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

Dec 23, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-12-19

Reporting Person: Mucenski Edward S. (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-19	Phantom Stock (Deferred Compensation)	$	A	164.5603	Acquired		Common Stock (164.5603)	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 46.1395 and 54.6837 units of phantom stock acquired on July 10, 2014 and October 10, 2014, respectively, under the Deferred Compensation Plan's dividend reinvestment feature.