Exhibit 21

Arrow Financial Corporation

250 Glen Street

Glens Falls, NY 12801

Subsidiaries

December 31, 2008

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
Capital Financial Group, Inc.   A New York Corporation   Headquarters: South Glens Falls, NY	100
Subsidiaries of Saratoga National Bank and Trust Company:
NC Financial Services, Inc.   A New York Corporation   Headquarters: Warrensburg, NY	10