Nittany Financial Corp./Nittany Bank Subject: South Atherton Expansion
Contact: Samuel J. Malizia,
Chairman of the Board
David Z. Richards, Jr.
President & CEO
(814) 238-5724
Date: January 10, 2002
[LOGO]
Nittany Bank
FOR IMMEDIATE RELEASE
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Nittany Bank to Expand Into Current Shoney's Location
State College, PA - Nittany Bank announced today that it will open a branch
office in the current Shoney's Restaurant at 1900 South Atherton St. The Bank
will relocate their existing office at 129 Rolling Ridge Drive to the new
location by the end of June, 2003.
Penny Rhoades, Assistant Vice President and Manager of the current Rolling Ridge
office, will operate the new 5,000 sq. ft. office with her existing staff and
additional personal bankers. Plans for the expanded office include a
multiple-lane drive-thru, drive-up ATM services, and expanded personal banking
and investment services.
David Richards, President and CEO of Nittany Bank believes the office will allow
Nittany Bank to maintain its current growth rate and serve customers more
efficiently. "In only 29 months, the current office on Rolling Ridge Drive has
grown dramatically with over $47 million in loans and deposits. We first and
foremost wanted a larger location that was more convenient for existing
customers, as well as accessibility for potential clients. The visibility and
traffic signal access make this a perfect location, however, we always remember
that our staff and service levels are the most important ingredient for our
continued success. We have been overwhelmed with the response to the Nittany
Bank way of doing business. This new office, combined with our three others in
State College and five ATMs will make us the best place for banking in the
region. In only four years of operation, over 11,000 accounts call Nittany Bank
home."
Senior Vice President Richard Barrickman and some of the Bank's loan operations
will also move to the new office. "Our customers like to get answers without
having to call Pittsburgh, Buffalo or Harrisburg. Moving to the new office will
maintain our philosophy of having a senior officer in each branch to meet
customer needs," said Barrickman.
Nittany Financial Corp. (OTC Ticker Symbol "NTNY") is the parent company for
Nittany Bank, a federally chartered financial institution headquartered and
operated solely in the State College market with $180 million in assets. Nittany
Bank began operations in October, 1998 and currently operates four offices with
40 employees. Nittany Bank offers a full range of financial services through its
four offices, five ATM's, telephone banking (231-1800) and transactional
internet banking at its www.NittanyBank.com site.
The parent company, Nittany Financial Corp., also owns two investment
subsidiaries. Nittany Asset Management Inc. offers retail investment products
through the bank's four offices. Vantage Investment Advisors LLC., is a
Registered Investment Advisory firm providing fee based investment management
services. Vantage currently manages approximately $145 million in investments
for small business retirement plans as well as individual portfolio management
for consumers.