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)
Moynehan David L.
(Street) (City) (State) (Zip Code)
Riverside Gas and Oil Co.

P.O. Box 136

Chestertown NY 12817
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
April 29, 2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[x] Director
[ ] 10% Owner
[ ] Officer (title)
[ ] 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

04/29/03 S 500 D $29.11 6,326
Common

Stock

04/29/03 S 100 D $29.11 6,226
Common

Stock

04/29/03 S 100 D $29.09 6,126
Common

Stock

04/29/03 S 400 D $29.02 5,726
Common

Stock

04/29/03 S 100 D $29.02 5,626
Common

Stock

04/29/03 S 100 D $29.02 5,526
Common

Stock

04/29/03 S 700 D $28.99 4,826
Common

Stock

3,886 D Joint

w/Wife

Common

Stock

7,250 D
Common

Stock

407 I ESPP
Common

Stock

331 D DRIP


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

None


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

None








Explanation of Responses:







Signature of Reporting Person







Gerard R. Bilodeau

Attorney in Fact

Date:

05/1/03