FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

KRUCZLNICKI DAVID G 		2. Issuer Name and Ticker or Trading Symbol

ARROW FINANCIAL CORP [ AROW ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

6 SIENNA DRIVE 		3. Date of Earliest Transaction (MM/DD/YYYY)

9/14/2018
(Street)

BALLSTON LAKE, NY 12019
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   9/14/2018     M    1133   A $21.53   34389   (1) D    
Common Stock   9/14/2018     F    629   D $38.80   33760   D    
Common Stock   9/14/2018     M    1147   A $22.14   34907   D    
Common Stock   9/14/2018     F    654   D $38.80   34253   D    
Common Stock   9/14/2018     M    1126   A $21.56   35379   D    
Common Stock   9/14/2018     F    626   D $38.80   34753   D    
Common Stock   9/14/2018     M    1103   A $22.65   35856   D    
Common Stock   9/14/2018     F    644   D $38.80   35212   D    
Common Stock   9/14/2018     M    812   A $23.89   36024   D    
Common Stock   9/14/2018     F    500   D $38.80   35524   D    
Common Stock   9/14/2018     M    530   A $24.37   36054   D    
Common Stock   9/14/2018     F    333   D $38.80   35721   D    
Common Stock   9/14/2018     M    257   A $36.12   35978   D    
Common Stock   9/14/2018     F    239   D $38.80   35739   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Director Stock Option (Right to Buy)   $21.53   9/14/2018     M         1133      (2) 1/26/2021   Common Stock   1133.0   $21.53   0   D    
Director Stock Option (Right to Buy)   $22.14   9/14/2018     M         1147      (3) 1/25/2022   Common Stock   1147.0   $22.14   0   D    
Director Stock Option (Right to Buy)   $21.56   9/14/2018     M         1126      (4) 1/31/2023   Common Stock   1126.0   $21.56   0   D    
Director Stock Option (Right to Buy)   $22.65   9/14/2018     M         1103      (5) 1/29/2024   Common Stock   1103.0   $22.65   0   D    
Director Stock Option (Right to Buy)   $23.89   9/14/2018     M         812      (6) 1/28/2025   Common Stock   812.0   $38.89   271   D    
Director Stock Option (Right to Buy)   $24.37   9/14/2018     M         530      (7) 1/27/2026   Common Stock   530.0   $24.37   531   D    
Director Stock Option (Right to Buy)   $36.12   9/14/2018     M         257      (8) 1/25/2027   Common Stock   257.0   $36.12   773   D    

Explanation of Responses:
(1)  The information provided reflects 230 shares acquired under the Company's DRIP since May 30, 2018 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.
(2)  The options vested in four equal installments beginning January 26, 2012
(3)  The options vested in four equal installments beginning January 25, 2013
(4)  The options vested in four equal installments beginning January 31, 2014
(5)  The options vest in four equal installments beginning January 29, 2015
(6)  The options vest in four equal installments beginning January 28, 2016
(7)  The options vest in four equal installments beginning January 27, 2017
(8)  The options vest in four equal installments beginning January 25, 2018

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
KRUCZLNICKI DAVID G
6 SIENNA DRIVE
BALLSTON LAKE, NY 12019 		X



Signatures
Thomas J. Murphy, Attorney in Fact 9/14/2018
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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