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<TITLE>AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 7, 1996</TITLE>
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<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON November 13, 2003</P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=right>Registration No. 333-_____</P>
<P style="margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>=============================================================================================== &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13.55pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; text-indent:241.2pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>WASHINGTON, D.C. &nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>REGISTRATION STATEMENT UNDER THE </B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>SECURITIES ACT OF 1933</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>ARROW FINANCIAL CORPORATION</B></P>
<P style="margin-top:0pt; margin-bottom:9pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>(Exact name of Registrant as specified in its charter)</P>
<P style="margin-top:0pt; margin-bottom:-13.55pt; text-indent:45pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=justify><B>NEW YORK</B></P>
<B><P style="margin:0pt; text-indent:331.2pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;22-2448962</B></P>
<P style="margin-top:0pt; margin-bottom:-13.55pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or other jurisdiction of</P>
<P style="margin:0pt; text-indent:331.2pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=justify>(I.R.S. Employer</P>
<P style="margin-top:0pt; margin-bottom:-13.55pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incorporation or organization)</P>
<P style="margin-top:0pt; margin-bottom:-13.55pt; text-indent:259.2pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:9pt; text-indent:331.2pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=justify>Identification No.)</P>
<P style="margin-top:0pt; margin-bottom:-13.55pt; padding-left:108pt; text-indent:36pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=justify><B>&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0pt; padding-left:108pt; text-indent:72pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=justify><B>250 GLEN STREET</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13.55pt; text-indent:151.2pt; line-height:13.55pt; font-family:Times New Roman; font-size:9pt" align=justify>GLENS FALLS, NEW YORK &nbsp;</B></P>
<P style="margin:0pt; text-indent:295.2pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12801</B></P>
<P style="margin-top:0pt; margin-bottom:9pt; padding-left:144pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=justify>(Address of Principal Executive Offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>ARROW FINANCIAL CORPORATION DIRECTORS' STOCK PLAN</B></P>
<P style="margin-top:0pt; margin-bottom:9pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>(Full title of the Plan)</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>THOMAS L. HOY</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>PRESIDENT AND CHIEF EXECUTIVE OFFICER</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>ARROW FINANCIAL CORPORATION</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>250 GLEN STREET</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>GLENS FALLS, NEW YORK &nbsp;12801</B></P>
<P style="margin-top:0pt; margin-bottom:9pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>(Name and address of agent for service)</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(518) 745-1000</B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>(Telephone number, including area</P>
<P style="margin-top:0pt; margin-bottom:9pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>code, of agent for service)</P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center>Copies of all correspondence to:</P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>THOMAS B. KINSOCK, ESQ.</B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>Stinson Morrison Hecker LLP</B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>100 South Fourth Street, Suite 700</B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:Times New Roman; font-size:9pt" align=center><B>St. Louis, Missouri &nbsp;63102</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>===============================================================================================</P>
<P style="margin-top:0pt; margin-bottom:5pt; line-height:11pt; font-family:Times New Roman" align=center><B><U>CALCULATION OF REGISTRATION FEE</U></B></P>
<TABLE cellspacing=0><TR><TD valign=top width=114><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Title of securities</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=center><U>to be registered</U></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Amount to</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=center><U>be registered (1)</U></P>
</TD><TD valign=top width=162><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Proposed maximum</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=center><U>offering price per share (2)</U></P>
</TD><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Proposed maximum</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=center><U>aggregate offering price (2)</U></P>
</TD><TD valign=top width=90><P style="margin:0pt; font-family:Times New Roman" align=center>Amount of</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=center>registration <U>fee (3)</U></P>
</TD></TR>
<TR><TD valign=top width=114><P style="margin:0pt; font-family:Times New Roman" align=justify>Common Stock</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=justify>&nbsp;&nbsp;$1.00 par value</P>
<P style="margin:0pt; line-height:10.95pt; font-family:Times New Roman" align=justify>&nbsp;&nbsp;per share</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman" align=center>15,000</P>
</TD><TD valign=top width=162><P style="margin:0pt; font-family:Times New Roman" align=center>$27.15</P>
