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

Mar 19, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-03-18

Reporting Person: Wilson James A (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-18	Phantom Stock (Deferred Stock Units)	$	A	850	Acquired		Common Stock (850)	Direct

Footnotes

F1: The reporting person has received deferred stock units under the Community Bank System, Inc. 2014 Long-Term Incentive Plan. Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.