Arrow Financial Corporation (AROW) is the third undervalued community bank that I am highlighting. This bank is a Dividend Champion and has shown up in my monthly series on these stocks. The bank ranks in the top half of my dividend growth ranking model for Dividend Champions. It could be ranked higher, but the trailing 5-year and 10-year dividend growth rates are comparatively low. However, the bank has a low valuation, low beta, and low payout ratio, which are attractive from the perspective of dividend safety and volatility. In addition, the bank showed up as one of five banks passing several screens assessing dividend, dividend safety, valuation, and volatility. This bank is conservatively run and presently undervalued and the yield is roughly 3%. I view it as a long-term buy.