Exhibit 99

News Release
Arrow Financial Corporation
250 Glen Street
Glens Falls, New York 12801

Contact: Timothy C. Badger
Tel: 518-745-1000
Fax 518-745-1976

TO:  All Media
Date:                 June 30, 1997

FOR IMMEDIATE RELEASE

GLENS FALL NATIONAL'S PURCHASE OF SIX FLEET
BANK OFFICES FINALIZED

     Glens Fall, New York, June 30, 1997 - Arrow
Financial Corporation has announced that its subsidiary, Glens
Falls National Bank and Trust Company, has finalized the
previously announced purchase of six Fleet Bank branch
offices in Upstate New York.  The offices, located in Lake
Luzerne, Plattsburgh (2), Port Henry, Ticonderoga and
Warrensburg, are now offices of Glens Falls National Bank
and Trust Company.  The transaction included the transfer of
approximately $140 million in deposits and $44 million in
loans to Glens Falls National Bank and Trust Company.

     Thomas L. Hoy, President and Chief Executive Officer
of Glens Falls National stated, "We are delighted to welcome
our new customers to Glens Falls National and bring our type
of community banking to Plattsburgh, Port Henry,
Ticonderoga, Warrensburg and Lake Luzerne areas.  Our new
market area now extends north, nearly to the Canadian border. 
We are very please with the positive customer feedback we've
received to date.  We look forward to our staff providing
increased involvement in these communities."

     Glens Falls National Bank and Trust Company, which
was established in 1851, is headquartered in Glens Falls, New
York.  The Bank now has assets of approximately $700
million and provides a full range of banking services through
its twenty-one offices in Upstate New York.