UTICA, N.Y. — Adirondack Bank has been acquired by Arrow Financial Corporation in a deal valued at $89.1 million.
The boards of directors for both companies unanimously approved an agreement and plan of merger.
Adirondack Bank President and CEO Rocco Arcuri will remain as a regional president and will join the Arrow board of directors.
In a news release, Arcuri said aligning the two companies will create a more robust organization equipped for the future.
It is not yet known if Adirondack Bank will change its name or how this could affect the Adirondack Bank Center.
Adirondack Bank was founded in 1898 and operates 19 branches in Oneida, Herkimer, Franklin, Essex and Clinton counties.
Arrow Financial Corporation is headquartered in Glens Falls.
Adirondack Bank has been acquired by Arrow Financial Corporation in a deal valued at $89.1 million.