DANIELSON ASSOCIATES INC.
6001 Montrose Road
Suite 405
Rockville, Maryland 20852
Tel: (301) 468-4884
Fax: (301) 468-0013
CONSENT OF DANIELSON ASSOCIATES INC.
We hereby consent to the inclusion of our opinion letter addressed to the Board of Directors of First Heritage Bank dated January 5, 2004, as an appendix to, and to the references to our firm under the caption “Opinion of First Heritage’s Financial Advisor” in, the proxy statement/prospectus which is included in the Form S-4 Registration Statement of Community Bank System, Inc. (File number 333-113581) relating to the registration of shares of common stock of Community Bank System, Inc.
DANIELSON ASSOCIATES INC. | ||
By: | /s/ David G. Danielson | |
David G. Danielson President |
Date: April 12, 2004