Near the turn of the 20th century, Scranton's first skyscraper helped power the growth and prosperity of the city.
In recent years, the Scranton Electric Building housed Lackawanna County offices, which eventually moved out, and the building fell into disrepair.
Fidelity Bank was growing and needed a new headquarters. With help from the state and a $30 million renovation, both bank and elected officials cut a ribbon Friday in the restored 8th-floor ballroom to begin the next step in the bank and the building’s history.
"Our move into this iconic building did not simply happen because Fidelity Bank needed a new address. It happened because of the hard work, perfect effort and success of our bankers, making a new corporate center not just possible but necessary,” said Daniel J. Santaniello, Fidelity Bank president and chief executive officer.
Just under a year ago, the ballroom, once used by the Scranton Club, was stripped down to beams. Plaster work was underway to restore the original ornate ceiling that was covered with tiles for years.
On Friday, bank, city, county and elected officials, including Gov. Josh Shapiro, sat in new chairs on new carpet. The writing etched on the walls is a callback to its original design, with one exception. Fidelity added "banking" to the list of industries.
"This corporate center honors where we came from, reflects where we are today, and gives us a place from which to build what comes next,” Santaniello said.
Investment in 'community, our future and our shared belief in this city'
Fidelity is a $3 billion financial institution with more than 300 employees serving Northeast Pennsylvania and the Lehigh Valley, Brian Cali, chair of the Fidelity Board of Directors, said.
At the new corporate headquarters on Linden Street, 170 Fidelity bankers are housed under one roof.
Dunmore was the bank’s first and latest home.
"The original bank was housed in a building that probably was half the size of the room that we're in today, with only a handful of employees, and I doubt very seriously any of them in 1902 would ever imagine what Fidelity would become,” Cali said.
He said moving to Scranton wasn’t easy.
"But then this historical Scranton Electric Building became available. We saw an opportunity, not simply to purchase a building, but to preserve an important piece of Scranton's history and give it a new purpose,” Cali said.
For Fidelity, the move to Scranton was as much about a new headquarters as it was about being part of a renaissance of the city.
"Like many downtowns across America, Scranton has changed over the years, but its spirit, character and potential remain strong," Santaniello said. "This is why Fidelity Bank's decision to relocate our headquarters to the heart of ... downtown Scranton is so meaningful. It is an investment in our community, our future and our shared belief in this city.”
Shapiro also argued the project is as much about Fidelity Bank as it is about Scranton.
"More people who are wandering into our restaurants, our shops, our businesses that have bet on downtown Scranton and now are going to see hundreds more people on the streets each day," he said.
Shapiro said sometimes "breathing new life" into existing infrastructure is smart policy.
"We've invested over $60 million with the help of Sen. [Marty] Flynn, Rep. [Kyle] Donahue, Rep. [Bridget] Kosierowski, Rep. [Jim] Haddock, $60 million just in our main streets," he said. "We've invested hundreds of millions of dollars in taking buildings like these across Pennsylvania and revitalizing them."
No state funding, no new headquarters
Fidelity planned to move to the Scranton Electric Building about seven years ago. The bank planned to just lease the first two floors. They were growing and realized they could use the entire building.
The renovation would be costly. Then the pandemic hit and prices skyrocketed.
Fidelity needed partners and turned to the state and its Redevelopment Assistance Capital Program (RACP).
In April 2025, Shapiro visited the hollowed, freezing-cold building to award the bank a $5 million state grant, in addition to the $4 million it already received for the project.
"This is how it's supposed to work, public sector and private sector coming together for the benefit of not just a bank, not just a business, but a community at large," he said. "That is the story of Fidelity Bank. That has been your history over the last 125 years, and I believe it will be your history for generations to come.”
