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

Nov 10, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-11-09

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-09	Common Stock	S	4516	$42.86	Disposed	196717.8424	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	954.757	Indirect

Footnotes

F1: Includes 8.109 shares acquired on October 9, 2015 under the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: Includes 7.835 shares acquired on October 9, 2015 under the Community Bank System, Inc. Dividend Reinvestment Plan.