Adirondack Bancorp, Inc.
private/Arrow Financial CorporationAROWArrow Financial to acquire Adirondack Bancorp in mixed consideration deal
Key takeaways
- Arrow Financial Corporation acquires Adirondack Bancorp, Inc. — $89M aggregate (mixed).
Deal value
$89M
mixed
Per-share offer
—
Premium
—
Days to close
—
Term fee
—
Announced
Apr 24, 2026
Preliminary Proxy
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Definitive Proxy
—
Record date
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Shareholder vote
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Expected close
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No regulatory or closing-conditions data extracted yet. The merger agreement Exhibit 10.1 contains this in the “Conditions to Closing” and “Regulatory Approvals” articles.
- Shareholder approval· a majority of the votes entitled to be cast by the holders of outstanding shares of Adirondack common stock entitled to vote thereon
No competing-bidder, activist, or dissident-proxy signals in the database for this target.
Acquirer side· Arrow Financial Corporation
Legal
Spierer, Woodward, Corbalis & Goldberg P.C.
- · Ernie Panasci
- · Kevin O'Connell
- · Jacob Hedgpeth
“Ernie Panasci, Esq. Kevin O'Connell, Esq. Jacob Hedgpeth, Esq. Spierer, Woodward, Corbalis & Goldberg P.C. 5050 South Syracuse Street, Suite 900 Denver, CO 80237 (303) 792-3456”
Target side· Adirondack Bancorp, Inc.
Legal
- · Jeffrey Cardone
- · Marc P. Levy
- · Gregory M. Sobczak
“Jeffrey Cardone, Esq. Marc P. Levy, Esq. Gregory M. Sobczak, Esq. Luse Gorman, PC 5335 Wisconsin Avenue, N.W., Suite 780 Washington, D.C. 20015 (202) 274-2000”
| Firm | Role | Side | Deals in DB | |
|---|---|---|---|---|
| Luse Gorman, PC | Legal | Target | 3 | View deals → |
| Spierer, Woodward, Corbalis & Goldberg P.C. | Legal | Acquirer | 1 | View deals → |
- Apr 24, 2026this filing
Arrow Financial to acquire Adirondack Bancorp in mixed consideration deal
| Announced | Target | Acquirer | Value | Consid. | Premium | Term Fee % |
|---|---|---|---|---|---|---|
| Apr 24, 2026 | The Farmers Bancorp, Frankfort, Indiana(FABP) | Richmond Mutual Bancorporation, Inc. | $82M | stock | — | — |
| Apr 24, 2026 | The Farmers Bancorp, Frankfort, Indiana(FABP) | Richmond Mutual Bancorporation, Inc. | $85M | stock | — | — |
| Apr 30, 2026 | Carbonium Core, Inc. | TOMI Environmental Solutions, Inc. | $120M | stock | — | — |
| Apr 24, 2026 | Cantor Equity Partners II, Inc. | Securitize Holdings, Inc. | $225M | mixed | — | — |
| Apr 28, 2026 | Jackson Supply Company | Watsco, Inc. | $230M | — | — | — |
| Apr 24, 2026 | M2i Global, Inc. | Volato Group, Inc. | $33M | stock | — | — |
| Apr 24, 2026 | Ace Green Recycling, Inc. | Athena Technology Acquisition Corp. II | $250M | stock | — | — |
Arrow Financial Corporation agreed to acquire Adirondack Bancorp, Inc. in a transaction where each Adirondack share converts to 1.8610 Arrow shares plus $18.72 cash, valuing the deal at approximately $89.1 million on an aggregate basis as of the February 25, 2026 announcement date. The transaction requires approval by a majority of Adirondack shareholders and is structured as a three-step merger including a bank merger. Former Adirondack shareholders are expected to own approximately 11% of the combined company.