SCRANTON, PA — Fidelity Bank opened its new corporate headquarters Friday in Scranton after an approximately $30 million restoration of the historic Scranton Electric Building, consolidating offices and bringing 165 professional jobs downtown with $9 million in state redevelopment funding supporting the project.
Gov. Josh Shapiro joined Fidelity President and CEO Dan Santaniello, board Chairman Brian Cali and other state and local officials for the ceremonial ribbon-cutting at 507 Linden Street. The project reopened the eight-story building, constructed in 1896 and regarded as Scranton’s first skyscraper.
The Commonwealth provided $9 million through the Redevelopment Assistance Capital Program, including a $5 million grant awarded by the Shapiro administration in 2024. That funding supported exterior and roof repairs, interior renovations, and mechanical and electrical upgrades. The state previously described the $5 million award as supplementing $4 million in earlier RACP funding.
Fidelity consolidated multiple offices at the property, relocated its downtown Scranton branch and moved its Wealth Management Center to the first floor. The bank said the additional space is also intended to accommodate future workforce growth.
Fidelity employs 320 people across Northeastern Pennsylvania, according to the Governor’s Office. The new headquarters brings 165 professional positions into Scranton, although the release did not specify how many of those positions are newly created rather than relocated from other Fidelity offices.
The bank’s website identifies the building as its Fidelity Bank Corporate Center and Electric City Branch, offering retail, business, mortgage, wealth management and commercial banking services at the Linden Street location.
“Scranton plays a vital role in the strength and growth of our region,” Santaniello said. “As we welcome clients and bankers into our new Corporate Center, we are proud to bring new energy into this iconic building and further contribute to the revitalization of downtown Scranton.”
The restoration retained the building’s illuminated “Electric City” sign as well as original woodwork, marble and brass details. Fidelity also restored the building’s floors, including its historic ballroom.
Cali said the bank viewed the property as an opportunity to preserve a piece of Scranton history while giving the building a new use, adding that Commonwealth assistance helped make the project possible.
The project forms part of Pennsylvania’s use of RACP grants to support redevelopment and economic-development projects. The Governor’s Office said the Commonwealth has invested more than $1.05 billion in 767 projects through the program under Shapiro.
State Sen. Marty Flynn said the public investment could also affect the local tax base because the improved property remains on the tax rolls and could be assessed at a higher value.
“Fidelity Bank’s new corporate headquarters will breathe new life into one of downtown Scranton’s historic landmarks,” Shapiro said, arguing that redevelopment projects can support downtown investment and employment.
The Shapiro administration said it has secured more than $43 billion in private-sector investment tied to nearly 29,000 jobs since 2023. The same figures were reported by the Governor’s Office earlier this month after investment commitments from Chobani and Burlington Stores pushed the administration’s cumulative total above $43 billion.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.