FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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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 *

HOLT DONALD 		2. Issuer Name and Ticker or Trading Symbol

COMMUNITY BANKS INC /PA/ [ CMTY ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
CFO
(Last)          (First)          (Middle)

ONE WINCHESTER COURT 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/16/2007
(Street)

MECHANICSBURG, PA 17050
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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
Employee Stock Option   $20.0571   11/16/2007     D        8335    12/6/2003   12/6/2012   Common Stock   8335   $13.9429   (1) 0   D    
Employee Stock Option   $24.52   11/16/2007     D        15000    1/22/2008   (2) 1/22/2014   Common Stock   15000   $9.48   (1) 0   D    
Employee Stock Option   $27.4095   11/16/2007     D        14700    1/25/2007   1/25/2013   Common Stock   14700   $6.5905   (1) 0   D    
Employee Stock Option   $27.5143   11/16/2007     D        10500    6/6/2005   12/6/2014   Common Stock   10500   $6.4857   (1) 0   D    
Employee Stock Option   $28.9524   11/16/2007     D        7939    12/4/2004   12/4/2013   Common Stock   7939   $5.0476   (1) 0   D    

Explanation of Responses:
( 1)  This option was cancelled pursuant to the merger agreement in exchange for a cash payment representing the difference between the exercise price of the option and $34.00, the cash consideration in the merger.
( 2)  Pursuant to the merger agreement between the issuer and Susquehanna, the vesting of all unvested stock options was accelerated.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
HOLT DONALD
ONE WINCHESTER COURT
MECHANICSBURG, PA 17050

CFO

Signatures
Richard A. Soulies, POA 11/16/2007
** 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 control number.
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