</TD><TD valign=top width=168><P style="margin:0pt; font-family:Times New Roman" align=center>$407,250</P>
</TD><TD valign=top width=90><P style="margin:0pt; font-family:Times New Roman" align=center>$32.95</P>
</TD></TR>
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<P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:8pt; line-height:10.5pt; font-family:Times New Roman; font-size:8pt" align=justify><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Represents the maximum number of additional shares of Common Stock available for issuance under the Arrow Financial Corporation Directors' Stock Plan. &nbsp;The Registrant previously filed with the Securities and Exchange Commission on June 25, 1999, a Registration Statement on Form S-8 (Reg. No. 333-81519) relating to securities offered under the Directors' Stock Plan. &nbsp;Includes, for each share of Common Stock, one attached share purchase right, pursuant to the Registrant's Rights Agreement, dated as of April 30, 1997. </P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=justify>Pursuant to Rule 457(c) and 457(h) of the Securities Act of 1933, the proposed maximum offering price and registration fee are based on the bid and asked prices per share of the Registrant's Common Stock as reported on The Nasdaq Stock Market on November&nbsp;11, 2003.</P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">(3)</P>
<P style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:Times New Roman; font-size:11pt"><SMALL>The registration fee has been calculated pursuant to Section 6(b) of the Securities Act of 1933 as follows: 0.00809% of $407,250, the Proposed Maximum Aggregate Offering Price of the shares of stock registered hereby.</SMALL></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman" align=center><B>PART I</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:10.95pt; font-family:Times New Roman" align=center><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; font-family:Times New Roman" align=justify>The information specified by Item 1 and Item 2 of Part I of Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act of 1933 and the introductory note to Part I of Form S-8. &nbsp;The documents containing the information specified in Part I will be delivered to the participants in the plan covered by this registration statement as required by Rule 428(b).</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>PART II</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>The Registrant previously filed with the Securities and Exchange Commission (the &quot;Commission&quot;) on June 25, 1999, a Registration Statement on Form S-8 (Registration No. 333-81519) relating to securities offered under the Arrow Financial Corporation Directors' Stock Plan. &nbsp;The contents of such previously filed Registration Statements on Form S-8, including exhibits thereto, are incorporated herein by reference, except to the extent superseded or modified by the specific information set forth below or the specific exhibits attached hereto.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 3. </B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify><B>Incorporation of Documents by Reference</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; font-family:Times New Roman" align=justify>The following documents filed by the Registrant with the Commission are incorporated herein by reference: </P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(a)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; font-family:Times New Roman" align=justify>The Registrant's latest annual report on Form 10-K filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;);</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(b)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:11.1pt; font-family:Times New Roman" align=justify>All other reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act since the end of the fiscal year covered by the annual report referred to in (a) above; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(c)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:11.1pt; font-family:Times New Roman" align=justify>The description of the Registrant's common stock which is contained in the Registration Statement filed by the Registrant under Section 12 of the Exchange Act, including any amendment or report filed for the purpose of updating such description.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or that deregisters all such securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Any statement contained in a document incorporated by reference herein and filed prior to the filing hereof shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein modifies or supersedes such statement, and any statement contained herein or in any other document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any other subsequently filed document which also is incorporated by reference herein modifies or supersedes such statement. &nbsp;Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
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<TABLE cellspacing=0><TR><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8><P style="margin:0pt; font-family:Times New Roman" align=center>#</P>
</TD><TD valign=top width=212.8>&nbsp;</TD></TR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 8. &nbsp;</B></P>
<B><P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Exhibits</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>The following additional exhibits are filed as part of this Registration Statement or incorporated by reference herein.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><U>Exhibit</U></P>
