New York’s Arrow Financial to acquire in-state bank

Glens Falls, N.Y.-based Arrow Financial Corporation is expanding in the northeast and central part of the state by acquiring Adirondack Bancorp, Utica, for $89 million. .The deal, which is expected to close by the end of the second quarter, will create a $5.4 billion-asset bank, with $4.8 billion in deposits and $4.1 billion in gross loans. Arrow will have 58 offices in upstate New York. As of the end of last year, Adirondack Bancorp had $942 million in assets, $848 million in deposits and $624 million in loans along with 19 branches. Adirondack Bancorp is the parent company of Adirondack Bank. Arrow Financial is the holding company of Arrow Bank, NA. As of late January, the bank had $4.4 billion in assets, nearly $4 billion in deposits and $3.4 billion in net loans and leases. Adirondack President and CEO Rocco F. Arturi Sr. will be regional president of Arrow and join its board of directors. “Aligning our two community banks will create a more robust organization equipped for the future while benefitting our customers who will have the local support they expect with access to more products, services and locations,” he added.Inverness, Ill.-based Hovde Group LLC is financial adviser to Arrow, with Spierer, Woodward, Corbalis & Goldberg, Redondo Beach, Calif., as legal adviser. Keefe, Bruyette & Woods, New York City, is financial adviser to Adirondack, with Washington, D.C.-based Luse Gorman as legal advisor.