REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM






Board of Directors and Stockholders
Nittany Financial Corp.

We  have  reviewed  the  accompanying  consolidated  balance  sheet  of  Nittany
Financial  Corp.  and  subsidiaries  as  of  June  30,  2005,  and  the  related
consolidated statement of income for the three-month and six-month periods ended
June  30,  2005  and  2004,  and  the  consolidated   statement  of  changes  in
stockholders'  equity for the  six-month  period  ended June 30,  2005,  and the
consolidated  statement of cash flows for the  six-month  periods ended June 30,
2005  and  2004.  These  financial  statements  are  the  responsibility  of the
Company's management.

We conducted  our review in  accordance  with  standards  of the Public  Company
Accounting  Oversight  Board  (United  States).  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 standards of the Public Company  Accounting  Oversight Board, 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 referred to above for them to
be in conformity with U.S. generally accepted accounting principles.

We have previously  audited,  in accordance with standards of the Public Company
Accounting  Oversights Board (United States),  the consolidated balance sheet as
of December 31, 2004, 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 March 16, 2005, except for Note 18 as to which
the date is March  28,  2005,  we  expressed  an  unqualified  opinion  on those
consolidated financial statements.


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

Wexford, PA

July 15, 2005