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 September  30, 2005,  and the related
consolidated  statement of income for the  three-month  and  nine-month  periods
ended September 30, 2005 and 2004, and the consolidated  statement of changes in
stockholders' equity for the nine-month period ended September 30, 2005, and the
consolidated  statement of cash flows for the nine-month periods ended September
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

October 21, 2005