SCRANTON, PA — In a significant boost for the local economy and a nod to preserving historical architecture, Governor Josh Shapiro yesterday announced a $5 million investment to expand Fidelity Bank’s headquarters in downtown Scranton. This funding, part of the Commonwealth’s Redevelopment Assistance Capital Program (RACP), supports the transformation of the historic Scranton Electric Building into a modern hub for professional growth and community engagement.
This initiative aligns with the Shapiro Administration’s Economic Development Strategy, which emphasizes strengthening Pennsylvania’s economy by supporting key industries, creating jobs, and enhancing infrastructure along main streets and commercial corridors. Governor Shapiro emphasized the broader impact of such investments, stating, “By supporting Fidelity Bank’s expansion here in the heart of Scranton, we’re fueling private-sector growth, helping revitalize one of our great downtowns, and creating more economic opportunity for folks who want to live, work, and build their future here.”
The Scranton Electric Building, originally constructed in 1896 as the city’s first skyscraper, stands as a testament to the city’s rich history. Fidelity Bank, a community-focused institution with deep roots in Pennsylvania, purchased this landmark in 2022, aiming to restore it as its new headquarters. The project involves a $26 million investment by the bank, including exterior renovations, roof replacement, and substantial mechanical and electrical upgrades, ensuring the building meets contemporary business needs while preserving its historic essence.
Dan Santaniello, President and CEO of Fidelity Bank, expressed gratitude for the state’s support, stating, “This project represents more than construction — it’s about creating jobs, strengthening our regional economy, and breathing new life into downtown.” Echoing this sentiment, Brian Cali, Chairman of the Board at Fidelity Bank, assured, “We knew we could honor its historic presence while transforming it into something truly special.”
This project, receiving a cumulative $9 million in RACP funding, is central to the Shapiro Administration’s commitment to economic development across Pennsylvania. The $5 million grant is part of a broader $600 million commitment to over 400 transformative projects statewide. The restoration of the Scranton Electric Building is slated for completion by mid-2026, marking a new era for Scranton’s downtown.
Local leaders have praised the initiative. Mayor Paige Cognetti highlighted the project’s cultural and economic significance, referring to the building as a “linchpin” for the city’s revival. Senator Marty Flynn and Representatives Kyle Donahue and Bridget Kosierowski also noted the project’s potential to invigorate Scranton’s economy, attract new residents, and foster a thriving urban environment.
Commissioner Matt McGloin expressed his appreciation for the governor’s ongoing support, stating, “This $5 million investment via the RACP grant not only preserves the historic Scranton Electric Building but also provides Fidelity Bank the space they need to thrive.”
As Scranton moves forward with this landmark revitalization, the city embraces a future where historical preservation and economic innovation walk hand in hand, promising prosperity and growth for generations to come.
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