Community Bank System, Inc. – ‘3’ for 11/29/00 re: First Liberty Bank Corp.

As of:  Monday, 12/11/00   ·   For:  11/29/00   ·   Accession #:  950123-0-11392   ·   File #:  0-13312

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of           4±    17K 
                Securities by an Insider                                         

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 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, 
Section 17(a) of the Public Utility Holding Company Act of 1935 or
 Section 30(f) of the Investment Company Act of 1940

________________________________________________________________________________
1.   Name and Address of Reporting Person*                                      

Community Bank System, Inc.                                                     
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(Last)                            (First)              (Middle)           

5790 Widewaters Parkway                                                         
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(Street)
Dewitt                                 NY                   13214               
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(City)                            (State)                (Zip)            

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2.   Date of Event Requiring Statement (Month/Day/Year)                         

11/29/00                                                                        
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3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)    

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4.   Issuer Name and Ticker or Trading Symbol                                   

First Liberty Bank Corp. (FLIB)                                                 
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5.   Relationship of Reporting Person to Issuer                                 
(Check all applicable)                                                

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

________________________________________________________________________________
6.   If Amendment, Date of Original (Month/Day/Year)                            

________________________________________________________________________________
7.   Individual or Joint/Group Filing  (Check applicable line)                  

[X]  Form Filed by One Reporting Person                               
[ ]  Form Filed by More than One Reporting Person                     

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 Table I -- Non-Derivative Securities Beneficially Owned
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                                                        [Enlarge/Download Table]

                                                                 3. Ownership Form:                                                 
                                      2. Amount of Securities       Direct (D) or                                                   
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership   
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr. 5)                                
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No securities owned                                                                                                                 
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FORM 3 (continued)                                                              

Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

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                                                        [Enlarge/Download Table]

                                                                                                        5. Owner-                   
                                                    3. Title and Amount of Securities                      ship                     
                                                       Underlying Derivative Security                      Form of                  
                         2. Date Exercisable           (Instr. 4)                                          Derivative               
                            and Expiration Date     ---------------------------------    4. Conver-        Security:                
                            (Month/Day/Year)                               Amount           sion or        Direct      6. Nature of 
                         ----------------------                            or               Exercise       (D) or         Indirect  
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership 
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr. 5)     (Instr. 5)
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Stock option (right                                  Common Stock, par                                                              
  to buy)                 (1)       (1)              value $0.31 per share  1,267,359     $13.25         D                          
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Reminder: report on a separate line for each class of securities beneficially owned directly or indirectly.                         

Explanation of Responses:                                                                                                           

(1) In connection with the execution and delivery of an Agreement and Plan of   
Merger (the "Merger Agreement"), dated November 29, 2000, which contemplates    
that First Liberty Bank Corp. ("First Liberty") will merge with and into        
Community Bank System, Inc. ("CBSI"), First Liberty granted CBSI an option to   
purchase up to 19.9% of the total number of shares of common stock, par value   
$0.31 per share, of First Liberty ("Common Stock") issued and outstanding. On   
November 29, 2000, First Liberty had a total of 6,368,640 shares of Common Stock
issued and outstanding. Thus, had the option been exercisable on that date,     
1,267,359 shares of Common Stock would have been issuable under the option. If  
the option were exercised in full, CBSI would own 16.6% of First Liberty's then 
outstanding shares of Common Stock. The option is exercisable only in the event 
of certain circumstances involving transactions by First Liberty with third     
parties, acts of third parties, or break-up of the Merger Agreement, and the    
option will expire upon the occurrence of certain events described in the Stock 
Option Agreement, dated November 29, 2000, by and between CBSI and First Liberty
(the "Option Agreement"). The foregoing is qualified in its entirety by         
reference to a more complete description of the Option Agreement contained in   
the Schedule 13D filed by CBSI with the Securities and Exchange Commission on   
December 11, 2000, and a copy of the Option Agreement incorporated by reference 
as Exhibit 1 thereto. CBSI disclaims beneficial ownership of these securities,  
and this report shall not be deemed an admission that CBSI is the beneficial    
owner of such securities for purposes of Section 16 or for any other purpose.   

COMMUNITY BANK SYSTEM, INC.                                                     

/s/ Sanford A. Belden                                         12/11/2000        
---------------------------------------------            -----------------------
**Signature of Reporting Person                             Date    
Sanford A. Belden                                                               
President and Chief Executive Officer                                           

*  If the form is filed by more than one reporting person, see Instruction      
5(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 provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained 
in this form are not required to respond unless the form displays a currently   
valid OMB control number.                                                       

                                                                          Page 2

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘3’ Filing		Date		First		Last			Other Filings
		12/31/01		1					10-K,  10-K/A,  11-K
Filed on:		12/11/00		2					SC 13D
For Period end:		11/29/00		2					8-K
									List all Filings