Nittany Financial Corp – PRESS RELEASE (January 4th, 2006)[NATIONAL PENN LOGO] [NITTANY FINANCIAL CORP LOGO] PRESS RELEASE National Penn contact: Catharine A. Bower (610) 369-6618 cbower@natpennbank.com Nittany contact: David Z. Richards Jr. (814) 238-5724 DRichards@NittanyBank.com NATIONAL PENN BANCSHARES, INC. RECEIVES REGULATORY APPROVALS TO ACQUIRE NITTANY FINANCIAL CORP. Boyertown, Pa. and State College, Pa., January 4, 2006 -- National Penn Bancshares, Inc. (NASDAQ: NPBC), the parent company of National Penn Bank, and Nittany Financial Corp., (OTCBB: NTNY), the parent company of Nittany Bank, announced today that both the Federal Reserve Bank of Philadelphia and the Pennsylvania Deparment of Banking have approved the pending merger of Nittany Financial into National Penn. Nittany Financial shareholders will consider the merger at a special sh
Nittany Financial Corp – PRESS RELEASE (November 21st, 2005)PRESS RELEASE Nittany Financial Corp. Subject: Cash Dividend Contact: Samuel J. Malizia, Chairman of the Board David Z. Richards, Jr., President & CEO 116 E. College Ave. State College, PA 16801 (814) 238-5724 Date: November 21, 2005 FOR IMMEDIATE RELEASE NITTANY FINANCIAL CORP. DECLARES CASH DIVIDEND State College, Pennsylvania--November 21, 2005--Samuel J. Malizia, Chairman of the Board of Nittany Financial Corp. (the "Company") (OTC Bulletin Board: NTNY), announced today that the Company's Board of Directors has declared its second semi-annual cash dividend of $.25 per share to stockholders of record as of December 1, 2005. The Company
Nittany Financial Corp – PRESS RELEASE (September 7th, 2005)[National Penn Bancshares, Inc. Logo] [Nittany Financial Corp. Logo] PRESS RELEASE National Penn contact: Karen L. Troutman (610) 369-6365 kltroutman@natpennbank.com Nittany contact: David Z. Richards Jr. (814) 238-5724 DRichards@NittanyBank.com NATIONAL PENN BANCSHARES, INC. TO ACQUIRE NITTANY FINANCIAL CORPORATION Boyertown, Pa. and State College, Pa., September 7, 2005 -- National Penn Bancshares, Inc. (NASDAQ: NPBC), the parent company of National Penn Bank, and Nittany Financial Corporation, (OTCBB: NTNY), the parent company of Nittany Bank, announced today that they have signed a definitive merger agreement under which National Penn Bancshares would acquire Nittany Financial in a transaction valued at approximately $96.5 million. Nittany Financial is a financial services company, with $326.5 milli
Nittany Financial Corp – AGREEMENT (September 7th, 2005)AGREEMENT --------- THIS AGREEMENT, dated as of September 6, 2005 ("Agreement"), is made by and between NATIONAL PENN BANCSHARES, INC., a Pennsylvania corporation ("NPB"), and NITTANY FINANCIAL CORP., a Pennsylvania corporation ("NFC"). BACKGROUND ---------- 1. NPB owns directly all of the outstanding capital stock of National Penn Bank, a national banking association ("NPBank"). 2. NFC owns directly all of the outstanding capital stock of Nittany Bank, a Federal stock savings bank ("Nittany Bank"). 3. NPB and NFC desire for NFC to merge with and into NPB (the "Merger"), with NPB surviving such Merger, in accordance with this Agreement and the applicable laws of the Commonwealth of Pennsylvania. 4. As a condition and inducement to NPB to enter into this Agreement, the directors and certain officers
Nittany Financial Corp – NITTANY BANK 401(K) PROFIT SHARING PLAN (June 27th, 2005)SUMMARY PLAN DESCRIPTION FOR NITTANY BANK 401(K) PROFIT SHARING PLAN o o o Created by Meridian Benefits Administration -------------------------------------------------------------------------------- Note: Neither this summary nor any of its provisions forms the basis or terms of a contract between you and Nittany Bank. If there is any inconsistency between the Plan as described in this Summary Plan Description and the Plan document itself, the terms of the Plan document will govern. I. INTRODUCTION Nittany Bank has sponsored the Nittany Bank 401(k) Profit Sharing Plan to recognize the efforts its employees have made to its success and to reward them for their loyal service. This Plan is a type usually called a "401(k) Plan," and is by far the most popular type o
