COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2017

Dec 27, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2017-12-22

Reporting Person: DAVIS JEFFREY L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-22	Common Stock	S	405	$54.721	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	493	Indirect
Common Stock	858	Indirect
Common Stock	4707	Indirect
Common Stock	52939	Direct

Footnotes

F1: The reporting person disclaims beneficial ownership of these securities, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.