EXHIBIT 99


                         INDEPENDENT ACCOUNTANTS' REPORT






Board of Directors
Nittany Financial Corp.

We  have  reviewed  the  accompanying  consolidated  balance  sheet  of  Nittany
Financial  Corp.  and  subsidiaries  as of September  30, 2000,  and the related
consolidated  statements  of income for the three and  nine-month  periods ended
September 30 2000 and 1999,  and the  consolidated  statements of cash flows and
stockholders'  equity for the nine-month  period ended September 30, 2000. These
financial statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the  accompanying  financial  statements for them to be in conformity
with generally accepted accoun-ting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the  consolidated  balance  sheet as of December 31,  1999,  and the
related consolidated  statements of income, changes in stockholders' equity, and
cash  flows for the year then ended (not  presented  herein);  and in our report
dated  February  25,  2000,  we  expressed  an  unqualified   opinion  on  those
consolidated financial statements.



/s/S.R. SNODGRASS, A.C.

Wexford, PA
November 8, 2000


S.R. Snodgrass, A.C.
1000 Stonewood Drive
Suite 200 Wexford, PA 15090-8399 Phone: 724-934-0344 Facsimile: 724-934-0345