Arrow Financial to Acquire Skene Valley Agency
The Glens Falls bank holding company said the deal will expand Upstate Agency’s insurance operations in Washington County.
Arrow Financial Corporation (AROW) said it has agreed to acquire Skene Valley Agency, Inc., an insurance agency in Washington County, New York. The company did not disclose a purchase price or a cash-versus-stock structure. Closing is expected by the end of the third quarter of 2026.
The acquisition is aimed at the insurance side of Arrow’s franchise. The deal will expand Upstate Agency’s operations in Washington County and further enhance its personal and business insurance solutions. Upstate Agency is the brand under which Arrow consolidated its insurance business in 2018, after buying its first agency in 2004.
President and Chief Executive Officer David S. DeMarco said the move is a strategic growth opportunity that will deepen Upstate Agency’s presence in Washington County, where Arrow has a long history of meeting diverse financial needs. Customers will benefit from the strength of Arrow’s insurance offerings while the company demonstrates its commitment to growing all facets of the Arrow Family of Companies.
The insurance pickup lands as Arrow finishes a much larger banking combination. On July 1, 2026, Arrow completed the previously announced acquisition of Adirondack Bancorp, Inc. and merged Adirondack Bank into Arrow Bank. The combined company had about $5.4 billion in total assets, $4.8 billion in total deposits, and $4.1 billion in gross loans as of March 31, 2026, and extended Arrow Bank’s footprint to 57 branches across northeastern New York and the Mohawk Valley.
That Adirondack deal had been announced in February 2026, cleared the Office of the Comptroller of the Currency in June, and was expected to close early in the third quarter. Arrow’s first-quarter results included about $790,000 of non-core merger expenses tied to the Adirondack transaction; second-quarter results included about $1.0 million of merger-related expenses after the July 1 close. The Adirondack combination added about $1.0 billion in assets and 19 new branch locations.
Arrow is a bank holding company with Arrow Bank National Association, Upstate Agency, LLC, and wealth-management services, about 600 employees, and a primary service-area population of more than 1.1 million. The Skene Valley purchase is a smaller, insurance-only step in the same Washington County market the company already serves through its banking and Upstate Agency offices.
The Skene Valley transaction is expected to close by the end of the third quarter of 2026.