SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bolus Mark J.

(Last)

(First)

(Middle)

R.R. #1, BOX 412A

(Street)

DALTON

18414

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMUNITY BANK SYSTEM, INC. [ CBU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/23/2014

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								61,241.077⁽¹⁾	D
Common Stock								5,883.692⁽²⁾	I	By Mark Bolus Trust
Common Stock								182.722⁽³⁾	I	By daughter, Taylor Bolus
Common Stock								182.722⁽³⁾	I	By daughter, Paige Bolus
Common Stock								182.722⁽³⁾	I	By son, Austin Bolus
Common Stock								182.722⁽³⁾	I	By son, Noah Bolus
Common Stock								4,296.992⁽⁴⁾	I	By Taylor Bolus Trust
Common Stock								4,296.992⁽⁴⁾	I	By Paige Bolus Trust
Common Stock								4,296.992⁽⁴⁾	I	By Austin Bolus Trust
Common Stock								4,296.992⁽⁴⁾	I	By Noah Bolus Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock (Deferred Compensation)	⁽⁵⁾	10/23/2014		A		99.3754		⁽⁵⁾	⁽⁵⁾	Common Stock	99.3754	$35.22	3,344.1149⁽⁶⁾	D

Explanation of Responses:

1. Includes 430.529, 467.54, and 541.394 shares acquired on April 10, 2014, July 10, 2014, and October 10, 2014, respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.

2. Includes 41.453, 45.345, and 52.592 shares acquired on April 10, 2014, July 10, 2014, and October 10, 2014, respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.

3. Includes 1.288, 1.377, and 1.607 shares acquired on April 10, 2014, July 10, 2014, and October 10, 2014, respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.

4. Includes 30.274, 33.162, and 38.415 shares acquired on April 10, 2014, July 10, 2014, and October 10, 2014, respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.

5. 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.

6. Includes 26.1297 units of phantom stock acquired on October 10, 2014 under the Deferred Compensation Plan's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Mark J. Bolus	10/24/2014
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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