Glens Falls National Bank and Trust Co., a unit of Arrow Financial Corp., has announced the signing of a letter of intent to buy Upstate Agency Inc., an independent property and casualty insurance agency in Chestertown, N.Y.

Upstate has five insurance offices, the bank announced in a press release Tuesday.

Glens Falls National in Glens Falls, N.Y., owns another insurance agency, Capital Financial Group Inc., which sells and services group health and life insurance.

Upstate offers commercial and personal lines of property and casualty insurance.

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