GLENS FALLS, N.Y. - Arrow Financial (NASDAQ:AROW) Corporation (NASDAQ:AROW) has announced the appointment of Tenée R. Casaccio as the new Chair of its Board of Directors, effective Wednesday. Casaccio succeeds William L. Owens, Esq., who retired following the company's mandatory retirement age policy. Casaccio is recognized as the first woman to lead the Arrow Board.
Casaccio has served on Arrow's Board since January 2014 and has been a director of Arrow's banking subsidiaries, Glens Falls National Bank and Trust Company since 2010, and Saratoga National Bank and Trust Company since April 2022. She has chaired the Wealth Management Committee and played a key role on the Governance Committee. Additionally, she has served as a director of Arrow's insurance subsidiary, Upstate Agency, LLC.
With a career spanning three decades at JMZ Architects and Planners, P.C., a Women-Owned Business Enterprise, Casaccio has been influential in expanding the firm's operations to 110 college campuses across 15 states. Under her leadership, JMZ has received numerous design awards and is recognized as one of the Best Places to Work in New York State's Capital Region.
David S. DeMarco, President and CEO of Arrow and a member of the Arrow Board, expressed confidence in Casaccio's leadership abilities and her understanding of the New York business climate to steer the company toward future growth. Casaccio herself expressed her honor in taking the role and her excitement for Arrow's future prospects.
A native of Bolton Landing, New York, Casaccio is deeply involved in the local community, having held positions with several regional organizations, including the Adirondack Regional Chamber of Commerce and The Hyde Collection art museum.
Arrow Financial Corporation is a multi-bank holding company that provides financial services through its subsidiaries in northeastern New York. This announcement is based on a press release statement and is intended to inform readers of the leadership change within the company.
InvestingPro Insights
Arrow Financial Corporation (NASDAQ:AROW) has not only made headlines with its recent board leadership transition but also stands out with its financial performance and shareholder returns. An InvestingPro analysis reveals a particularly high shareholder yield, which is a testament to the company's commitment to returning value to its investors. Furthermore, AROW has a track record of raising its dividend for 31 consecutive years, underscoring its stability and reliability as an investment.
In terms of financial metrics, Arrow Financial Corporation boasts a market capitalization of approximately $413.78 million, and its price-to-earnings (P/E) ratio stands at 14.5, with a slight adjustment in the last twelve months as of Q1 2024 to 14.11. This level of valuation suggests a reasonable price for the earnings power of the company. Moreover, the company's dividend yield as of mid-2024 is an attractive 4.35%, complemented by a dividend growth of 3.0% over the last twelve months. These figures not only highlight the company's dedication to its shareholders but also its potential as a steady income-generating investment.
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