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

Dec 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM INC (CBU)
CIK: 0000723188
Period of Report: 2012-12-03

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-03	Common Stock	S	663	$27.15	Disposed	118065.9066	Indirect
2012-12-04	Common Stock	S	11483	$27.16	Disposed	106582.9066	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	127884.1674	Direct
Common Stock	864.467	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.15 to $27.20, inclusive. The reporting person undertakes to provide Community Bank System, Inc., any security holder of Community Bank System, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.