{"id":36417,"date":"2023-06-17T19:00:28","date_gmt":"2023-06-17T23:00:28","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=36417"},"modified":"2023-06-17T19:00:28","modified_gmt":"2023-06-17T23:00:28","slug":"arrow-financial-corp-ceo-david-s-demarco-sees-the-value-of-building-relationships","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/06\/arrow-financial-corp-ceo-david-s-demarco-sees-the-value-of-building-relationships\/","title":{"rendered":"Arrow Financial Corp. CEO David S. DeMarco Sees The Value Of Building Relationships"},"content":{"rendered":"
\"\"
David S. DeMarco is the new CEO and president at Arrow Financial Corp.<\/figcaption><\/figure>\n

Editor\u2019s Note: Arrow Financial Corp.\u2014the parent company of Saratoga National Bank and Glens Falls National Bank\u2014announced in May that David S. DeMarco is the new president and chief executive officer of the company.<\/i><\/p>\n

DeMarco was chief banking officer and senior executive vice president at the company. He replaces Thomas J. Murphy who terminated his employment. The Glens Falls Business Journal recently caught up with DeMarco.<\/i><\/p>\n

By Paul Post<\/p>\n

The Digital Age has made communication faster and more far-reaching than ever with email and various social media platforms.<\/p>\n

But it\u2019s also led to a breakdown of face-to-face, interpersonal relations that a strong community bank needs to serve customers most effectively.<\/p>\n

That\u2019s one of the biggest challenges Dave DeMarco sees in his new role as president and CEO of Arrow Financial Corp., and its subsidiaries Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co.<\/p>\n

\u201cTechnology has changed the banking industry dramatically,\u201d he said. \u201cWe\u2019re in the relationship building business. It\u2019s hard to do that with someone who\u2019s taking a picture of a check and banking on their cell phone or computer instead of coming to the bank. You couldn\u2019t do that when I joined Glens Falls National 35 years ago.\u201d<\/p>\n

\u201cWe don\u2019t see customers as much as we used to,\u201d he said. \u201cSo we basically have to get out of the office to meet people and build relationships.\u201d<\/p>\n

DeMarco, 61, a Saratoga Springs resident, has been intimately involved with many facets of the evolving industry during his lengthy banking career.<\/p>\n

<\/span><\/span><\/span><\/strong>A Niskayuna High School graduate (1980), he earned a degree in finance from the University of Texas at Austin (1984) and started out as a commercial lending officer for a large bank in Dallas before returning home to join Glens Falls National, in 1987, as manager of its commercial loan department.<\/p>\n

From there he was put in charge of branch offices and marketing, and in 2004 was responsible for building the bank\u2019s insurance operation, The Upstate Agency.<\/p>\n

\u201cNew banking laws allowed us to get into that business,\u201d DeMarco said. \u201cWe finance homes, cars and businesses. They all need insurance and businesses need health insurance. It was a real nice complement to our banking services and it continues today.\u201d<\/p>\n

In this regard, branch offices have taken on new roles, too, including wealth management, which Arrow Corp. also provides.<\/p>\n

\u201cBranches are becoming more like consulting or financial advisory centers,\u201d DeMarco said. \u201cYou can now go into one of our branches and not only make a deposit or get a loan, you can get insurance and talk to your investment advisor. We\u2019ve tried to create a one-stop-shop over the past 15 years. That\u2019s been a real change.\u201d<\/p>\n

With Glens Falls National, his retail banking territory stretched north all the way to Plattsburgh. But in 2012, DeMarco was named president and CEO of Saratoga National Bank and Trust Company, following the retirement of Raymond F. O\u2019Conor, who continues as bank chair.<\/p>\n

DeMarco oversaw a major expansion of the Saratoga bank\u2019s territory into the Greater Capital Region with new branch offices in Clifton Park, Colonie, Troy, Schenectady, Rotterdam and Latham. There are now 37 Glens Falls National and Saratoga National branch offices from Albany to Plattsburgh.<\/p>\n

COVID and unfavorable economic trends have slowed such growth.<\/p>\n

\u201cWe do plan to expand going forward, but I doubt it will happen this year,\u201d he said. \u201cWe\u2019re evaluating communities we might move into, which is interesting because some banks have been closing and we\u2019ve actually consolidated where we\u2019ve had two branches in the same community a mile apart. But we still believe and the industry still proves that in order to do business in a community you have to have a presence. We\u2019re looking at surrounding communities, primarily outside the Capital District, as we continue to expand outward.\u201d<\/p>\n