<P style="margin:0pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify><U>Description</U></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-72pt; font-family:Times New Roman" align=justify>4.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:10.95pt; font-family:Times New Roman" align=justify>Rights Agreement, dated as of May 1, 1997, between the Registrant and Glens Falls National Bank and Trust Company, as Rights Agent, incorporated herein by reference from the Registrant's Registration Statement on Form 8-A, dated May 16, 1997, Exhibit 4.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>5.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Opinion of Stinson Morrison Hecker LLP.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>23.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Consent of KPMG LLP, Certified Public Accountants.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>23.2</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Consent of Stinson Morrison Hecker LLP (included in Exhibit 5.1).</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:39.4pt; font-family:Times New Roman" align=justify>24.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-right:39.4pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Power of Attorney (included on signature page of the Registration Statement).</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:39.4pt; font-family:Times New Roman" align=justify>99.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-right:39.4pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Arrow Financial Corporation Directors' Stock Plan, as amended.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
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<TABLE cellspacing=0><TR><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8><P style="margin:0pt; font-family:Times New Roman" align=center>#</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:39.6pt; line-height:11.1pt; font-family:Times New Roman" align=justify><I>The Registrant</I>. &nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Glens Falls, State of New York, on July 30, 2003.</P>
<P style="margin-top:0pt; margin-bottom:15pt; padding-left:252pt; line-height:11.1pt; font-family:Times New Roman">ARROW FINANCIAL CORPORATION</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:252pt; font-family:Times New Roman">By:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:252pt; text-indent:36pt; font-family:Times New Roman"><U>&nbsp;/s/ Thomas L. Hoy</U></P>
<P style="margin:0pt; padding-left:252pt; text-indent:180pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; padding-left:288pt; line-height:11.1pt; font-family:Times New Roman">Thomas L. Hoy</P>
<P style="margin:0pt; padding-left:288pt; line-height:11.1pt; font-family:Times New Roman">President and</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:288pt; line-height:11.1pt; font-family:Times New Roman">Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:21.75pt; line-height:11.1pt; font-family:Times New Roman" align=justify>We, the undersigned officers and directors of Arrow Financial Corporation hereby severally and individually constitute and appoint Thomas L. Hoy and John J. Murphy and each of them, the true and lawful attorneys and agents of each of us to execute in the name, place and stead of each of us (individually and in any capacity stated below) any and all amendments to this Registration Statement on Form S-8 and all instruments necessary or advisable in connection therewith and to file the same with the Securities and Exchange Commission, each of said attorneys and agents to have the power to act with or without the other and to have full power and authority to do and perform in the name and on behalf of each of the undersigned every act whatsoever necessary or advisable to be done in the premises as fully and to all intents and purposes as any of the undersigned might or could do in person, and we hereby ratify and confirm our signatures as they may be signed by our said attorneys and agents and each of them to any and all such amendments and instruments.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:21.75pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>
<TABLE cellspacing=0><TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman">NAME</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman">TITLE</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman">DATE</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Thomas L. Hoy</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Thomas L. Hoy</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">President, Chief Executive Officer and Director </P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ John J. Murphy</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">John J. Murphy</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Jan-Eric O. Bergstedt</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Jan-Eric O. Bergstedt</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ John J. Carusone, Jr.</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">John J. Carusone, Jr.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Gary C. Dake</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Gary C. Dake</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Mary-Elizabeth T. FitzGerald</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Mary-Elizabeth T. FitzGerald</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Kenneth C. Hopper, M.D.</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Kenneth C. Hopper, M.D.</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ David G. Kruczlnicki</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">David G. Kruczlnicki</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Elizabeth O'C. Little</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Elizabeth O'C. Little</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Michael F. Massiano</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Michael F. Massiano</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ David L. Moynehan</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">David L. Moynehan</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
<TR><TD valign=top width=210><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>&nbsp;/s/ Richard J. Reismanm, D.M.D.</U></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman">Richard J. Reismanm, D.M.D.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=240.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">July 30, 2003</P>
