SNODGRASS
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
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INDEPENDENT ACCOUNTANT'S REPORT
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Board of Directors
Nittany Financial Corp.
We have reviewed the accompanying consolidated balance sheet of Nittany
Financial Corp. and subsidiaries as of September 30, 2001, and the related
consolidated statements of income for the three and nine-month periods ended
September 30, 2001 and 2000, the consolidated statement of cash flows for the
nine-month period ended September 30, 2001 and 2000, and the consolidated
statement of changes in stockholders' equity for the nine-month period ended
September 30, 2001. 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 and 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 auditing standards generally accepted in the United States of
America, 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 accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with auditing standards generally
accepted in the United States of America, the consolidated balance sheet as of
December 31, 2000, 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 9, 2001 we expressed an unqualified
opinion on those consolidated financial statements
/s/ S.R. Snodgrass, A.C.
Wexford, PA
November 11, 2001
S.R. Snodgrass, A.C.
1000 Stonewood Drive, Suite 200 Wexford, PA 15090-8399 Phone: 724-934-0344 Facsimile: 724-934-0345