content: SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549
  
  
                                     FORM 8 - K
  
                                   CURRENT REPORT
  
                       Pursuant to Section 13 or 15 (d) of the
                           Securities Exchange Act of 1934
  
  
                          Date of Report: January 29, 1997
                          (Date of earliest event reported)
  
                             COMMUNITY BANK SYSTEM, INC.
               (Exact name of registrant as specified in its charter)
  
                           Commission file number 0-11716
  
  DELAWARE                          0-11716                    16-1213679
  (State or other Jurisdiction      (Commission                (I.R.S. Employer
  of incorporation)                 File Number)               Identification No.)
  
                   5790 Widewaters Parkway, DeWitt, New York 13214
                 (Address of principal executive offices) (Zip Code)
  
                           Registrant's telephone number,
                         including area code: (315) 445-2282
  
                                   Not Applicable
            (Former name of former address, if changed since last report)
  
  
  
  
                            This report contains 8 pages
                           Exhibit index located at page 2
  <PAGE>
  
  Items 1-4.        Not Applicable
  
  Item 5.           Other Events
  
  News Release dated January 29, 1997  announcing  the placement of
  Capital Securities.
  
  News Release dated  February 11, 1997  announcing the purchase of
  eight KeyCorp Western NY branches by Community Bank, N.A.
  
  News Release dated February 20, 1997 announcing:
  the declaration of its quarterly dividend,
  shareholder approval of a two-for-one stock split,
  the plan to redeem CBSI's remaining portion of its
  $4.5 million 9% Cumulative Perpetual Preferred Stock
  
  <PAGE>
  
  NEWS RELEASE
  COMMUNITY BANK SYSTEM, INC.                             For further information
  5790 Widewaters Parkway, DeWitt, New York  13214                please contact:
  
  
                                                                Sanford A. Belden
                                                                President and CEO
                                                          Office:  (315) 445-2282
  FOR IMMEDIATE RELEASE                                        Fax:(315) 445-2997
                                     
                               
  
                        COMMUNITY BANK SYSTEM, INC. ANNOUNCES
                           PLACEMENT OF CAPITAL SECURITIES
  
  Syracuse,  New  York,  January  29,  1997  - - -  Community  Bank  System,  Inc.
  (NASDAQ/NMS:  CBSI) today  announced  the placement of $30 million of fixed rate
  capital  securities  through Community Capital Trust I, a newly-formed  Delaware
  business trust, controlled by CBSI.
  
  The 9.75% Capital Securities,  Series A of Community Capital Trust I were priced
  at  99.325%  of  par  to  yield  9.82%.  Cash   distributions  will  be  payable
  semi-annually  on January 31 and July 31,  beginning July 31, 1997. The proceeds
  from the issuance  will be used for general  corporate  purposes,  including the
  redemption of outstanding preferred stock.
  
  Sanford A. Belden,  President and Chief Executive Officer, said, "We believe the
  issuance of these capital  securities will further enhance our capital  position
  and  reduce  our cost of capital as we  continue  to look for  opportunities  to
  profitably grow our company."
  
  The 9.75% Capital  Securities  were offered in a private  placement  transaction
  through M.A.  Schapiro & Co., Inc. and are rated  Investment  Grade  ("BBB-") by
  Thomson BankWatch.  The securities have not been registered under the Securities
  Act of 1933 and may not be  offered or sold in the United  States  without  such
  registration or applicable exemption from the registration requirements.
  
  CBSI is a $1.3 billion  registered  bank holding  company  based in DeWitt,  New
  York. Its wholly-owned banking subsidiary, Community Bank, N.A., has 49 customer
  facilities  offering a broad  range of  financial  services  to both  retail and
  commercial  customers  located  throughout  Northern New York,  the Finger Lakes
  Region,  the Southern Tier, and  Southwestern  New York. CBSI is also the parent
  company of Benefit Plans Administrative  Services, Inc., a pension actuarial and
  recordkeeping firm located in Utica, New York.
  
