Gov. Josh Shapiro was in Scranton on Thursday to announce a $5 million investment in Fidelity Bank’s headquarters expansion in downtown Scranton through the Commonwealth’s Redevelopment Assistance Capital Program (RACP).
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Gov. Josh Shapiro was in Scranton on Thursday to announce a $5 million investment in Fidelity Bank’s headquarters expansion in downtown Scranton through the Commonwealth’s Redevelopment Assistance Capital Program (RACP). At left in Sen. Marty Kane, and at right is Rep. Kyle Donahue.
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SCRANTON — Gov. Josh Shapiro on Thursday announced a $5 million investment in Fidelity Bank’s headquarters expansion in downtown Scranton through the Commonwealth’s Redevelopment Assistance Capital Program (RACP).
This funding will support Fidelity Bank’s work to revitalize the historic Scranton Electric Building as its new headquarters, bringing 165 professional jobs to downtown Scranton and restoring a historic landmark so that it can serve as a hub of opportunity in the Electric City.
“My Administration is focused on driving economic growth and creating real opportunity here in Pennsylvania — giving more people the freedom to chart their own course and the opportunity to succeed,” said Gov. Shapiro. “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. Pennsylvania is open for business, and I’ll continue to bring people together to spur economic development, create jobs, and drive innovation all across our Commonwealth.”
The $5 million RACP grant is part of a larger $600 million commitment by the Shapiro Administration to support over 400 projects that drive economic development across Pennsylvania. Additionally, the Administration has streamlined the RACP application process to make it easier for businesses to access funding for transformative projects.
Fidelity Bank, a Pennsylvania-based community bank with 294 employees, will invest $26 million to renovate the Scranton Electric Building, transforming it into the future home of Fidelity Bank headquarters.
The project will include exterior and roof repairs, interior updates and significant mechanical and electrical upgrades to preserve this historic structure while equipping it to serve as a modern business hub.
This project received $4 million in previous RACP funding, and with the additional $5 million, the Commonwealth’s investment now totals $9 million. The restoration is slated for completion by mid-2026.
“We’re truly honored to receive this vital state funding and extend our sincere gratitude to Governor Shapiro for his dedication to revitalizing communities like ours,” said Daniel J. Santaniello, president and CEO of Fidelity Bank. “This support empowers us to proceed with restoring a building that holds deep significance for the city of Scranton. This project represents more than construction — it’s about creating jobs, strengthening our regional economy, and breathing new life into downtown. We’re privileged to contribute to an effort that will leave a lasting impact on the heart of our community.”
Fidelity Bank purchased the Scranton Electric Building, originally built in 1896 as Scranton’s first skyscraper, in 2022. With the RACP grant, the bank will complete extensive restorations, including exterior repairs, roof replacement, interior updates, and critical mechanical and electrical upgrades. This revitalization will ensure that the building, a landmark of Scranton’s heritage, remains a vibrant part of the community’s economic landscape.
“We’re getting things done — lots of things done — and that’s because of our Governor, our delegation, and our county commissioners,” said Scranton Mayor Paige Cognetti. “We’re especially grateful to Fidelity for sticking with this project. We started working on these RACP grants within my first two weeks in office, and today’s commitment ensures this project will happen. The Scranton Electric Building is truly the linchpin. We see incredible investment and ribbon-cuttings with our small businesses, but culturally and emotionally, Scranton isn’t quite where it could be without this building’s revitalization. With this project, we are truly on the right track.”
“This project is the perfect blend of preservation and progress. By restoring the Scranton Electric Building, we’re not only safeguarding a piece of our city’s history but also fostering a thriving downtown,” said Sen. Marty Flynn, D-Scranton. “I’m excited to see Fidelity Bank lead the way in transforming this architectural gem into a hub for Scranton’s future.”
“It is always an honor to welcome Gov. Shapiro to Lackawanna County, where his support for our community always shines through,” said Lackawanna County Commissioner Matt McGloin. “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, ensuring a prosperous future for our local economy.”
Since taking office, the Shapiro Administration has secured over $3 billion in private sector investments, delivering on a 2024-25 bipartisan budget that supports the Governor’s key priorities for a competitive Pennsylvania economy.