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GLENS FALLS, NY – Arrow Financial Corporation (NASDAQ:AROW), a New York-based commercial banking institution with a market capitalization of approximately $400 million, disclosed today the retirement of its Chief Credit Officer, David D. Kaiser. According to InvestingPro data, the company currently trades below its Fair Value, suggesting potential upside opportunity. Effective June 30, 2025, Kaiser will step down, concluding over two decades of service with the company.
Kaiser’s departure marks the end of a 24-year tenure with Arrow Financial, during which he played a pivotal role in establishing and nurturing the company’s credit culture. This foundational element has been instrumental to Arrow’s sustained success in the financial industry, reflected in its 32-year streak of consecutive dividend increases and maintained profitability over the last twelve months.
In preparation for this transition, Arrow Financial has outlined a strategy to distribute Kaiser’s credit and lending responsibilities among a group of seasoned executives within the organization. These executives, each with over 25 years of experience in their respective fields, are expected to collectively uphold and advance the rigorous credit standards set forth during Kaiser’s tenure.
Arrow Financial expressed its appreciation for Kaiser’s dedication and significant contributions to the company and wished him well in his retirement. The company maintains strong financial health metrics, with InvestingPro analysis showing a conservative debt-to-equity ratio of 0.12 and a dividend yield of 4.6%.
The company’s statement also included a forward-looking note, cautioning that while they expect a smooth transition, actual outcomes could vary. Factors that might influence the efficacy of the executive management transition include continuity, timing, and the ability to maintain the same level of effectiveness in the credit oversight role.
This announcement was made in compliance with the SEC’s reporting requirements and is part of an 8-K filing. Investors are encouraged to consider this information in conjunction with Arrow Financial’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the SEC for a more comprehensive understanding of the company’s financial position and management structure. For deeper insights into Arrow Financial’s valuation and growth prospects, including additional ProTips and comprehensive financial metrics, investors can access detailed analysis through InvestingPro.
Arrow Financial Corporation has taken the necessary steps to ensure that this report is duly authorized and signed by Penko Ivanov, the company’s Chief Financial Officer.
In other recent news, Arrow Financial Corporation has announced changes to its executive team and board of directors. The company revealed that Gary L. Dake will retire from the board after serving for 23 years, with his retirement set for the 2025 Annual Meeting. Alongside this, Arrow Financial disclosed new employment agreements for several top executives. President and CEO David S. DeMarco has secured a renewed three-year contract effective February 1, 2025, with an annual base salary of $718,850 and a 50% cash incentive target. Additional two-year agreements have been established for Senior Executive Vice Presidents David D. Kaiser, Penko K. Ivanov, Andrew J. Wise (LON:WISEa), and Marc J. Yrsha, with base salaries ranging from $375,950 to $422,300 and a 40% cash incentive target. These contracts include standard executive provisions such as benefits, change of control, and non-compete clauses. Arrow Financial’s actions reflect its focus on maintaining robust governance and strategic continuity.
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