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

Sep 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM INC (CBU)
CIK: 0000723188
Period of Report: 2012-09-06

Reporting Person: Kingsley Scott Allen (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-09-06	Common Stock	M	14048	$17.82	Acquired	29861	Direct
2012-09-06	Common Stock	S	14048	$28.8091	Disposed	15813	Direct
2012-09-07	Common Stock	M	3558	$17.82	Acquired	19371	Direct
2012-09-07	Common Stock	S	3558	$28.9058	Disposed	15813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-09-06	Stock Option	$17.82	M	14048	Disposed	2019-04-22	Common Stock (14048)	Direct
2012-09-07	Stock Option	$17.82	M	3558	Disposed	2019-04-22	Common Stock (3558)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2136.4332	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 $28.80 to $28.88, 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.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.80 to $28.99, 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.