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

Jan 12, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM INC (CBU)
CIK: 0000723188
Period of Report: 2012-01-11

Reporting Person: DONAHUE BRIAN D (Chief Banking Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-11	Common Stock	F	528	$27.80	Disposed	22513	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5946.6222	Indirect

Footnotes

F1: Payment of tax liability associated with vesting of restricted stock grant.