Nittany Financial Corp – ADOPTION AGREEMENT (June 27th, 2005)KRAUSS AND PASTERNACK ADOPTION AGREEMENT FOR STANDARDIZED PROTOTYPE 401(k) PROFIT SHARING PLAN AND TRUST PLAN O1 IRS SERIAL NO. K275199a FIRST AMENDMENT --------------- January 2003 o o o ADOPTION AGREEMENT TO ACCOMPANY KRAUSS AND PASTERNACK STANDARDIZED PROTOTYPE PROFIT SHARING PLAN AND TRUST WITH CASH OR DEFERRED ARRANGEMENT PURSUANT TO SECTION 401(k) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (C) Copyright 2002 by Krauss and Pasternack. All rights reserved. ______________
Nittany Financial Corp – PRESS RELEASE (May 20th, 2005)PRESS RELEASE Nittany Financial Corp. Subject: Cash Dividend Contact: Samuel J. Malizia, Chairman of the Board David Z. Richards, Jr., President & CEO 116 E. College Ave. State College, PA 16801 (814) 238-5724 Date: May 20, 2005 FOR IMMEDIATE RELEASE NITTANY FINANCIAL CORP. ANNOUNCES CASH DIVIDEND State College, Pennsylvania--May 20, 2005--Samuel J. Malizia, Chairman of the Board of Nittany Financial Corp. (the "Company") (OTC Bulletin Board: NTNY), the holding company of Nittany Bank (the "Bank") announced today that the Company's Board of Directors has declared its first semi-annual cash dividend of $.25 per share to stockholders of record as o
Nittany Financial Corp – PRESS RELEASE (March 28th, 2005)PRESS RELEASE March 24, 2005 Samuel J. Malizia, Chairman of the Board Nittany Financial Corp. (814) 272-3502 Nittany Financial Corp. David Richards, President and CEO State College, Pennsylvania Nittany Financial Corp. (814) 234-7320 NITTANY FINANCIAL CORP. ANNOUNCES SUCCESSFUL COMPLETION OF INCREASED STOCK OFFERING March 24, 2005, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC: NTNY), the holding company of Nittany Bank, State College, Pennsylvania, announced that it has completed the sale of 180,000 shares of additional common stock at a price of $26.00 per share or $4.68 million. The Stock Offering is expected to close
Nittany Financial Corp – PRESS RELEASE (February 3rd, 2005)PRESS RELEASE ------------- February 3, 2005 Samuel J. Malizia, Chairman of the Board Nittany Financial Corp. (814) 272-3502 Nittany Financial Corp. David Richards, President and CEO State College, Pennsylvania Nittany Financial Corp. (814) 234-7320 NITTANY FINANCIAL CORP. ANNOUNCES OVERSUBSCRIPTION OF STOCK OFFERING TO EXISTING STOCKHOLDERS AND OFFERING TO PUBLIC February 3, 2005, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC: NTNY), the holding company of Nittany Bank, State College, Pennsylvania, announced that as of January 31, 2005, it had received orders for approximately 144,000 shares of common stock from its existing shareholders, at a price of $26
Nittany Financial Corp – PRESS RELEASE (January 3rd, 2005)PRESS RELEASE ------------- January 3, 2005 Samuel J. Malizia, Chairman of the Board Board, Nittany Financial Corp. (814) 272-3502 Nittany Financial Corp. David Richards, President and CEO State College, Pennsylvania Nittany Financial Corp. (814) 234-7320 NITTANY FINANCIAL CORP. ANNOUNCES COMMENCEMENT OF ADDITIONAL COMMON STOCK OFFERING January 3, 2005, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC Ticker Symbol "NTNY"), the holding company of Nittany Bank, State College, Pennsylvania, previously announced that it had filed with the Securities and Exchange Commission ("SEC") a Registration Statement to sell up to 150,000 additional shares of Common Stock. The Registration Statem
