Despite Harrisburg’s ongoing fiscal crisis, businesses continue to gravitate to the capital city.
First National Bank of Pennsylvania announced today it will move its regional headquarters and branch office from Susquehanna Township into the building at Second at State streets being developed by Harrisburg-based WCI Partners LP. The five-story building, which will be completed in July, is going up near the state Capitol.
“We do believe Harrisburg will get stabilized. We’re not going to let that deter us,” said Lloyd Lamm , the regional banking executive for the bank’s 15-county capital region.
Harrisburg is buried by at least $318 million of incinerator debt. A court-appointed state receiver has until Feb. 6 to submit a recovery plan to address the city’s finances, which also include annual structural deficits.
“(First National Bank) shares our philosophy, which long term is that Harrisburg is a great place to do business,” said J. Alex Hartzler, managing partner of WCI Partners. “Anytime we can bring companies into downtown, it’s good for our business and good for the city because it generates revenue as well as solid employment opportunities.”
WCI is the developer behind the neighborhood revitalization in the Olde Uptown neighborhood in Midtown.
First National Bank of Pennsylvania, the largest affiliate of Mercer County-based F.N.B. Corp., will occupy about 14,000 square feet on the first and second floors of the 50,000-square-foot building, while the law firm of Buchanan Ingersoll & Rooney PC will occupy about 32,000 square feet on the top three floors.
"We were looking for the right opportunity to move our corporate headquarters and branch location," Lamm said. "This is a far more visible location than what we currently have. This was absolutely the right opportunity for First National Bank."
In 2006, F.N.B. Corp. acquired The Legacy Bank, which operated out of the bank's current regional headquarters.
About 40 bank employees will work out of the new regional headquarters. Once completed, the office building will be home to 110 permanent employees, the developer said.
First National Bank has 42 branches in the 15-county region, Lamm said. It has more than 260 full-service locations in Ohio, Pennsylvania and West Virginia.
Editor's note: This item was modified from its previous version to update throughout.