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

Jul 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-07-25

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-25	Common Stock	S	2000	$43.75	Disposed	200921.0794	Direct
2016-07-26	Common Stock	S	2000	$43.95	Disposed	198921.0794	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (52918.5127)	52918.5127	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 438.1791 and 395.4505 units acquired on April 11, 2016 and July 11, 2016 respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.