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

Mar 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-03-19

Reporting Person: Parente John (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-19	Stock Option	$37.77	A	3631	Acquired	2024-03-19	Common Stock (3631)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (2332.3272)	2332.3272	Direct

Footnotes

F1: Each unit of phantom stock is the economic equivalent of one share of Community Bank System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.

F2: Includes 16.5749 units of phantom stock acquired on January 10, 2014 under the Deferred Compensation Plan's dividend reinvestment feature.