In the heart of Scranton, a historic landmark is being revitalized, breathing new life into the city’s skyline. Fidelity Bank is leading a $26 million restoration of the Scranton Electric Building, a project that promises to blend the charm of the past with the promise of the future.
Reviving a Piece of History
Originally built in 1896, the Scranton Electric Building, once known as the Board of Trade, stands as a testament to the city’s rich history. Its iconic sign, first illuminated in 1909 with “Watch Scranton Grow,” now reads “Scranton The Electric City,” symbolizing Scranton’s pioneering role in electric transportation. Fidelity Bank’s restoration initiative aims to preserve this heritage while adapting the structure for modern use.
Fidelity CEO Daniel Santaniello expressed the bank’s commitment to the project, stating, “This opportunity was presented to us to restore the Scranton Electric Building, and we decided this is in the best interest of the city, or really the region.” The project is set to be completed by April, with the first floor hosting wealth management services and a bank branch, and the fifth floor serving as a “town center” for the building’s 165 employees.
A Mix of Tradition and Modernity
The restoration respects the building’s historical elements. The building is now listed on the National Register of Historic Places. The eighth-floor ballroom, adorned with a decorative plaster ceiling, will be available for nonprofit events. L.R. Constanzo Construction Services, managing the renovation, collaborated with a company from Allentown to restore the intricate ceiling details.
Louis Costanzo, president of L.R. Constanzo, shared his enthusiasm for the project, likening it to solving a historical puzzle: “It’s like a puzzle, right? You have to figure out how they were built at that time, and then how to modernize it, and, you know, put it all back together.”
Economic Impact and Future Prospects
The bank’s decision to move its corporate center to downtown Scranton marks a significant shift. Once a $500 million bank, Fidelity has grown to $2.8 billion. The move downtown is seen as a strategic step to further engage with the community and foster local business growth.
The restoration project, initially estimated at $13 million, faced increased costs due to the pandemic, now totaling $26 million. However, support from local leaders and a $5 million grant from the Commonwealth’s Redevelopment Assistance Capital Program have helped bridge the funding gap.
Santaniello emphasized the bank’s dedication to its clients and the community, stating, “It’s going to be a new day for Fidelity Bank.” As the bank prepares to consolidate its locations and offer comprehensive services under one roof, the revitalized Scranton Electric Building stands as a beacon of progress and heritage.
