GLENS FALLS, N.Y., Aug. 10 /PRNewswire-FirstCall/ -- A national review of more than one thousand community banks rated Arrow Financial Corporation (Nasdaq: AROW) as the eighth-best community bank in the United States. The review, conducted by SNL Financial and reported in the June 2010 publication of the US Banker, ranked 1,175 community banks that were actively traded or registered with the U. S. Security and Exchange Commission and having less than $2 billion in assets – by their average return on equity (ROE) over the 3 years ending December 31, 2009. The US Banker article listed the top 200 performers. Arrow's 3-year average ROE of 15.70% led to its #8 ranking. The magazine noted "banks with ROEs of 13 percent or better are stars." No other community bank with assets less than $2 billion in Upstate New York was ranked in the top ten. [The next highest rank received by a community bank headquartered in the greater Albany Capital Region was #86.] The stellar ranking reflects the consistent record of Arrow — which operates both Glens Falls National Bank & Trust Company and Saratoga National Bank & Trust Company — as a high-performing and well-managed banking company. "We are very pleased to be recognized in this elite group, especially when it is based on return-on-equity over a three-year period, not just one year," said Thomas L. Hoy, Arrow's Chairman, President and CEO. Arrow reported record earnings for 2009 of $21.8 million. This achievement was particularly significant as it was attained during a broad, national economic slowdown that created hardships for many banks around the country. 2009 saw the highest failure rate for financial institutions in 15 years, due in large part to the collapse of subprime or poor quality mortgage loans resulting from the sharp decline in home values across the country. Arrow has built a solid balance sheet based upon prudent lending to customers and businesses, and has not participated in high-risk lending programs.