AROW · Annual Report (Form 10-K) · Filed March 6, 2026

Arrow Financial Corp — 10-K exhibit

ex21subs-2025.htm

Arrow Financial Corp on Boardroom Alpha

Document

Exhibit 21

Arrow Financial Corporation

250 Glen Street

Glens Falls, NY 12801

Subsidiaries

December 31, 2025


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

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