                                  * * * * *
  
  <PAGE>
  
  FOR IMMEDIATE RELEASE
  Contact:
  Sanford A. Belden                         Christine Hogan-Kilburn (518)487-4323
  President & CEO                           Manager, Public Relations-New York
  COMMUNITY BANK, N.A. &                    KeyCorp
  Community Bank System, Inc.
  (315) 445-7304
  
  Michael A. Patton
  Regional President
  COMMUNITY BANK, N.A.
  201 N. Union St.
  Olean, NY 14760
  (716) 376-7200
  
      COMMUNITY BANK, N.A. to Purchase Eight KeyCorp Western  NY Branches
  
        Olean,  New York (February 11,  1997)--COMMUNITY  BANK, N.A.  (CBNA),  has
  signed  an  agreement  to  acquire  eight   branches  with  total   deposits  of
  approximately  $161  million  in  Western  New York  from  KeyCorp,  a  national
  financial  services company with assets of over $67 billion.  The transaction is
  subject to  regulatory  approval  and is  scheduled  to close  during the second
  quarter.
       Sanford A. Belden,  president and chief executive officer of CBNA,  stated,
  "Consistent with its community-oriented approach, CBNA will bring its commitment
  of  personalized  service,  convenient  locations,  and  responsiveness  to  the
  specific needs of individuals  and businesses in the  communities  served by the
  branches."
       The  transaction  will  include  an option to  purchase  approximately  $24
  million in related small business,  middle-market commercial and consumer loans,
  as well as facilities and equipment  including five ATM's.  Approximately  fifty
  employees associated with the branches will be joining CBNA.
  
  
                                                                 -more-
  
  <PAGE>
  
  COMMUNITY BANK to Purchase Eight KeyCorp Branches--                      Page 2
  
       Belden  continued,  "We are extremely  pleased to add eight branches to our
  Southern Tier market to help solidify our marketshare in Southwestern  New York.
  This purchase is very attractive in that it is immediately accretive to earnings
  per share. Our  well-established  organizational and management  structure means
  that we will absorb these branches with little additional fixed overhead."
       Theeight  branches and their  respective  county  locations are as follows:
          Allegany County--Alfred, Cuba and Wellsville Cattaraugus County--Gowanda
          Chautauqua County--Clymer, Cassadaga, Ripley and Sherman.
       Belden  further  remarked,  "All but one of the branches is either first or
  second in deposit  market share in their  respective  locations.  The Chautauqua
  branches  represent a market extension to the west of our Olean-area  locations,
  gaining the Gowanda  branch  results in COMMUNITY  BANK  solidifying  our market
  share in Cattaraugus  County, and addition of the Allegany branches  strengthens
  our current Wellsville location."
       Michael A. Patton, regional president stated, "We are very pleased to bring
  our  trademark  brand of local,  responsive  decision  making and service to the
  people in these new markets and we look forward to actively participating in the
  communities."
  
  
                                                      -more-
  
  <PAGE>
  
  COMMUNITY BANK to Purchase 8 KeyCorp Branches--                           Page 3
  
       COMMUNITY  BANK and KeyCorp  will be  communicating  soon to  customers  to
  explain how their banking  relationships  will continue to be handled  following
  the transfer.  "We will be working  together to ensure a smooth  transition over
  the  coming  months,  and the  transition  should be  virtually  transparent  to
  customers.  Customers  are not  required  to take any action at this time," said
  Belden .
        COMMUNITY BANK offers a full range of  high-quality  products and services
  for both  individuals and businesses.  These include  FDIC-insured  checking and
  savings deposit products,  a variety of personal and commercial loans,  personal
  and employee benefit trust services,  and a range of nonbank financial  services
  including annuities, mutual funds and insurance. CBNA is recognized by Veribanc,
  Inc. and several other bank monitoring  services as  consistently  achieving the
  highest levels of financial safety, soundness and strength.
       Community Bank System, Inc. (NASDAQ/NMS: CBSI) is a $1.3 billion registered
  bank  holding  company  based in  DeWitt,  New York.  Its  wholly-owned  banking
  subsidiary, COMMUNITY BANK, N.A. with operating centers in Olean and Canton, has
  49 customer  facilities located  throughout  Southwestern New York, the Southern
  Tier,  the Finger Lakes Region,  and Northern New York.  CBSI is also the parent
  company of Benefit Plans Administrative  Services, Inc., a pension actuarial and
  recordkeeping firm located in Utica, New York.
                  #                     #                        #
  
  <PAGE>
  
  Sanford A. Belden
  President and C.E.O.
  315\445-2282
  
  
  FOR IMMEDIATE RELEASE
  
  
  
                    COMMUNITY BANK SYSTEM, INC. DECLARES DIVIDEND
  
  
           SYRACUSE,  NY,  February 20, 1997 -----  Community  Bank  System,  Inc.
  (NASDAQ/NMS:  CBSI)  announced that its Board of Directors  declared a quarterly
  cash  dividend  of $.18 per share on its  common  stock.  The  dividend  will be
  payable  April 10, 1997 to  shareholders  of record March 14, 1997.  The rate of
  dividend  reflects a  two-for-one  stock  split  approved by  shareholders  at a
  Special Shareholders  Meeting held on February 19, 1997.  Shareholders of record
  at the close of  business on  February  10,  1997 will be issued one  additional
  share of common stock for each share already held, to be distributed on or about
  March 12, 1997.
  