</TD></TR>
</TABLE>
<TABLE cellspacing=0><TR><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>ARROW FINANCIAL CORPORATION</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><U>EXHIBIT INDEX</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Exhibit</P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><U>Number</U></P>
<P style="margin-top:0pt; margin-bottom:20pt; text-indent:172.8pt; line-height:11.1pt; font-family:Times New Roman"><U>Description</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-72pt; font-family:Times New Roman" align=justify>4.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:10.95pt; font-family:Times New Roman" align=justify>Rights Agreement, dated as of May 1, 1997, between the Registrant and Glens Falls National Bank and Trust Company, as Rights Agent, incorporated herein by reference from the Registrant's Registration Statement on Form 8-A, dated May 16, 1997, Exhibit 4.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>5.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Opinion of Stinson Morrison Hecker LLP.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>23.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Consent of KPMG LLP, Certified Public Accountants.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>23.2</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Consent of Stinson Morrison Hecker LLP (included in Exhibit 5.1).</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:39.4pt; font-family:Times New Roman" align=justify>24.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-right:39.4pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Power of Attorney (included on signature page of the Registration Statement).</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:39.4pt; font-family:Times New Roman" align=justify>99.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-right:39.4pt; text-indent:72pt; line-height:11.1pt; font-family:Times New Roman" align=justify>Arrow Financial Corporation Directors' Stock Plan, as amended.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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{"company-data": {"conformed-name": "ARROW FINANCIAL CORP", "cik": "0000717538", "assigned-sic": "6021", "irs-number": "222448962", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-110445", "film-number": "03995888"}, "business-address": {"street1": "250 GLEN ST", "city": "GLENS FALLS", "state": "NY", "zip": "12801", "phone": "5187451000X299"}, "mail-address": {"street1": "250 GLEN STREET", "city": "GLENS FALLS", "state": "NY", "zip": "12801"}, "former-company": {"former-conformed-name": "ARROW BANK CORP", "date-changed": "19900710"}}
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 7, 1996
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON November 13, 2003
Registration No. 333-_____
===============================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
ARROW FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
NEW YORK
22-2448962
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
250 GLEN STREET
GLENS FALLS, NEW YORK
12801
(Address of Principal Executive Offices)       (Zip Code)
ARROW FINANCIAL CORPORATION DIRECTORS' STOCK PLAN
(Full title of the Plan)
THOMAS L. HOY
PRESIDENT AND CHIEF EXECUTIVE OFFICER
ARROW FINANCIAL CORPORATION
250 GLEN STREET
GLENS FALLS, NEW YORK  12801
(Name and address of agent for service)
(518) 745-1000
(Telephone number, including area
code, of agent for service)
Copies of all correspondence to:
THOMAS B. KINSOCK, ESQ.
Stinson Morrison Hecker LLP
100 South Fourth Street, Suite 700
St. Louis, Missouri  63102
===============================================================================================
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to
be registered (1)
Proposed maximum
offering price per share (2)
Proposed maximum
aggregate offering price (2)
Amount of
registration
fee (3)
Common Stock
$1.00 par value
per share
15,000
$27.15
$407,250
$32.95
(1)
Represents the maximum number of additional shares of Common Stock available for issuance under the Arrow Financial Corporation Directors' Stock Plan.  The Registrant previously filed with the Securities and Exchange Commission on June 25, 1999, a Registration Statement on Form S-8 (Reg. No. 333-81519) relating to securities offered under the Directors' Stock Plan.  Includes, for each share of Common Stock, one attached share purchase right, pursuant to the Registrant's Rights Agreement, dated as of April 30, 1997.
(2)
Pursuant to Rule 457(c) and 457(h) of the Securities Act of 1933, the proposed maximum offering price and registration fee are based on the bid and asked prices per share of the Registrant's Common Stock as reported on The Nasdaq Stock Market on November 11, 2003.
(3)
The registration fee has been calculated pursuant to Section 6(b) of the Securities Act of 1933 as follows: 0.00809% of $407,250, the Proposed Maximum Aggregate Offering Price of the shares of stock registered hereby.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information specified by Item 1 and Item 2 of Part I of Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act of 1933 and the introductory note to Part I of Form S-8.  The documents containing the information specified in Part I will be delivered to the participants in the plan covered by this registration statement as required by Rule 428(b).
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
The Registrant previously filed with the Securities and Exchange Commission (the "Commission") on June 25, 1999, a Registration Statement on Form S-8 (Registration No. 333-81519) relating to securities offered under the Arrow Financial Corporation Directors' Stock Plan.  The contents of such previously filed Registration Statements on Form S-8, including exhibits thereto, are incorporated herein by reference, except to the extent superseded or modified by the specific information set forth below or the specific exhibits attached hereto.
Item 3.
