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^*

WEARS JAMES A

(Last)

(First)

(Middle)

322 HAMILTON STREET

(Street)

OGDENSBURG

13669

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2004

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	08/20/2004		S		1,000	D	$23.98	58,526	D
Common Stock	08/20/2004		S		1,000	D	$24.15	59,526	D
Common Stock	08/20/2004		S		4,200	D	$24	54,326	D
Common Stock	08/20/2004		S		1,000	D	$24.05	53,326	D
Common Stock								1,399.9988	I	By Spouse
Common Stock								39,443.9754	I	By 401(k) Plan
Common Stock								2,429.974	I	By Son, Daniel
Common Stock								2,097.115	I	By Son, Thomas
Common Stock								796	I	By Daughter, Julia

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)
Stock Option	$11.5625							01/01/2001	01/01/2010	Common Stock	10,564		10,564	D
Stock Option	$12.375							01/01/2002	01/01/2011	Common Stock	10,176		10,176	D
Stock Option	$13.1							01/01/2007	01/01/2012	Common Stock	15,290		15,290	D
Stock Option	$13.175							02/20/2007	02/20/2012	Common Stock	2,000		2,000	D
Stock Option	$14.6563							01/01/2004	01/01/2009	Common Stock	12,550		12,550	D
Stock Option	$15.6563							01/02/2003	01/02/2008	Common Stock	11,360		11,360	D
Stock Option	$15.675							01/01/2008	01/01/2013	Common Stock	15,114		15,114	D
Stock Option	$24.15							01/21/2009	01/21/2014	Common Stock	14,676		14,676	D

Explanation of Responses:

Remarks:

	Donna J. Drengel, attorney-in-fact, pursuant to a power of attorney	08/24/2004
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.