           Community  Bank System,  Inc. has announced that it plans to redeem the
  remaining  portion or $4.5  million  of its 9%  Cumulative  Perpetual  Preferred
  Stock,  effective  March 10, 1997. In  conjunction  with this plan, the Board of
  Directors  declared a special  dividend payment of $4 per share on 45,000 shares
  or $180,000 for its 9% Cumulative  Perpetual  Preferred Stock, Series A, payable
  on March 10, 1997 to  shareholders  of record on that date. Part of the proceeds
  of $30 million of 9.75% Capital Securities,  Series A of Community Capital Trust
  I, a newly-formed  Delaware business trust controlled by CBSI, issued on January
  29, 1997 is used for this purpose.
  
           CBSI is a $1.3 billion registered bank holding company based in DeWitt,
  New York. Its  wholly-owned  banking  subsidiary,  Community  Bank,  N.A. has 49
  customer  facilities offering a broad range of financial services to both retail
  and commercial customers located throughout Northern, New York, the Finger Lakes
  Region,  the Southern Tier, and  Southwestern  New York.  CBSI is also parent to
  Benefit Plans  Administrative  Services,  Inc.  (BPA),  a pension  actuarial and
  recordkeeping  firm  located  in Utica,  New York  serving  sponsors  of defined
  benefit and defined contribution plans.
  
                                       * * *
  <PAGE>
                                     SIGNATURES
  
  
  
           Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
  the  Registrant  has duly  caused  this report to be signed on its behalf by the
  undersigned thereunto duly authorized.
  
  
  
                             COMMUNITY BANK SYSTEM, INC.
                                    (Registrant)
  
  
                             by:   /s/ Sanford A. Belden
                                   Sanford A. Belden
                                   President and
                                   Chief Executive Officer
  
  
  February 21, 1997
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text: SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549
  
                                     FORM 8 - K
  
                                   CURRENT REPORT
  
                       Pursuant to Section 13 or 15 (d) of the
                           Securities Exchange Act of 1934
  
                          Date of Report: January 29, 1997
                          (Date of earliest event reported)
  
                             COMMUNITY BANK SYSTEM, INC.
               (Exact name of registrant as specified in its charter)
  
                           Commission file number 0-11716
  
  DELAWARE                          0-11716                    16-1213679
  (State or other Jurisdiction      (Commission                (I.R.S. Employer
  of incorporation)                 File Number)               Identification No.)
  
                   5790 Widewaters Parkway, DeWitt, New York 13214
                 (Address of principal executive offices) (Zip Code)
  
                           Registrant's telephone number,
                         including area code: (315) 445-2282
  
                                   Not Applicable
            (Former name of former address, if changed since last report)
  
                            This report contains 8 pages
                           Exhibit index located at page 2
  Items 1-4.        Not Applicable
  
  Item 5.           Other Events
  
  News Release dated January 29, 1997  announcing  the placement of
  Capital Securities.
  
  News Release dated  February 11, 1997  announcing the purchase of
  eight KeyCorp Western NY branches by Community Bank, N.A.
  
  News Release dated February 20, 1997 announcing:
  the declaration of its quarterly dividend,
  shareholder approval of a two-for-one stock split,
  the plan to redeem CBSI's remaining portion of its
  $4.5 million 9% Cumulative Perpetual Preferred Stock
  NEWS RELEASE
  COMMUNITY BANK SYSTEM, INC.                             For further information
  5790 Widewaters Parkway, DeWitt, New York  13214                please contact:
  
                                                                Sanford A. Belden
                                                                President and CEO
                                                          Office:  (315) 445-2282
  FOR IMMEDIATE RELEASE                                        Fax:(315) 445-2997
                                     
                               
  
                        COMMUNITY BANK SYSTEM, INC. ANNOUNCES
                           PLACEMENT OF CAPITAL SECURITIES
  
  Syracuse,  New  York,  January  29,  1997  - - -  Community  Bank  System,  Inc.
  (NASDAQ/NMS:  CBSI) today  announced  the placement of $30 million of fixed rate
  capital  securities  through Community Capital Trust I, a newly-formed  Delaware
  business trust, controlled by CBSI.
  
