EXHIBIT 99
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INDEPENDENT ACCOUNTANTS' REPORT
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Board of Directors and Stockholders
PHS Bancorp, Inc.
We have reviewed the accompanying consolidated balance sheet of PHS Bancorp,
Inc. and subsidiary as of June 30, 2000, and the related consolidated statement
of income for the three- and six-month periods ended June 30, 2000 and 1999, the
consolidated statement of cash flows for the six-month periods ended June 30,
2000 and 1999, and the consolidated statement of changes in stockholders' equity
for the six-month period ended June 30, 2000. 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 generally accepted auditing standards, 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 generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1999, 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 28, 2000, we expressed an unqualified opinion on those
consolidated financial statements.
/s/S.R. Snodgrass, AC
Wexford, PA
July 18, 2000
