COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2016

Dec 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-12-08

Reporting Person: Parente John (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-08	Common Stock	S	3566	$60.8874	Disposed	20000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	63947.0039	Direct
Common Stock	10000	Indirect
Common Stock	10000	Indirect
Common Stock	10000	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.69 to $61.01, inclusive. The reporting person undertakes to provide Community Bank System, Inc., any security holder of Community Bank System, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F2: The reporting person was appointed trustee of the Charles E. Parente Revocable Trust on October 24, 2016. Members of the reporting person's immediate family are among the beneficiaries of the trust. The reporting person disclaims beneficial interest of the Community Bank System, Inc. common stock held by the trust except to the extent of his pecuniary interest therein.