PRESS RELEASE
                                  -------------

June 3, 2003                            Samuel J. Malizia, Chairman of the Board
                                        Nittany Financial Corp.
                                        (814) 466-6625

Nittany Financial Corp.                 David Richards, President and CEO
State College, Pennsylvania             Nittany Financial Corp.
                                        (814) 234-7320


                        NITTANY FINANCIAL CORP. COMPLETES
                        ADDITIONAL COMMON STOCK OFFERING


         June 3, 2003,  STATE COLLEGE,  PENNSYLVANIA -- NITTANY  FINANCIAL CORP.
(OTC Bulletin Board:  NTNY), the holding company of Nittany Bank, State College,
Pennsylvania,  announced  that it has  completed  the  additional  common  stock
offering  previously  announced on April 25, 2003 and commenced on May 19, 2003.
The  Corporation has accepted orders for over 150,000 shares of its common stock
at a price of $15.50 per  share.  The stock  offering  was  oversubscribed,  and
improperly-completed  orders  and  orders  received  after  June 2, 2003 will be
refunded. It is expected that stock certificates will be issued in approximately
10-20 days.

         Chairman  of the Board of the  Corporation,  Sam  Malizia,  stated "the
Corporation  sold over $2.3  million  shares of stock in about two weeks,  which
greatly exceeded all expectations. The Corporation hopes to continue to grow and
expand  services  to the  State  College  area  with the  proceeds  of the stock
offering.  As the only  FDIC-insured  financial  institution  headquartered  and
operated solely in State College, we truly are State College's hometown bank."

         The President of the Corporation,  David Richards, stated "the proceeds
of the offering  will  increase the Bank's  working and  regulatory  capital and
permit the Bank to invest in loans and other assets in State College.  The stock
was sold to existing stockholders and residents of the State College area and we
are sorry that we will have to return many unfulfilled orders."

         Nittany Bank conducts its business  through four offices located at 116
East College Avenue,  1276 North Atherton Street, 129 Rolling Ridge Drive (Hills
Plaza) and 2541 East  College  Avenue  (near  Nittany  Mall).  The  Corporation,
through its wholly-owned  subsidiary,  Vantage Investments Advisors, LLC, offers
alternative  investments  and  securities  for  individuals,  benefit  plans and
businesses.