COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2012

Mar 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM INC (CBU)
CIK: 0000723188
Period of Report: 2012-03-21

Reporting Person: Kingsley Scott Allen (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-21	Common Stock	A	2090	—	Acquired	15813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-21	Stock Option	$28.78	A	9503	Acquired	2022-03-21	Common Stock (9503)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2136.4332	Indirect

Footnotes

F1: The number of shares reported herein were acquired pursuant to Community Bank System, Inc.'s 401(K) Plan and are based on a current plan statement.

F2: The option vests ratably on March 21, 2013, 2014, 2015, 2016 and 2017.