GLENS FALLS, N.Y., May 31, 2012 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS®: AROW) announced today that Thomas J. Murphy, CPA, has been named by the Board of Directors to serve as President of Arrow, as well as a member of the Board of Directors, effective July 1, 2012. Thomas L. Hoy, who currently serves as President, Chairman and Chief Executive Officer of Arrow, will continue as Chairman and CEO through the end of 2012, when Mr. Murphy will succeed Mr. Hoy as CEO of Arrow and CEO of Arrow's lead subsidiary bank, Glens Falls National Bank and Trust Company. Mr. Hoy will continue to serve as Chairman of the Board of Arrow and Glens Falls National after December 31, 2012.
Mr. Murphy's promotion reflects the Company's focus on ensuring strategic continuity and succession planning. Mr. Hoy's continuing as CEO in the second half of 2012 will support a seamless transition of duties to Mr. Murphy, who will assume operating responsibilities on July 1, 2012, and overall managerial responsibility for the Company at year-end 2012, upon Mr. Hoy's retirement.
Mr. Hoy said, "This is our Board's very well thought out plan for the future of our Company, and I am very pleased to hand over the management of our Company to such an able executive as Tom Murphy. He has vision for the future, a solid, conservative banking philosophy, strong ties to our communities and a management style that will optimize his very experienced senior management team."
Mr. Murphy, age 53, has served as Senior Executive Vice President and as President of Glens Falls National since July 1, 2011. He has also served as Corporate Secretary of Arrow since 2009 and Senior Trust Officer of Glens Falls National since 2010. Mr. Murphy previously served as Senior Vice President of Glens Falls National (2008-2011) and Manager of the Personal Trust Department of Glens Falls National (2004-2011). Mr. Murphy started with the Company in 2004.