Thomas Hoy, chairman, president and C.E.O. of Arrow Financial Corporation announced that Arrow's lead subsidiary, Glens Falls National Bank and Trust Company, has executed a letter of intent to acquire Upstate Agency Inc., an independent property and casualty insurance agency headquartered in Chestertown, New York with five offices located in Northern New York.Mark Carpenter, president of Upstate Agency, will continue managing the agency which offers commercial and personal lines of property and casualty insurance. The acquisition is subject to the parties entering into a definitive purchase agreement, obtaining all required regulatory approvals and other terms and conditions. Arrow anticipates that it will complete the transaction in the fourth quarter of 2008.
Glens Falls National currently owns another insurance agency, Capital Financial Group Inc., which sells and services group health and life insurance and will continue to operate as a separate agency after the proposed acquisition of Upstate.
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