  The 9.75% Capital Securities,  Series A of Community Capital Trust I were priced
  at  99.325%  of  par  to  yield  9.82%.  Cash   distributions  will  be  payable
  semi-annually  on January 31 and July 31,  beginning July 31, 1997. The proceeds
  from the issuance  will be used for general  corporate  purposes,  including the
  redemption of outstanding preferred stock.
  
  Sanford A. Belden,  President and Chief Executive Officer, said, "We believe the
  issuance of these capital  securities will further enhance our capital  position
  and  reduce  our cost of capital as we  continue  to look for  opportunities  to
  profitably grow our company."
  
  The 9.75% Capital  Securities  were offered in a private  placement  transaction
  through M.A.  Schapiro & Co., Inc. and are rated  Investment  Grade  ("BBB-") by
  Thomson BankWatch.  The securities have not been registered under the Securities
  Act of 1933 and may not be  offered or sold in the United  States  without  such
  registration or applicable exemption from the registration requirements.
  
  CBSI is a $1.3 billion  registered  bank holding  company  based in DeWitt,  New
  York. Its wholly-owned banking subsidiary, Community Bank, N.A., has 49 customer
  facilities  offering a broad  range of  financial  services  to both  retail and
  commercial  customers  located  throughout  Northern New York,  the Finger Lakes
  Region,  the Southern Tier, and  Southwestern  New York. CBSI is also the parent
  company of Benefit Plans Administrative  Services, Inc., a pension actuarial and
  recordkeeping firm located in Utica, New York.
  
                                  * * * * *
  FOR IMMEDIATE RELEASE
  Contact:
  Sanford A. Belden                         Christine Hogan-Kilburn (518)487-4323
  President & CEO                           Manager, Public Relations-New York
  COMMUNITY BANK, N.A. &                    KeyCorp
  Community Bank System, Inc.
  (315) 445-7304
  
  Michael A. Patton
  Regional President
  COMMUNITY BANK, N.A.
  201 N. Union St.
  Olean, NY 14760
  (716) 376-7200
  
      COMMUNITY BANK, N.A. to Purchase Eight KeyCorp Western  NY Branches
  
        Olean,  New York (February 11,  1997)--COMMUNITY  BANK, N.A.  (CBNA),  has
  signed  an  agreement  to  acquire  eight   branches  with  total   deposits  of
  approximately  $161  million  in  Western  New York  from  KeyCorp,  a  national
  financial  services company with assets of over $67 billion.  The transaction is
  subject to  regulatory  approval  and is  scheduled  to close  during the second
  quarter.
       Sanford A. Belden,  president and chief executive officer of CBNA,  stated,
  "Consistent with its community-oriented approach, CBNA will bring its commitment
  of  personalized  service,  convenient  locations,  and  responsiveness  to  the
  specific needs of individuals  and businesses in the  communities  served by the
  branches."
       The  transaction  will  include  an option to  purchase  approximately  $24
  million in related small business,  middle-market commercial and consumer loans,
  as well as facilities and equipment  including five ATM's.  Approximately  fifty
  employees associated with the branches will be joining CBNA.
  
                                                                 -more-
  COMMUNITY BANK to Purchase Eight KeyCorp Branches--                      Page 2
  
       Belden  continued,  "We are extremely  pleased to add eight branches to our
  Southern Tier market to help solidify our marketshare in Southwestern  New York.
  This purchase is very attractive in that it is immediately accretive to earnings
  per share. Our  well-established  organizational and management  structure means
  that we will absorb these branches with little additional fixed overhead."
       Theeight  branches and their  respective  county  locations are as follows:
          Allegany County--Alfred, Cuba and Wellsville Cattaraugus County--Gowanda
          Chautauqua County--Clymer, Cassadaga, Ripley and Sherman.
       Belden  further  remarked,  "All but one of the branches is either first or
  second in deposit  market share in their  respective  locations.  The Chautauqua
  branches  represent a market extension to the west of our Olean-area  locations,
  gaining the Gowanda  branch  results in COMMUNITY  BANK  solidifying  our market
  share in Cattaraugus  County, and addition of the Allegany branches  strengthens
  our current Wellsville location."
       Michael A. Patton, regional president stated, "We are very pleased to bring
  our  trademark  brand of local,  responsive  decision  making and service to the
  people in these new markets and we look forward to actively participating in the
  communities."
  
