Fidelity in Pa. to buy new headquarters building

Fidelity Bank in Scranton, Pa., is moving its corporate headquarters. 

The $1.8 billion-asset bank said in a press release Thursday that it bought the Scranton Electric Building in downtown Scranton for the new office. 

Fidelity said the entire project is expected to cost $20 million, though it received about $4 million from Pennsylvania’s Redevelopment Assistance Capital Program.

The building “was originally home to the Board of Trade, the center of commerce for northeastern Pennsylvania,” Daniel Santaniello, Fidelity’s president and CEO, said in the release. 

“By purchasing and renovating this iconic landmark, Fidelity Bank will restore it to its rightful place as a center of commerce in the region, preserve an historic landmark, and contribute to the continued revitalization of downtown Scranton,” Santaniello added.

The new headquarters will bring more than 130 workers, job opportunities and revenue growth to downtown Scranton. 

The Scranton Electric Building was built in 1896 and was the city’s first skyscraper.