Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
Glens Falls-based Arrow Financial Corporation — parent company of Glens Falls National Bank, Saratoga National Bank and Upstate Insurance — said Tuesday it filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2022.
“Now that we have met our 2022 Form 10-K requirements, we intend to promptly prepare and file the First Quarter Form 10-Q and set a date for our Annual Meeting of Shareholders,” said the press release.
CEO Dave DeMarco told The Chronicle, “Probably the most positive news of this filing is the fact that — as we had publicly said we expect — we can now say there is no misstatement of financial statements.”
He added, “And we’ve got a remediation plan in place to get us past these internal control issues that we uncovered,” having to do with “procedures and documentation.”
The press release said, “Arrow Financial Corporation continues to be strong and well-capitalized, with a long history of meeting the financial needs of its communities.”
NASDAQ, where Arrow Financial’s shares are traded, had warned that the company could be delisted if the necessary forms were not filed.
Arrow Financial’s share price rose 94 cents Tuesday, to $21.39, far from its year high of $36.51 but a jump from its recent low of $17.63.
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