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

Mar 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2017-03-15

Reporting Person: STICKELS ERIC (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-15	Phantom Stock (Deferred Stock Units)	$	A	553	Acquired		Common Stock (553)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	16345	Direct
Common Stock	1730	Indirect
Common Stock	39280.6207	Indirect
Common Stock	8073.2059	Indirect

Footnotes

F1: Includes 210.8763 shares acquired pursuant to the 401(k) Plan's dividend reinvestment feature.

F2: Includes 43.5315 shares acquired pursuant to the 401(k) Plan's dividend reinvestment feature.

F3: The reporting person has received deferred stock units under the Community Bank System, Inc. 2014 Long-Term Incentive Plan. Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.