Arrow Financial Corporation, Glens Falls National Bank and Trust Company, Saratoga National Bank and Trust Company and Upstate Agency, LLC Appoint as Executive Vice President, Treasurer and Chief Accounting Officer, Effective February 21, 2023

Arrow Financial Corporation announced the appointment of Penko Ivanov, CPA, MBA, as Executive Vice President, Treasurer and Chief Accounting Officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, as well as its insurance subsidiary, Upstate Agency, LLC., effective February 21, 2023. As CFO, Mr. Ivanov will be responsible for planning and management of all finance, treasury and accounting functions for Arrow, which reported $3.97 billion in assets as of December 31, 2022. He will be based in the Company's Glens Falls, NY headquarters and report to Arrow President and Chief Executive Officer Tom Murphy.

Mr. Ivanov most recently served as Executive Vice President and Chief Financial Officer of Bankwell Financial Group Inc. in New Canaan, Connecticut. Prior to that, he worked in various finance positions for Doral Bank, General Electric Company and PepsiCo Inc. He began his career with Ernst & Young GmbH in Munich, Germany. Mr. Ivanov holds his MBA, and bachelor degrees in both accounting and finance with a minor in economics from the University of South Florida in Tampa.