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

Oct 24, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-10-23

Reporting Person: STEELE SALLY A (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-10-23	Phantom Stock (Deferred Compensation)	$	A	134.8666	Acquired		Common Stock (134.8666)	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.