Glens Falls National

No. Glens Falls National is a nationally chartered community bank that offers trust and wealth-management services to retail, commercial, and fiduciary clients in upstate New York. It is the largest banking affiliate of Arrow Financial Corporation, a publicly traded holding company. The entity is not organized around any single family's capital.

Arrow Financial Corporation is the publicly traded bank holding company (Nasdaq: AROW) that owns Glens Falls National Bank and Trust Company as its lead banking subsidiary. Arrow also owns Saratoga National Bank and Trust Company and other financial-services units. The holding company reports consolidated financials, with Glens Falls National typically contributing the majority of assets.

There is no public evidence that Glens Falls National's trust or wealth-management division engages in direct private equity, venture capital, or hedge fund investing. Its fiduciary activities center on personal trust administration, estate settlement, and investment management through publicly traded securities and bond ladders. The bank's commercial-lending arm makes loans to local businesses, but those are credit extensions, not equity stakes.

Thomas L. Hoy serves as Chairman and CEO of Arrow Financial Corporation and Glens Falls National. Day-to-day investment-committee and trust-administration decisions are made by the bank's trust officers and wealth-management professionals operating under a fiduciary framework regulated by the Office of the Comptroller of the Currency. Specific portfolio managers are not publicly named.

The trust division manages personal trusts, estates, and investment-management accounts with allocations to publicly traded equities, fixed income, municipal bonds, and cash equivalents. The bank also holds real estate assets that flow through trust and estate settlements, primarily agricultural or residential property in the Adirondack region. No alternative-asset programs are publicly disclosed.