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

Mar 28, 2016

SEC Form 3/A — Form 3/A

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-12-04

Reporting Person: MICHAEL R KALLET (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	42603	Direct
Common Stock	50343.6465	Indirect
Common Stock	10250.9263	Indirect

Footnotes

F1: This amended Form 3 is filed by the reporting person to report the final allocation and proration of the Community Bank System, Inc. common stock acquired pursuant to the Agreement and Plan of Merger, dated as of February 24, 2015 (the "Merger Agreement"). Under the terms of the Merger Agreement, each share of Oneida Financial Corp. stock held by the reporting person was converted into and became exchangeable for shares of Community Bank System, Inc. common stock. Under the terms of the Merger Agreement, and subject to the allocation and proration procedures set forth therein, for each share of Oneida Financial common stock, the reporting person could elect to receive either (a) cash at the rate of $20.00 per share, (b) 0.5635 shares of Community Bank System, Inc. common stock, or (c) a combination of 60% Community Bank System, Inc. common stock and 40% cash, using the same 0.5635 exchange ratio and $20.00 per share cash price.