Community Financial (NYSE: CBU) exec logs tax-withheld stock disposition

Rhea-AI Filing Summary

COMMUNITY FINANCIAL SYSTEM, INC. executive Matthew K. Durkee, SVP and Chief Banking Officer and President, Commercial Banking, reported a Form 4 transaction involving common stock. On the vesting of a restricted stock award, 399 shares were disposed of at $60.55 per share to cover associated tax liability, rather than through an open-market sale. After this tax-withholding disposition, he held 2,858 shares of common stock directly and 9,743.697 shares indirectly through the company’s 401(k) plan based on a current plan statement.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Durkee Matthew K

Role SVP, Chief Banking Officer

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	399	$60.55	$24K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 2,858 shares (Direct); Common Stock — 9,743.697 shares (Indirect, By 401(K))

Footnotes (1)

1. Payment of tax liability associated with vesting of restricted stock award. The number of shares reported herein were acquired pursuant to Community Financial System, Inc.'s 401(k) Plan and are based on a current plan statement.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Durkee Matthew K

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

333 BUTTERNUT DRIVE

(Street)

SYRACUSE NY 13214

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	SVP, Chief Banking Officer		President, Commercial Banking

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/02/2026		F(1)		399	D	$60.55	2,858	D
Common Stock								9,743.697	I	By 401(K)(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Payment of tax liability associated with vesting of restricted stock award.

2. The number of shares reported herein were acquired pursuant to Community Financial System, Inc.'s 401(k) Plan and are based on a current plan statement.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Matthew K. Durkee	03/03/2026
	** 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.

FAQ

What insider transaction did CBU executive Matthew Durkee report?

Matthew K. Durkee reported a tax-withholding disposition of 399 shares of Community Financial System common stock at $60.55 per share. The shares were withheld to satisfy tax liability from a restricted stock award vesting, not sold in an open-market transaction.

How many Community Financial (CBU) shares were used for Durkee’s tax withholding?

A total of 399 common shares were disposed of to cover Matthew K. Durkee’s tax liability tied to a restricted stock vesting. The Form 4 lists the transaction price as $60.55 per share for these withheld shares under transaction code F.

How many CBU shares does Matthew Durkee hold after this Form 4 transaction?

After the tax-withholding disposition, Matthew K. Durkee directly owned 2,858 Community Financial System common shares. He also indirectly held 9,743.697 additional shares through the company’s 401(k) plan, based on a current plan statement included in the filing.

Was the CBU insider Form 4 transaction an open-market sale?

The transaction was not an open-market sale. It was a tax-withholding disposition under code F, where 399 shares were delivered to cover tax liability from a restricted stock award vesting, according to the footnote accompanying the Form 4 entry.

What does transaction code F mean in the CBU Form 4 filing?

Transaction code F indicates shares used to pay an exercise price or tax liability. In this case, 399 Community Financial System shares were disposed of to satisfy tax due when a restricted stock award vested, rather than being voluntarily sold on the market.

How are Matthew Durkee’s indirect CBU holdings structured?

Matthew K. Durkee’s indirect ownership consists of 9,743.697 Community Financial System shares held through the company’s 401(k) plan. The Form 4 notes these shares were acquired under the 401(k) Plan and the amount is based on a current plan statement.