Incorporation of Documents by Reference
The following documents filed by the Registrant with the Commission are incorporated herein by reference:
(a)
The Registrant's latest annual report on Form 10-K filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");
(b)
All other reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act since the end of the fiscal year covered by the annual report referred to in (a) above; and
(c)
The description of the Registrant's common stock which is contained in the Registration Statement filed by the Registrant under Section 12 of the Exchange Act, including any amendment or report filed for the purpose of updating such description.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or that deregisters all such securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated by reference herein and filed prior to the filing hereof shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein modifies or supersedes such statement, and any statement contained herein or in any other document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any other subsequently filed document which also is incorporated by reference herein modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
#
Item 8.
Exhibits
The following additional exhibits are filed as part of this Registration Statement or incorporated by reference herein.
Exhibit
Description
4.1
Rights Agreement, dated as of May 1, 1997, between the Registrant and Glens Falls National Bank and Trust Company, as Rights Agent, incorporated herein by reference from the Registrant's Registration Statement on Form 8-A, dated May 16, 1997, Exhibit 4.
5.1
Opinion of Stinson Morrison Hecker LLP.
23.1
Consent of KPMG LLP, Certified Public Accountants.
23.2
Consent of Stinson Morrison Hecker LLP (included in Exhibit 5.1).
24.1
Power of Attorney (included on signature page of the Registration Statement).
99.1
Arrow Financial Corporation Directors' Stock Plan, as amended.
#
SIGNATURES
The Registrant
.  Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Glens Falls, State of New York, on July 30, 2003.
ARROW FINANCIAL CORPORATION
By:
/s/ Thomas L. Hoy
Thomas L. Hoy
President and
Chief Executive Officer
POWER OF ATTORNEY
We, the undersigned officers and directors of Arrow Financial Corporation hereby severally and individually constitute and appoint Thomas L. Hoy and John J. Murphy and each of them, the true and lawful attorneys and agents of each of us to execute in the name, place and stead of each of us (individually and in any capacity stated below) any and all amendments to this Registration Statement on Form S-8 and all instruments necessary or advisable in connection therewith and to file the same with the Securities and Exchange Commission, each of said attorneys and agents to have the power to act with or without the other and to have full power and authority to do and perform in the name and on behalf of each of the undersigned every act whatsoever necessary or advisable to be done in the premises as fully and to all intents and purposes as any of the undersigned might or could do in person, and we hereby ratify and confirm our signatures as they may be signed by our said attorneys and agents and each of them to any and all such amendments and instruments.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
NAME
TITLE
DATE
/s/ Thomas L. Hoy
Thomas L. Hoy
President, Chief Executive Officer and Director
July 30, 2003
/s/ John J. Murphy
John J. Murphy
Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)
July 30, 2003
/s/ Jan-Eric O. Bergstedt
Jan-Eric O. Bergstedt
Director
July 30, 2003
/s/ John J. Carusone, Jr.
John J. Carusone, Jr.
Director
July 30, 2003
/s/ Gary C. Dake
Gary C. Dake
Director
July 30, 2003
/s/ Mary-Elizabeth T. FitzGerald
Mary-Elizabeth T. FitzGerald
Director
July 30, 2003
/s/ Kenneth C. Hopper, M.D.
Kenneth C. Hopper, M.D.
Director
July 30, 2003
/s/ David G. Kruczlnicki
David G. Kruczlnicki
Director
July 30, 2003
/s/ Elizabeth O'C. Little
Elizabeth O'C. Little
Director
July 30, 2003
/s/ Michael F. Massiano
Michael F. Massiano
Director
July 30, 2003
/s/ David L. Moynehan
David L. Moynehan
Director
July 30, 2003
/s/ Richard J. Reismanm, D.M.D.
Richard J. Reismanm, D.M.D.
Director
July 30, 2003
FORM S-8
ARROW FINANCIAL CORPORATION
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Rights Agreement, dated as of May 1, 1997, between the Registrant and Glens Falls National Bank and Trust Company, as Rights Agent, incorporated herein by reference from the Registrant's Registration Statement on Form 8-A, dated May 16, 1997, Exhibit 4.
5.1
Opinion of Stinson Morrison Hecker LLP.
23.1
Consent of KPMG LLP, Certified Public Accountants.
23.2
Consent of Stinson Morrison Hecker LLP (included in Exhibit 5.1).
24.1
Power of Attorney (included on signature page of the Registration Statement).
99.1
Arrow Financial Corporation Directors' Stock Plan, as amended.