COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2011

Dec 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM INC (CBU)
CIK: 0000723188
Period of Report: 2011-12-02

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-02	Common Stock	M	2000	$13.175	Acquired	122275.2414	Direct
2011-12-02	Common Stock	F	997	$26.42	Disposed	121278.2414	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-02	Stock Option	$13.175	M	2000	Disposed	2012-02-20	Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	114660.4536	Indirect
Common Stock	833.085	Indirect