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 September  30, 2003,  and the related
consolidated  statements  of income for the three and  nine-month  periods ended
September 30, 2003 and 2002, the consolidated statements of stockholders' equity
for the nine-month  period ended September 30, 2003, the consolidated  statement
of cash flows for the  nine-month  periods  ended  September  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
October 10, 2003