Arrow Financial (AROW) 10-K 2023 FY Annual report

Exhibit 21

Arrow Financial Corporation

250 Glen Street

Glens Falls, NY 12801

Subsidiaries

December 31, 2023

Subsidiary	Percent of Common Stock Owned
Subsidiaries of Arrow Financial Corporation:
Glens Falls National Bank and Trust Company   A Nationally Chartered Commercial Bank   Headquarters: Glens Falls, NY	100
Saratoga National Bank and Trust Company   A Nationally Chartered Commercial Bank   Headquarters: Saratoga Springs, NY	100
Arrow Capital Statutory Trust II   A Non-deposit Trust Company   Headquarters: Glens Falls, NY	100
Arrow Capital Statutory Trust III   A Non-deposit Trust Company   Headquarters: Glens Falls, NY	100
Subsidiaries of Glens Falls National Bank and Trust Company:
Arrow Properties, Inc.   A Real Estate Investment Trust   (Glens Falls National Bank also holds approximately 82%      of non-voting preferred stock)   Headquarters: Glens Falls, NY	100
North Country Investment Advisers, Inc.   A New York Corporation   Headquarters: Glens Falls, NY	100
NC Financial Services, Inc.   A New York Corporation   Headquarters: Glens Falls, NY	90
Glens Falls National Community Development Corporation   A New York Corporation   Headquarters: Glens Falls, NY	100
Upstate Agency, LLC   A New York Corporation   Headquarters: South Glens Falls, NY	100
Subsidiaries of Saratoga National Bank and Trust Company:
NC Financial Services, Inc.   A New York Corporation   Headquarters: Glens Falls, NY	10