COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2014

Apr 3, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-04-01

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-01	Common Stock	M	9891.99	—	Acquired	141397.9914	Direct
2014-04-01	Common Stock	F	3809	$39.91	Disposed	137588.9914	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-01	Phantom Stock (Deferred Compensation)	$	M	9891.99	Disposed		Common Stock (9891.99)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	105123.0156	Indirect
Common Stock	902.12	Indirect

Footnotes

F1: Each unit of phantom stock is the economic equivalent of one share of Community Bank System, Inc. common stock. On April 1, 2014, 9,891.99 units of the reporting person's phantom stock were settled for an equal number of Community Bank System, Inc. common stock.