content: <?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
    <!-- Generated by Workiva -->
    <headerData>
      <submissionType>144</submissionType>
      <filerInfo>
        <filer>
          <filerCredentials>
            <cik>0001463247</cik>
            <ccc>XXXXXXXX</ccc>
          </filerCredentials>
        </filer>
        <liveTestFlag>LIVE</liveTestFlag>
  
  
  
      </filerInfo>
    </headerData>
    <formData>
      <issuerInfo>
        <issuerCik>0000717538</issuerCik>
        <issuerName>Arrow Financial Corporation</issuerName>
        <secFileNumber>000-12507</secFileNumber>
        <issuerAddress>
          <com:street1>250 Glen Street</com:street1>
          <com:city>Glens Falls</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>12801</com:zipCode>
        </issuerAddress>
        <issuerContactPhone>5187451000</issuerContactPhone>
        <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Raymond F. O'Conor</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
        <relationshipsToIssuer>
          <relationshipToIssuer>Director</relationshipToIssuer>
        </relationshipsToIssuer>
      </issuerInfo>
      <securitiesInformation>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <brokerOrMarketmakerDetails>
          <name>CAPIS</name>
          <address>
            <com:street1>1700 Pacific Avenue,</com:street1>
            <com:street2>Suite1100</com:street2>
            <com:city>Dallas</com:city>
            <com:stateOrCountry>TX</com:stateOrCountry>
            <com:zipCode>75201</com:zipCode>
          </address>
        </brokerOrMarketmakerDetails>
        <noOfUnitsSold>2000</noOfUnitsSold>
        <aggregateMarketValue>52900</aggregateMarketValue>
        <noOfUnitsOutstanding>16669532</noOfUnitsOutstanding>
        <approxSaleDate>04/01/2025</approxSaleDate>
        <securitiesExchangeName>NASDAQ</securitiesExchangeName>
      </securitiesInformation>
      <securitiesToBeSold>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <acquiredDate>01/01/1933</acquiredDate>
        <natureOfAcquisitionTransaction>Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends.</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>Open market or issuances from Treasury Stock</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>2000</amountOfSecuritiesAcquired>
        <paymentDate>01/01/1933</paymentDate>
        <natureOfPayment>Various - compensation, stock option exercises, stock dividends, dividend reinvestments, etc.</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Raymond F. O'Conor</name>
          <address>
            <com:street1>7 Rolling Green Drive</com:street1>
            <com:city>Wilton</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>12831</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <saleDate>01/02/2025</saleDate>
        <amountOfSecuritiesSold>2000</amountOfSecuritiesSold>
        <grossProceeds>57700</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Raymond F. O'Conor</name>
          <address>
            <com:street1>7 Rolling Green Drive</com:street1>
            <com:city>Wilton</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>12831</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <saleDate>02/03/2025</saleDate>
        <amountOfSecuritiesSold>2000</amountOfSecuritiesSold>
        <grossProceeds>50560</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Raymond F. O'Conor</name>
          <address>
            <com:street1>7 Rolling Green Drive</com:street1>
            <com:city>Wilton</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>12831</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <saleDate>03/03/2025</saleDate>
        <amountOfSecuritiesSold>2000</amountOfSecuritiesSold>
        <grossProceeds>53800</grossProceeds>
      </securitiesSoldInPast3Months>
      <noticeSignature>
        <noticeDate>03/31/2025</noticeDate>
        <planAdoptionDates>
          <planAdoptionDate>05/14/2024</planAdoptionDate>
        </planAdoptionDates>
        <signature>Penko Ivanov</signature>
      </noticeSignature>
    </formData>
  </edgarSubmission>
metadata_documents: [{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 4871}]
text: 144
  0001463247
  XXXXXXXX
  LIVE
  0000717538
  Arrow Financial Corporation
  000-12507
  250 Glen Street
  Glens Falls
  NY
  12801
  5187451000
  Raymond F. O'Conor
  Director
  Common Stock
  CAPIS
  1700 Pacific Avenue,
  Suite1100
  Dallas
  TX
  75201
  2000
  52900
  16669532
  04/01/2025
  NASDAQ
  Common Stock
  01/01/1933
  Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends.
  Open market or issuances from Treasury Stock
  N
  2000
  01/01/1933
  Various - compensation, stock option exercises, stock dividends, dividend reinvestments, etc.
  N
  Raymond F. O'Conor
  7 Rolling Green Drive
  Wilton
  NY
  12831
  Common Stock
  01/02/2025
  2000
  57700
  Raymond F. O'Conor
  7 Rolling Green Drive
  Wilton
  NY
  12831
  Common Stock
  02/03/2025
  2000
  50560
  Raymond F. O'Conor
  7 Rolling Green Drive
  Wilton
  NY
  12831
  Common Stock
  03/03/2025
  2000
  53800
  03/31/2025
  05/14/2024
  Penko Ivanov