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.”
President and CEO of Fidelity Bank Daniel J. Santaniello, right, and Jamie Davidson, project manager for L.R. Costanzo Construction Services Co., Inc. , give a tour of the new Fidelity Bank headquarters under construction on Linden St. in Scranton Wednesday, Nov. 12, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)
Scaffolding is set up as a tour is given on the 8th floor assembly room in the Fidelity Bank building in downtown Scranton Wednesday, Nov. 12, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)
The assembly room on the 8th floor of the new Fidelity Bank headquarters under construction on Linden St. in Scranton Wednesday, Nov. 12, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)
Construction is underway on the executive offices and conference room in the Fidelity Bank building in downtown Scranton Wednesday, Nov. 12, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)
People gather for a tour of the 8th floor assembly room in the Fidelity Bank building in downtown Scranton Wednesday, Nov. 12, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)
Show Caption
1 of 5
President and CEO of Fidelity Bank Daniel J. Santaniello, right, and Jamie Davidson, project manager for L.R. Costanzo Construction Services Co., Inc. , give a tour of the new Fidelity Bank headquarters under construction on Linden St. in Scranton Wednesday, Nov. 12, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)
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.
The building, constructed in 1896, formerly served as the home of the Board of Trade, now known as the Greater Scranton Chamber of Commerce. Santaniello felt it was important to preserve many historic aspects of the old structure.
“When you look at the seventh floor, and you go down to the first floor, it’s like retro banking,” he said.
When the Electric City sign atop the eight-story structure went dark in October 2021 after the building’s former owner was unable to pay the monthly bill, Fidelity stepped up and covered the cost for 12 months. Now, bank officials vow to keep it lit permanently.
Fidelity’s longtime headquarters on North Blakely Street in Dunmore was renovated and modernized.
“We’ve been on Dunmore Corners since 1902,” Santaniello said. “One of the things we knew we had to do before we came down here was pay tribute to the history of our bank. It’s a great place for the community to come sit and a better place for our clients to do banking. We have every intention and will be staying there for a long time.”
The bank’s office on North Washington Avenue in Scranton remains open until work on the new headquarters is complete. The company plans to sell that building after employees transition to Linden Street.
“The city of Scranton is very interested in buying the building. They have some plans for it, but we still have some details to work out,” Santaniello said.
Scranton Mayor Paige Gebhardt Cognetti believes Fidelity’s presence downtown will boost the city.
“It’s been a goal of ours to make sure this project goes through,” she said. “It’s an anchor, not just economically, but really fundamentally and emotionally. When you think about energy, the building that has our logo on it needs to be full of people, full of life.”
Louis Costanzo, president of LR Costanzo, noted the company drew from experience renovating the state Capitol when tasked with rehabbing the Scranton Electric building.
“We love the historic restoration work,” he said. “There’s nothing like these old buildings. You get to come in and figure them out. It’s like a puzzle — you have to figure out how they were built at that time and then how to modernize it and put it all back together. It’s challenging, but it’s fun.”
Michele Dempsey, principal of LayerX based in Scranton and Philadelphia, enjoyed the process of honoring the past and looking to the future of the property.
“It’s an architect’s dream to walk into a building where you can visualize what it was and what it could be again, and that it could maybe even be better than it was before,” she said. “It’s always fun to peel back the layers on the onion and see what was behind all the finishes and services, what was being hidden, and what got revealed. It’s like architectural forensics. What was that? Why was it there? Can we save it? And then putting all the pieces together to create a building that is going to work for a modern, innovative, forward-thinking bank.”