Arrow Financial Corp. (AROW) said it has agreed to acquire Adirondack Bancorp Inc. in a stock-and-cash transaction valued at about $89.1 million.
Under the terms of the merger agreement, Adirondack shareholders will receive 1.8610 shares of Arrow common stock plus $18.72 in cash for each share held. Based on Arrow's closing share price on February 25, the implied per-share value is about $82.79.
The combined company is expected to have pro forma assets of approximately $5.4 billion, deposits of $4.8 billion, and loans of $4.1 billion. The acquisition will expand Arrow's presence into the Adirondack region and Mohawk Valley in upstate New York.
Adirondack President and CEO Rocco Arcuri Sr. will join Arrow as regional president and a member of its board following the closing.
The transaction has been unanimously approved by both companies' boards and is expected to close by the end of the second quarter of 2026, subject to regulatory and shareholder approvals.
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