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

Jun 29, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2017-06-29

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-06-29	Common Stock	S	3000	$56.0273	Disposed	186621.9448	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (53893.2803)	53893.2803	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.0321 to $56.08, 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: Includes 630.45 shares acquired on January 10, 2017 under the Community Bank System, Inc. Dividend Reinvestment Plan.

F3: 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.

F4: Includes 332.5466 units of phantom stock acquired on April 10, 2017 under the Deferred Compensation Plan's dividend reinvestment feature.