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

Sep 22, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-09-21

Reporting Person: Mucenski Edward S. (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-09-21	Phantom Stock (Deferred Compensation)	$	A	224.5822	Acquired		Common Stock (224.5822)	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 59.6779 units acquired on July 10, 2015 pursuant to the Deferred Compensation Plan's dividend reinvestment feature and 214.5994 units previously reported on June 23, 2015 as Phantom Stock (Deferred Stock Units).