Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
Glens Falls-based Arrow Financial, the parent company of Glens Falls National and Saratoga National Banks, announced Monday “that Thomas J. Murphy terminated his employment as President and Chief Executive Officer…and from all other positions…effective May 12, 2023,” last Friday.
It said, “Mr. DeMarco, who has been with the Company for 35 years, will continue to serve as President and Chief Executive Officer of Arrow subsidiary Saratoga National Bank and Trust Company. Mr. DeMarco joined the Company in 1987 as a commercial lender and since that time has served in positions of increasing responsibility with the organization….”
Mr. DeMarco was not made available for an in-person interview by The Chronicle, but we posed questions via e-mail Tuesday, some of which he answered.
Mr. DeMarco echoed much of what we published last week from Chief Financial Officer Penko Ivanov — that “Our banks’ financial condition is strong, and our liquidity levels are high….Our customers’ money is secure, and their loans and deposits are not affected. The credit quality of our loan portfolio remains strong.” Like Mr. Ivanov, he said “Arrow expects to file its Nasdaq compliance plan as required by June 2…We do not expect any changes in our previously reported 2022 financial results.”
Asked by The Chronicle what he wants Arrow shareholders, employees, customers and the public to know, Mr. DeMarco wrote, “As a Company, we’ve experienced many changes in our 170-plus years. We have always adapted and stayed true to who we are.
“I have been a member of the Arrow team for 35 years, serving as President and CEO of Saratoga National Bank for 11 years, and prior to that helping to grow Glens Falls National Bank and our insurance agencies. I am dedicated to the success of all aspects of the Company, which remains fiscally strong and focused on our mission to strengthen financial lives in the communities we serve.”
Mr. DeMarco added, “While I am humbled to take on the role of President and CEO for Arrow and Glens Falls National Bank, we are a team of 500+ professionals and together we will continue to provide full service and support to our customers and our communities.”
In the Arrow press release, new chairman William L. Owens was quoted, “Dave has dedicated his career to the Company, understands community banking and he is well-known throughout our organization and the communities we serve.”
The release also quoted Thomas L. Hoy, who retired last week as board chair citing health reasons. Mr. Hoy, Arrow’s long-time Board Chair who served as President and CEO of Arrow from 1995 to 2012, was quoted: “Dave is extremely knowledgeable about the operation of our banks and the needs of our customers; he has been instrumental in the growth of our organization over his many years of service.”
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