Item 8.01. Other Events.

On November 2, 2009, Alliance Financial Corporation ("Alliance" or the "Company") announced the commencement of an underwritten public offering of approximately $25 million of its common stock, par value $1.00 per share (the "common stock"). The offer and sale would be made pursuant to the Company's shelf registration statement on Form S-3 (Registration No. 333-161838), filed with the Securities and Exchange Commission on September 10, 2009 and declared effective on September 22, 2009.

The Company issued a press release announcing the Offering, a copy of which is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits

99.1 Press Release of Alliance Financial Corporation, dated November 2, 2009.

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