SCRANTON — Construction equipment buzzed below as Fidelity Bank President and CEO Dan Santaniello detailed the transformation of the Scranton Electric building into the bank’s corporate headquarters from his future office on the seventh floor.
The Dunmore-based bank announced its purchase of the eight-story building on Linden Street in April 2022 for $2.6 million. Santaniello said the cost of the project doubled from $13 million to roughly $26 million.
“We bought the building right in the early parts of COVID, and we had estimates to renovate it before that,” he said Wednesday. “Then construction prices soared so we had to recontemplate our original vision. Luckily, a lot of local leaders stepped to the plate for us and helped us get some additional funding to bring this project to where it is today. It’s coming to life, but there is still a lot of work to be done.”
After originally considering building a new corporate center in Dunmore, Fidelity leaders opted to establish the hub in downtown Scranton. Santaniello anticipates moving into the renovated building in April.
“Probably about seven or eight years ago, the bank saw incredible growth and we outgrew our space,” he said. “We had a lot of real estate on Dunmore Corners and the original idea was to expand in Dunmore. The board and I talked about the strategic vision, and what would be best for this region, and we decided it would be in our best interest to go downtown. We all know this region thrives if downtown Scranton thrives. This is hopefully going to start a renaissance during the day with 165 bankers supporting the downtown businesses. Our operational folks and leadership team is scattered through three buildings. The idea is to bring everybody under one roof.”
Santaniello called the eighth-floor space — a former ballroom — the “real gem” of the building.
“It was covered over in the early ’70s with a drop ceiling,” he said. “There was significant water damage and with the help of LR Costanzo, we’ve rebuilt a lot of the molding that was destroyed,” he said.
The eighth floor will serve as a location for nonprofits and bank clients to host meetings, accommodating about 120 people, Santaniello said.
He praised the bank’s board of directors for helping to bring new life to the building, which has been unoccupied for more than a decade.
“Without their commitment to move our corporate center from Dunmore to Scranton, the renaissance of this building would not have been possible,” Santaniello said.
Financial support from the state also helped move the project forward.
In November 2024, Gov. Josh Shapiro announced a $5 million investment through the commonwealth’s Redevelopment Assistance Capital Program for the Fidelity Deposit and Discount Bank’s restoration and renovation of the historic Scranton Electric Building. Fidelity previously received $4 million in RACP grant funding for the project and $400,000 from the state in historic tax credits.