COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2015

Dec 14, 2015

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-12-04

Reporting Person: MICHAEL R KALLET (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	41741	Direct
Common Stock	8759	Indirect
Common Stock	44868	Indirect
Common Stock	10226	Indirect
Common Stock	5606	Indirect
Common Stock	1988	Indirect

Footnotes

F1: Pursuant to the Agreement and Plan of Merger, dated as of February 24, 2015 (the "Merger Agreement"), each share of Oneida Financial Corp. stock held by the reporting person was converted into and became exchangeable for shares of Community Bank System, Inc. common stock. Under the terms of the Merger Agreement, and subject to the allocation and proration procedures set forth therein, for each share of Oneida Financial common stock, the reporting person could elect to receive either (a) cash at the rate of $20.00 per share, (b) 0.5635 shares of Community Bank System, Inc. common stock, or (c) a combination of 60% Community Bank System, Inc. common stock and 40% cash, using the same 0.5635 exchange ratio and $20.00 per share cash price. At this time, the final merger consideration allocation and proration results for the reporting person's Oneida Financial Corp. shares are not available. Set forth above is the reporting person's estimate of the number of shares of Community Bank System, Inc. stock beneficially owned by the reporting person based upon the allocation and proration procedures set forth in the Merger Agreement. The reporting person will file an amended Form 3 once the final stock ownership numbers are available.