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)