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SNODGRASS
Certified Public Accountants and Consultants




May 30, 2001
Board of Directors
Nittany Financial Corp.
116 East College Avenue
State College, PA  16801

We have  reviewed,  in accordance  with  standards  established  by the American
Institute of Certified  Public  Accountants,  the  unaudited  interim  financial
information of Nittany  Financial Corp. and  subsidiaries  for the periods ended
March 31, 2001 and 2000, as indicated in our report dated May 10, 2001;  because
we did not perform an audit, we expressed no opinion on that information.

We are aware that our  report  referred  to above,  which was  included  in your
Quarterly  Report on Form 10-QSB for the quarter  ended March 31, 2001, is being
used in this Registration Statement.

We also are aware that the aforementioned report,  pursuant to Rule 436(c) under
the  Securities  Act of  1933,  is not  considered  a part  of the  Registration
Statement  prepared  or  certified  by an  accountant  or a report  prepared  or
certified by an accountant within the meaning of Sections 7 and 11 of that Act.


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





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