cbna20128kdirectorsandstkrep.htm

UNITED STATES
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 (Date of earliest event reported):  December 31, 2012

Community Bank System, Inc.
(Exact name of registrant as specified in its charter)
 
 
 Delaware  001-13695  16-1213679
 (State or other jurisdiction of incorporation)  (Commission File Number)  (IRS Employer 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 or former address, if changed since last report)
     
 
 
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
 following provisions:
 
 o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 
 

 

Item 5.02(b)                  Departure of Directors or Certain Officers
 
On December 31, 2012, Paul M. Cantwell, Jr., a member of the Board of Directors (the “Board”) of Community Bank System, Inc. (the “Company”), retired from the Board in accordance with the Company’s mandatory retirement policy for directors.  Pursuant to the Company’s Bylaws, a director is required to retire from the Board on December 31st of the year in which he or she attains the age of 70.  Mr. Cantwell has served as a director of the Company and Community Bank, N.A., the Company’s subsidiary, since 2001.  He served as Chair of the Board from June 2006 to April 2010.
 
Item 8.01                      Other Events
 
At its December meeting, the Board also approved a stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,000,000 shares of the Company’s common stock during a twelve-month period starting January 1, 2013.  Such repurchases may be made at the discretion of senior management depending on market conditions and other relevant factors and will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable legal requirements.  The new repurchase authorization replaces the existing program which expired on December 31, 2012.
 

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 hereunto duly authorized.
 
 
   Community Bank System, Inc.
   
   By:  /s/ George J. Getman
 
 Name:  George J. Getman
   Title:  Executive Vice President and General Counsel
   
Dated:  January 4, 2013