Nittany Financial Corp – PRESS RELEASE (November 23rd, 2004)PRESS RELEASE November 23, 2004 Samuel J. Malizia, Chairman of the Board Board, Nittany Financial Corp. (814) 272-3502 Nittany Financial Corp. David Richards, President and CEO State College, Pennsylvania Nittany Financial Corp. (814) 234-7320 NITTANY FINANCIAL CORP. ANNOUNCES PLANS FOR ADDITIONAL COMMON STOCK OFFERING November 23, 2004, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC Ticker Symbol "NTNY"), the holding company of Nittany Bank, State College, Pennsylvania, announced that it is planning to file with the Securities and Exchange Commission ("SEC") a Registration Statement to sell up to 150,000 additional shares of Common Stock. The Corporation will offer 115,000 shares of the common stock, wi
Nittany Financial Corp – SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (March 30th, 2004)NITTANY BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE BENEFIT OF SENIOR OFFICERS WHEREAS, Nittany Bank ("Bank") wishes to reward the years of prior service provided by its Senior Officers and to continue to retain and to motivate their performance and dedication to the Bank and its Board of Directors, and WHEREAS, it is deemed advisable and in the best interests of the Bank to offer such Participants with additional financial incentives in the form of deferred compensation to encourage such continued employment service to the Bank, and to remain market competitive in the Bank's ability to offer retirement income security to such Senior Officers; NOW THEREFORE, BE IT RESOLVED that the Bank's Supplemental Executive Retirement Plan for the Benefit of Senior Officers ("Supplemental Plan"), be adopted and implemented effective December 19,
Nittany Financial Corp – PRESS RELEASE (June 27th, 2003)PRESS RELEASE June 27, 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. CLOSES ADDITIONAL COMMON STOCK OFFERING June 27, 2003, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC Bulletin Board: "NTNY"), the holding company of Nittany Bank, State College, Pennsylvania, announced that it completed on June 27, 2003 its additional common stock offering previously announced on April 25, 2003 and commenced on May 19, 2003. The Corporation sold 157,515 shares of common stock at a price of $15.50 per share, fo
Nittany Financial Corp – PRESS RELEASE (June 4th, 2003)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 it
Nittany Financial Corp – PRESS RELEASE (June 4th, 2003)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 Ticker Symbol "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 its common stock at a p
Nittany Financial Corp – Press Release Regarding: Commencement of Common Stock Offering (May 19th, 2003)FOR IMMEDIATE RELEASE Nittany Financial Corp. State College, Pennsylvania Date: May 19, 2003 Press Release Regarding: Commencement of Common Stock Offering Contact Information: Samuel J. Malizia Chairman of the Board Nittany Financial Corp. (814) 466-6625 David Richards President and CEO Nittany Financial Corp. (814) 238-5724 NITTANY FINANCIAL CORP. ANNOUNCES ADDITIONAL STOCK OFFERING TO COMMENCE May 19, 2003, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC Bulletin Board: NTNY), the holding company of Nittany Bank, State College, Pennsylvania, announced that it has commenced the additional common
Nittany Financial Corp – PRESS RELEASE (April 25th, 2003)PRESS RELEASE ------------- April 25, 2003 Samuel J. Malizia, Chairman of the Board 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. ANNOUNCES FILING OF SEC REGISTRATION STATEMENT FOR ADDITIONAL COMMON STOCK OFFERING April 25, 2003, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP. (OTC Ticker Symbol "NTNY"), the holding company of Nittany Bank, State College, Pennsylvania, announced that it is filing today with the Securities and Exchange Commission a Registration Statement to sell up to 149,500 additional shares
