Arrow Financial Says Thomas Murphy Terminates CEO Role, Replacement Named; Stock Up In Pre-Market

(RTTNews) - Arrow Financial Corporation (AROW), a multi-bank holding company, said on Monday that Thomas J. Murphy has terminated his role as Chief Executive Officer of the company and its lead unit, Glens Falls National Bank and Trust Company or GFNB with effect from May 12.

Following this news, AROW was trading up by 3.16% at $20.21 per share in the pre-market trading on the Nasdaq.

Subsequently, the company has appointed its Chief Banking Officer David S. DeMarco as CEO of Arrow and GFNB.

DeMarco, who has been with the firm for 35 years, will also continue to serve as President and CEO of Arrow subsidiary Saratoga National Bank and Trust Company.