Arrow Financial to Merge with Adirondack Bancorp

Arrow Financial Corporation has entered into a definitive merger agreement with Adirondack Bancorp, Inc., structured as a merger involving Arrow Merger Sub, Inc. The filing is dated February 25, 2026, and contemplates a merger in which Adirondack will be converted into the surviving structure.

The agreement includes provisions for closing, effective time, conversion of Adirondack common stock, treatment of Adirondack restricted stock, and governance of the interim surviving corporation, including directors and officers. The plan also covers exchange mechanics for merger consideration and related tax consequences.