Nittany Financial Corp – NITTANY FINANCIAL CORP. ANNOUNCES AGREEMENT (December 20th, 2002)Nittany Financial Corp. 116 East College Avenue State College, PA 16801 FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT: --------------------- -------------------------------- December 19, 2002 David Z. Richards, Jr., President and CEO (814) 238-5724 Samuel J. Malizia, Chairman of the Board (814) 466-6625 NITTANY FINANCIAL CORP. ANNOUNCES AGREEMENT TO ACQUIRE VANTAGE INVESTMENT ADVISORS, LLC State College, Pennsylvania -- Nittany Financial Corp. (OTC Stock Symbol: NTNY), parent holding company of Nittany Bank and Nittany Asset Management, Inc., State College, Pennsylvania (the "Company"), announced that the Company has signed an agreement to acquire Vantage Investment Adv
Nittany Financial Corp – STOCK OPTION AGREEMENT (June 5th, 2002)STOCK OPTION AGREEMENT ---------------------- FOR INCENTIVE STOCK OPTIONS UNDER SECTION 422 OF THE INTERNAL REVENUE CODE PURSUANT TO THE NITTANY FINANCIAL CORP. 1998 STOCK OPTION PLAN ---------------------- FOR OFFICERS AND DIRECTORS STOCK OPTIONS for a total of ____ shares of common stock ("Common Stock") of Nittany Financial Corp. (the "Corporation"), which Option is intended to qualify as an Incentive Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended, is hereby granted to ___________________ (the "Optionee") at the price determined as provided in, and in all respects subject to the terms, definitions and provisions of the Nittany Financial Corp. 1998 Stock Option Plan (the "Plan
Nittany Financial Corp – 1998 STOCK OPTION PLAN (June 5th, 2002)NITTANY FINANCIAL CORP. 1998 STOCK OPTION PLAN 1. Purpose of the Plan. The Plan shall be known as the NITTANY FINANCIAL CORP. ("Corporation") 1998 Stock Option Plan (the "Plan"). The purpose of the Plan is to attract and retain qualified personnel for positions of substantial responsibility and to provide additional incentive to officers, directors, key employees and other persons providing services to the Corporation, or any present or future parent or subsidiary of the Corporation to promote the success of the business. The purpose of the Plan is also to reward persons who organized the Corporation and its wholly-owned subsidiary bank. The Plan is intended to provide for the grant of "Incentive Stock Options," within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and Non-Incentive Stock Options, options that do not so qualify. The p
Nittany Financial Corp – PRESS RELEASE (October 2nd, 2001)PRESS RELEASE ------------- September 28, 2001 Samuel J. Malizia, Chairman of the Board 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. ANNOUNCES PLANS TO CLOSE STOCK OFFERING OCTOBER 24, 2001 September 28, 2001, STATE COLLEGE, PENNSYLVANIA -- NITTANY FINANCIAL CORP., the holding company of Nittany Bank, State College, Pennsylvania, has announced a strong response to its previously announced offering of the Corporation's common stock and its intention to close the offering to the public on October 24, 2001. The Corporation announced
Nittany Financial Corp – 1998 STOCK OPTION PLAN (March 28th, 2000)EXHIBIT 10.2 NITTANY FINANCIAL CORP. 1998 STOCK OPTION PLAN 1. Purpose of the Plan. The Plan shall be known as the NITTANY FINANCIAL CORP. ("Corporation") 1998 Stock Option Plan (the "Plan"). The purpose of the Plan is to attract and retain qualified personnel for positions of substantial responsibility and to provide additional incentive to officers, directors, key employees and other persons providing services to the Corporation, or any present or future parent or subsidiary of the Corporation to promote the success of the business. The purpose of the Plan is also to reward persons who organized the Corporation and its wholly-owned subsidiary bank. The Plan is intended to provide for the grant of "Incentive Stock Options," within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and Non-Incentive
