Exhibit 21
Arrow Financial Corporation
250 Glen Street
Glens Falls, NY 12801
Subsidiaries
December 31, 2020
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: Warrensburg, 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: Warrensburg, NY | 100 | ||||
Subsidiaries of Saratoga National Bank and Trust Company: | |||||
NC Financial Services, Inc. A New York Corporation Headquarters: Warrensburg, NY | 10 |