                                                      -more-
  COMMUNITY BANK to Purchase 8 KeyCorp Branches--                           Page 3
  
       COMMUNITY  BANK and KeyCorp  will be  communicating  soon to  customers  to
  explain how their banking  relationships  will continue to be handled  following
  the transfer.  "We will be working  together to ensure a smooth  transition over
  the  coming  months,  and the  transition  should be  virtually  transparent  to
  customers.  Customers  are not  required  to take any action at this time," said
  Belden .
        COMMUNITY BANK offers a full range of  high-quality  products and services
  for both  individuals and businesses.  These include  FDIC-insured  checking and
  savings deposit products,  a variety of personal and commercial loans,  personal
  and employee benefit trust services,  and a range of nonbank financial  services
  including annuities, mutual funds and insurance. CBNA is recognized by Veribanc,
  Inc. and several other bank monitoring  services as  consistently  achieving the
  highest levels of financial safety, soundness and strength.
       Community Bank System, Inc. (NASDAQ/NMS: CBSI) is a $1.3 billion registered
  bank  holding  company  based in  DeWitt,  New York.  Its  wholly-owned  banking
  subsidiary, COMMUNITY BANK, N.A. with operating centers in Olean and Canton, has
  49 customer  facilities located  throughout  Southwestern New York, the Southern
  Tier,  the Finger Lakes Region,  and Northern New York.  CBSI is also the parent
  company of Benefit Plans Administrative  Services, Inc., a pension actuarial and
  recordkeeping firm located in Utica, New York.
                  #                     #                        #
  Sanford A. Belden
  President and C.E.O.
  315\445-2282
  
  FOR IMMEDIATE RELEASE
  
                    COMMUNITY BANK SYSTEM, INC. DECLARES DIVIDEND
  
           SYRACUSE,  NY,  February 20, 1997 -----  Community  Bank  System,  Inc.
  (NASDAQ/NMS:  CBSI)  announced that its Board of Directors  declared a quarterly
  cash  dividend  of $.18 per share on its  common  stock.  The  dividend  will be
  payable  April 10, 1997 to  shareholders  of record March 14, 1997.  The rate of
  dividend  reflects a  two-for-one  stock  split  approved by  shareholders  at a
  Special Shareholders  Meeting held on February 19, 1997.  Shareholders of record
  at the close of  business on  February  10,  1997 will be issued one  additional
  share of common stock for each share already held, to be distributed on or about
  March 12, 1997.
  
           Community  Bank System,  Inc. has announced that it plans to redeem the
  remaining  portion or $4.5  million  of its 9%  Cumulative  Perpetual  Preferred
  Stock,  effective  March 10, 1997. In  conjunction  with this plan, the Board of
  Directors  declared a special  dividend payment of $4 per share on 45,000 shares
  or $180,000 for its 9% Cumulative  Perpetual  Preferred Stock, Series A, payable
  on March 10, 1997 to  shareholders  of record on that date. Part of the proceeds
  of $30 million of 9.75% Capital Securities,  Series A of Community Capital Trust
  I, a newly-formed  Delaware business trust controlled by CBSI, issued on January
  29, 1997 is used for this purpose.
  
           CBSI is a $1.3 billion registered bank holding company based in DeWitt,
  New York. Its  wholly-owned  banking  subsidiary,  Community  Bank,  N.A. has 49
  customer  facilities offering a broad range of financial services to both retail
  and commercial customers located throughout Northern, New York, the Finger Lakes
  Region,  the Southern Tier, and  Southwestern  New York.  CBSI is also parent to
  Benefit Plans  Administrative  Services,  Inc.  (BPA),  a pension  actuarial and
  recordkeeping  firm  located  in Utica,  New York  serving  sponsors  of defined
  benefit and defined contribution plans.
  
                                       * * *
  SIGNATURES
  
           Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
  the  Registrant  has duly  caused  this report to be signed on its behalf by the
  undersigned thereunto duly authorized.
  
                             COMMUNITY BANK SYSTEM, INC.
                                    (Registrant)
  
                             by:   /s/ Sanford A. Belden
                                   Sanford A. Belden
                                   President and
                                   Chief Executive Officer
  
  February 21, 1997