Nittany Financial Corp – 1998 STOCK OPTION PLAN (November 10th, 1999)EXHIBIT 10.1 NITTANY FINANCIAL CORP. 1998 STOCK OPTION PLAN 1. Purpose of the Plan. The Plan shall be known as the NITTANY FINANCIAL CORP. ("Corporation") 1998 Stock Option Plan (the "Plan"). The purpose of the Plan is to attract and retain qualified personnel for positions of substantial responsibility and to provide additional incentive to officers, directors, key employees and other persons providing services to the Corporation, or any present or future parent or subsidiary of the Corporation to promote the success of the business. The purpose of the Plan is also to reward persons who organized the Corporation and its wholly-owned subsidiary bank. The Plan is intended to provide for the grant of "Incentive Stock Options," within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and Non-Incentive St
Nittany Financial Corp – BRANCH PURCHASE AND DEPOSIT ASSUMPTION AGREEMENT (July 27th, 1998)EXHIBIT 10.1 BRANCH PURCHASE AND DEPOSIT ASSUMPTION AGREEMENT AMENDMENT NO. 2 This shall constitute an Amendment dated June __, 1998 to the Branch Purchase and Deposit Assumption Agreement (the "Agreement") entered into the 24th day of March 1998, as amended, between First Commonwealth Bank, a state chartered commercial bank having its principal office at Philadelphia and Sixth Streets, Indiana Pennsylvania 15701 (the "Seller"), and Nittany Financial Corp., a Pennsylvania holding company organized for the purpose of forming and owning 100% of the stock of Nittany Bank, a federally chartered stock savings bank (in formation), having its principal office at 637 Kennard Road, State College, Pennsylvania 16801 (the "Purchaser"). The Seller and the Purchaser are hereinafter sometimes collectively referred to as the "Parties". WHEREAS, pursuant to
Nittany Financial Corp – EMPLOYMENT AGREEMENT (June 19th, 1998)EXHIBIT 10 EMPLOYMENT AGREEMENT THIS AGREEMENT, is entered into this 31st day of December 1997, ("Effective Date") by and between Nittany Financial Corp., including its future subsidiary, Nittany Bank, a federal stock savings bank in formation (referred to collectively as the "Bank"), and David Z. Richards (the "Executive"). WITNESSETH WHEREAS, the Executive has heretofore been employed as President and Chief Executive Officer of another Pennsylvania bank and is to be employed by the Bank as the President and Chief Executive Officer and is experienced in all phases of the business of the Bank; and WHEREAS, the Bank desires to be ensured of the Executive's continued active participation in the business of the Bank; and WHEREAS, in order to induce the Executive to remain in the employ of the Bank and in consideration o
Nittany Financial Corp – BRANCH PURCHASE AND DEPOSIT ASSUMPTION AGREEMENT (June 19th, 1998)EXHIBIT 10.1 BRANCH PURCHASE AND DEPOSIT ASSUMPTION AGREEMENT THIS BRANCH PURCHASE AND DEPOSIT ASSUMPTION AGREEMENT (the "Agreement") is entered into this the 24th day of March 1998, between First Commonwealth Bank, a state chartered commercial bank having its principal office at Philadelphia and Sixth Streets, Indiana Pennsylvania 15701 (the "Seller"), and Nittany Financial Corp., a Pennsylvania holding company organized for the purpose of forming and owning 100% of the stock of Nittany Bank, a federally chartered stock savings bank (in formation), having its principal office at 637 Kennard Road, State College, Pennsylvania 16801 (the "Purchaser"). The Seller and the Purchaser are hereinafter sometimes collectively referred to as the "Parties". WHEREAS, the Seller wishes to sell the deposits and certain assets, as defined herein, of the branch offices operated under the
