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

Jun 24, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-06-23

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-06-23	Common Stock	M	4631	$29.79	Acquired	206232.0794	Direct
2016-06-23	Common Stock	F	3311	$42.18	Disposed	202921.0794	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-06-23	Stock Option	$29.79	M	4631	Disposed	2023-03-19	Common Stock (4631)	Direct