Exhibit 99.1

                             [SNODGRASS LETTERHEAD]


                           INDEPENDENT ACCOUNTANT'S REPORT
                           -------------------------------


Board of Directors
Nittany Financial Corp.


We  have  reviewed  the  accompanying  consolidated  balance  sheet  of  Nittany
Financial  Corp.  and  subsidiaries  as  of  June  30,  2003,  and  the  related
consolidated  statements of income for the  three-month  and  six-month  periods
ended  June 30,  2003  and  2002,  the  consolidated  statement  of  changes  in
stockholders'  equity for the  six-month  period  ended June 30,  2003,  and the
consolidated  statement of cash flows for the  six-month  periods ended June 30,
2003  and  2002.  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 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, 2002, 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 January 31, 2003, we expressed an  unqualified
opinion on those consolidated financial statements.


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


Wexford, PA
August 11, 2003