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

Jul 14, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-07-13

Reporting Person: STEELE SALLY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-07-13	Common Stock	G	1967	—	Acquired	41254	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (27507.3809)	27507.3809	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 233.5091 units acquired on April 10, 2015 pursuant to the Deferred Compensation Plan's dividend reinvestment feature.