<SEC-DOCUMENT>0000717538-22-000095.txt : 20220503
<SEC-HEADER>0000717538-22-000095.hdr.sgml : 20220503
<ACCEPTANCE-DATETIME>20220331132748
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000717538-22-000095
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROW FINANCIAL CORP
		CENTRAL INDEX KEY:			0000717538
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				222448962
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		250 GLEN ST
		CITY:			GLENS FALLS
		STATE:			NY
		ZIP:			12801
		BUSINESS PHONE:		5184154299

	MAIL ADDRESS:	
		STREET 1:		250 GLEN STREET
		CITY:			GLENS FALLS
		STATE:			NY
		ZIP:			12801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARROW BANK CORP
		DATE OF NAME CHANGE:	19900710
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i4aaf5c20dffc4ecdaaaf7318bebce611_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><img alt="afcletterheada01a.jpg" src="afcletterheada01a.jpg" style="height:104px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">March 31, 2022 </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:120%">VIA EDGAR AND EMAIL</font></div><div style="padding-right:54pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Securities and Exchange Commission</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">100 F. Street, NE</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Washington, DC 20549</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Attention&#58;  &#160;&#160;&#160;&#160;Mr. John Dana Brown</font></div><div style="padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Division of Corporate Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Re&#58;&#160;&#160;&#160;&#160;Arrow Financial Corporation</font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;Registration Statement on Form S-3 filed March 24, 2022 </font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;File No. 333-263812</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Dear Mr. Brown&#58;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">Pursuant to Rule 461 under the Securities Act of 1933, as amended, Arrow Financial Corporation (the &#8220;Company&#8221;) hereby requests acceleration of effectiveness of the above-referenced Registration Statement so that it will be declared effective at 4&#58;00 p.m. Eastern Time on April 5, 2022, or as soon as practicable thereafter. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">If you have any questions with respect to the foregoing, please contact me at (518) 745-1000.  Thank you very much.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Very truly yours,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ARROW FINANCIAL CORPORATION</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;By&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%;text-decoration:underline"> &#47;s&#47; Laura B, Steele&#160;&#160;&#160;&#160;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;    Laura B. Steele</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;    Controller</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">cc&#58;   &#160;&#160;&#160;&#160;Michele C. Kloeppel, Thompson Coburn LLP</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>afcletterheada01a.jpg
<TEXT>
begin 644 afcletterheada01a.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1"B17AI9@  34T *@    @ ! $[  (
M   0   (2H=I  0    !   (6IR=  $    @   0>NH<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 $QA=7)A($(N
M(%-T965L90   >H<  <   @,   (;      <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M!0$! 0$! 0           0(#! 4&!P@)"@O_Q "U$  " 0,# @0#!04$!
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MK0%M+B449HZT""BC-% '(^&_^2D>,_\ ?LO_ $0:ZZN1\-_\E(\9_P"_9?\
MH@UUU)&E3XODOR1@^)6M6:U@G&H7,\N_R;&PF:)IB,99F!7"KD<E@!N[G%<_
M+!K6G6RWFNI)?V^F:?&;AH]3>)MP+M(VU<;V"[.6QNP<=:Z?7=.T*=8[[7Q#
M&(%*)/+,8MH8@E=P(ZE1Q[56&D^%[QK&1(K2XWKMMF$I<3*G..N'"]><XIF9
MD7DT\^DZ_KC:C<P7>G3S+;1+,RQQ"( HC1YPWF<$Y!)WC&,"M?5WDO-4T?3I
MYI;2VO%EDF$4A1I'55*Q;QR,[F8X()V>F:OW&@:5=ZDM_<644ERI4[R#R5^Z
M2.C$=B0<=JL7VGV>IVIMK^WCGB)!VN,X(Z$>A'J.: .3-XEO?06$!U$&RU9=
M\=U*)#L,$C!58,25.,@,<C/TJ&W\::O+IC:A]@9X9K&6ZC!LY8E@*QET#2,<
M2 XP2 .2,<5T%QH?AS3=.DDNK6TM;5)$FDED;8 ZG"N7)^]SC).3G%,TNP\+
M7QO)=(CL+D2JT5P8'#@!_O+@'"ANX&,T +I6IZDVM/8:J+5BUFEW&;=&7R\L
M59"23NZ AN._%9(%SINK_:=72]D$U[Y<&I6UX7@Q(^V*-X=PV@953@'D9R,U
MTC2Z7!J+2,\"72+';LQ/S!7;Y%_$]*C7PYHZ:B+Y-/A6X#^8& X#_P![;TW>
M^,T <[X<U+7#I^B6DMQ;W#3VTUS<7#Q-NV(Z *HW'+$,1DGTX[&K'X]U)-*&
MK3:;+-:2VSSK$MG+'Y'R[ES*V1(#T) &"<@$5UMIINCZ5=QI:0V]M<2"0QH&
MPS E2^T>F0I..!Q4,&E>'K74I3#;627<Y:-TR,G<-S*%/3(^8@#D<F@#F[S6
MM?NX5M@3:N+JT87;:?+"OS3JIB*,^3USD'D @@5W@!P-W)[D"L6+0/#R6MYI
M\5I:B-MAN8PW*X^9,G.5 QD=,=JMMK.D6FFPW3ZE9Q63@+#,UPH1QT^5LX/2
M@"_156?5=/M5@:YO[6$7'^I,DRKYG^[D\]1T]:=/J-E;745K<WEO#<3?ZJ*2
M4*[_ $!.30!8HJ);NV>[>U2XB:YC0.\(<%U4\ E>H!P>?:I: "BBB@ HHHH
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M"8MOF623Y1G8B+EF/H!D#ZL*S9O%T%MH,NKW6F:G#;1Q"508%9Y%(+9 5CC
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M0UU]% &1H5E=12:A?:A$()]0N!+Y"ON\I5144$C@MA<G''..<9JC?^&IM/\
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IHH 2BEHH 2BEHH 2BEHH 2BEHH 2BEHH 2BEHH 2BEHH 2BEHH __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
