A community bank holding company in upstate New York plans to begin marketing proprietary mutual funds to its retail customers this year even though stocks and mutual funds remain mired in what the company's chief executive called the worst slump in a quarter century.

Thomas L. Hoy said he is convinced that the stock market will rebound and that banks' deposits will decline when it does. Arrow Financial Corp. is preparing for that by offering its own line of investment products, he said.

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