Form 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ ]Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940


1. Name and Address of Reporting Person
(Last) (First) (Middle)
Van Leeuwen John C.
(Street) (City) (State) (Zip Code)
7 Wellington Drive Saratoga Springs NY 12866
2. Issuer Name and Ticker or Trading Symbol
Arrow Financial Corporation (AROW)
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
4. Statement for Month/Day/Year
March 10, 2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[] Director
[ ] 10% Owner
[x ] Officer (title) Senior Vice President
[ ] Other (specify)
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person

[ ] Form filed by More than One Reporting Person



Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.

Title of Security

 2.

Trans-

action

Date





(M/D/Y)

 2A.

Deemed

Execu-

tion

Date,

if any

(M/D/Y)

 3.

Trans-

action

Code

 4.

Securities

Acquired(A)

Disposed(D)

 5.

Amount of

Securities

Beneficially

Owned

Following

Reported

Transactions

 6.

Ownership

Form

Direct

(D) or

Indirect

(I)

 7.

Nature of

Indirect

Beneficial

Ownership





Code



V



Amount		 (A)

or

(D)



Price
Common

Stock

 03/10/03 M 2,100 A $15.04 4,159
Common

Stock

 03/10/03 F 1,076 D $29.35 3,083
Common

Stock

 03/11/03 S 1,024 D $28.82 2,059 D Brokerage Account
Common

Stock

 10 D Drip with

Wife

Common

Stock

 737 D DRIP
Common

Stock

 8,020 I ESOP
Common

Stock

 335 D DRIP - IRA
Common

Stock

 165 I DRIP

Custodian

for Son

Common

Stock

 165 I DRIP

Custodian

for Son

Common

Stock

 113 I ESPP












Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1.

Title of

Derivative

Security

 2.

Conversion

or Exercise

Price of

Derivative

Security

 3.

Tran-

action

Date

(M/D/Y)

 3A.

Deemed

Execution

Date, if

Any

(M/D/Y)

 4.

Trans-

action

Code

 5.

Number of

Derivative

Securities

Acquired

(A) or

Disposed

of (D)

 6.

Date Exercisable

and Expiration Date

(M/D/Y)



Code

V

(A)

(D)		 Date

Exercisable

 Expiration

Date

Employee

Stock

Option

(Right to

Buy)

 $15.04 03/10/03 M 2,100 AA 11/29/06






Table II (Continued)

1.

Title of

Derivative

Security

 7.

Title and Amount of

Underlying Securities

 8.

Price of

Derivative

Security

 9.

Number of

Derivative

Securities

Beneficially

Owned

Following

Reported

Transactions

 10.

Ownership

of Derivative

Security:

Direct (D) or

Indirect (I)

 11.

Nature of

Indirect

Beneficial

Ownership

Title Amount or

Number of

Shares
Employee

Stock

Option

(Right to

Buy)

 Common

Stock

 2,100 $15.04 4,267 D






Explanation of Responses:

AA = Option granted 11/29/96 and is exercisable over a four year period, one quarter each

year beginning one year after the date of the grant.





Signature of Reporting Person





Gerard R. Bilodeau

Attorney in Fact

Date:

03/12/03