Multibank holding company Arrow Financial (NASDAQ:AROW)) announced today it was paying a 2% stock dividend to shareholders who would receive two additional shares of company stock for every 100 shares they owned. Shareholders will also receive the cash equivalent of any fractional shares to which they're entitled, since no partial shares will be issued.

The board of directors said the stock dividend would be payable on September 27 to holders of record at the close of business today.

Arrow Financial pays a regular quarterly dividend that equates to a $1.00 per share annually, yielding 3.9% based on the closing price of its stock today.

AROW Dividend Chart

AROW Dividend data by YCharts.