February 9, 2023

Arrow Financial Corporation Names Ivanov CFO

Arrow Financial Corporation (NasdaqGS® – AROW) is pleased to announce the appointment of Penko Ivanov, CPA, MBA, as Chief Financial Officer, Executive Vice President, Treasurer and Chief Accounting Officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, as well as its insurance subsidiary, Upstate Agency, LLC., effective February 21, 2023.

As CFO, Mr. Ivanov will be responsible for planning and management of all finance, treasury and accounting functions for Arrow, which reported $3.97 billion in assets as of December 31, 2022. He will be based in the Company’s Glens Falls, NY headquarters and report to Arrow President and Chief Executive Officer Tom Murphy.

“We are pleased to welcome Penko to the Arrow Family of Companies,” said Mr. Murphy. “His 30 years of experience and expertise in financial planning and analysis, controllership, financial reporting, treasury and more will be invaluable as we build upon Arrow’s strong financial footing and continued growth.”

Mr. Ivanov added, “I am excited to join Arrow and contribute to its track record of stellar financial performance and management. I look forward to assisting the Company in its strategic and financial goals.”

Mr. Ivanov most recently served as Executive Vice President and Chief Financial Officer of Bankwell Financial Group, Inc. in New Canaan, Connecticut. Prior to that, he worked in various finance positions for Doral Bank, General Electric Company and PepsiCo, Inc. He began his career with Ernst & Young GmbH in Munich, Germany.

Mr. Ivanov holds his MBA, and bachelor degrees in both accounting and finance with a minor in economics from the University of South Florida in Tampa.