DeMarco said the Capital Region\u2019s diverse, stable employment base with a large state government, nearly two dozen colleges and universities and numerous private-sector firms is a major asset that offsets the worst effects of economic volatility.<\/p>\n

\u201cWe tend to be isolated to some degree from recessions, not completely, of course,\u201d he said. \u201cWe don\u2019t have the high highs or the low lows we read about nationally in some of the bigger cities. I think the rest of the year will be stable with no significant downturns. We aren\u2019t seeing the growth of our loan portfolio we have the past couple years, but we\u2019re seeing modest growth. I think that will continue.\u201d<\/p>\n

\u201cAt some point the Fed\u2019s (Federal Reserve) going to stop raising interest rates,\u201d he said. \u201cThey\u2019re talking about a pause, potentially this month or in July. I\u2019d like to think as we get into 2024 that they will have leveled off. If the economy slows a little further they\u2019ll probably be forced next year to start lowering rates, which hopefully will spur some more economic activity.\u201d<\/p>\n

DeMarco believes the challenging current economic environment is an advantage for Arrow Corp., as a long-time local institution.<\/p>\n

\u201cOur company\u2019s been around since 1851,\u201d he said. \u201cWe\u2019ve been through ups and downs in the economy and industry. Because we\u2019ve been around so long, we\u2019re one of the top performing banking companies for a bank our size in the country. We have very strong capital, very strong liquidity, a very safe loan portfolio. At a time when there\u2019s been a lot of headlines about bank failures, feeling comfortable about your hometown bank is what our two banks are all about.\u201d<\/p>\n

\u201cI\u2019m not looking to change our path,\u201d DeMarco said. \u201cMy job is to support them and lead them in the direction that fulfills our mission of providing community banking services. When you have a company that\u2019s 172 years old, you can walk in anywhere and people know what you stand for. You\u2019re able to build relationships much faster.\u201d<\/p>\n

Arrow Corp. employs approximately 500 people.<\/p>\n

An ongoing labor shortage crisis is another big challenge he\u2019s faced with as the company\u2019s new leader.<\/p>\n

\u201cIt\u2019s absolutely affecting our company,\u201d he said. \u201cWe\u2019ve always had some turnover in the teller position, primarily, but many people changed their thought process about working during COVID. We have some remote business, but with those 37 branch offices you\u2019ve got to be there to serve your customer.<\/p>\n

\u201cWe have been challenged, like all industries, finding people,\u201d he said. \u201cWe\u2019re trying to remain competitive on salary. We have an internal program that rewards employees for referring their friends. We have a phenomenal benefit program. We\u2019re doing everything we can to be an employer of choice, but it\u2019s not easy.\u201d<\/p>\n

Prior to his recent promotion, DeMarco had been Arrow Corp.\u2019s chief banking officer and senior executive vice president.<\/p>\n

As the new president and CEO he succeeds Thomas J. Murphy who terminated his employment, his director\u2019s position and all other positions with the company, a press release said.<\/p>\n

\u201cAs chairman of the Saratoga National Bank board I\u2019ve worked closely with Dave and have no doubt that he will do a superb job in his new role,\u201d O\u2019Conor said.<\/p>\n

Active in the community, DeMarco is a board member and treasurer of the Saratoga Hospital Foundation and Greater Capital Region United Way; is treasurer of the Center for Economic Growth (part of Capital Region Chamber of Commerce); is on the Independent Bankers of New York State Board and the CAPTAIN Advisory Council.<\/p>\n

Arrow board Chairman William L. Owens said, \u201cDave has dedicated his career to the company, understands community banking and he is well-known throughout our organization and the communities we serve.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s Note: Arrow Financial Corp.\u2014the parent company of Saratoga National Bank and Glens Falls National Bank\u2014announced in May that David S. DeMarco is the new president and chief executive officer of the company. DeMarco was chief banking officer and senior executive vice president at the company. He replaces Thomas J. Murphy who terminated his employment. […]<\/p>\n","protected":false},"author":89,"featured_media":31747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\nArrow Financial Corp. CEO David S. 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