Breaking: Adirondack Bank to be Sold to Arrow Financial

Adirondack Bank has agreed to be sold.

In a deal announced Wednesday morning, Utica-based Adirondack Bancorp, Inc., the parent company of Adirondack Bank, will merge into Arrow Financial Corporation, the Glens Falls-based parent of Arrow Bank National Association. Both boards unanimously approved the agreement.

If completed, the merger would significantly expand Arrow’s reach into the Mohawk Valley and deeper into the Adirondack region, including Oneida, Herkimer and Franklin counties, while strengthening its presence in Essex and Clinton counties.

The numbers are substantial. Based on financial results as of December 31, 2025, the combined company would hold roughly $5.4 billion in assets, $4.8 billion in deposits and $4.1 billion in gross loans.

Adirondack Bank currently operates 19 branches across Oneida, Herkimer, Franklin, Essex and Clinton counties, along with a loan production office in Onondaga County. At the end of 2025, the bank reported $942 million in total assets, $848 million in deposits and $624 million in loans.

For longtime customers who have banked there for decades, the big question is simple, what changes?

Arrow President and CEO David DeMarco said the two institutions share similar community banking roots and a commitment to local economic growth. He called the acquisition a strategic step as Arrow marks its 175th anniversary this year, adding that Adirondack customers will gain access to expanded wealth management and insurance services.

Adirondack President and CEO Rocco Arcuri Sr. will remain on board as Regional President and will join Arrow’s Board of Directors. He said the partnership aligns cultures and strengthens the organization for the future, while maintaining local service.

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Under the terms of the agreement, Adirondack shareholders will receive 1.8610 shares of Arrow stock plus $18.72 in cash for each share they own. Based on Arrow’s closing stock price of $34.43 on February 25, the deal carries an implied value of about $82.79 per share, or approximately $89.1 million overall.

The transaction is expected to close by the end of the second quarter of 2026, pending regulatory and shareholder approval.

Once finalized, Arrow will operate 58 offices across upstate New York.

It's unclear if the brand Adirondack Bank will be retained fully or in any way once the acquisition is complete. It's also unclear how this sale will effect the naming rights at the Utica Memorial Auditorium, which is now known as The Adirondack Bank Center.

WIBX has reached out to Arrow Bank for comments.

Adirondack Bank was founded in 1898.

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