| Subsidiary | Percent of Common Stock Owned | ||||
Subsidiaries of Arrow Financial Corporation: | |||||
| Arrow Bank National Association A Nationally Chartered Commercial Bank Headquarters: Glens Falls, NY | 100 | ||||
| Arrow Capital Statutory Trust II A Non-deposit Trust Company Headquarters: Glens Falls, NY | 100 | ||||
| Arrow Capital Statutory Trust III A Non-deposit Trust Company Headquarters: Glens Falls, NY | 100 | ||||
| Subsidiaries of Arrow Bank National Association | |||||
| Arrow Properties, Inc. A Real Estate Investment Trust (Arrow Bank National Association (fka Glens Falls National Bank also holds approximately 82% of non-voting preferred stock) Headquarters: Glens Falls, NY | 100 | ||||
| North Country Investment Advisers, Inc. A New York Corporation Headquarters: Glens Falls, NY | 100 | ||||
| NC Financial Services, Inc. A New York Corporation Headquarters: Glens Falls, NY | 100 | ||||
| Glens Falls National Community Development Corporation A New York Corporation Headquarters: Glens Falls, NY | 100 | ||||
| Upstate Agency, LLC A New York Corporation Headquarters: South Glens Falls, NY | 100 | ||||