ESSA Bank & Trust will mark the opening of its newest branch with a ribbon cutting at Tower 6, downtown Allentown’s newest corporate office building.
The Stroudsburg-based bank now has 22 branches and will conduct the ribbon cutting today at 5 p.m.
ESSA occupies two spaces, roughly 4,700 square feet, on the ground floor at Sixth and Hamilton streets.
The new branch and business center has six employees, and two new hires, said Peter Gray, executive vice president and chief banking officer at ESSA Bank & Trust. The new hires are a residential mortgage professional and retail sales manager.
“We are looking to add new lenders to round out the business center,” Gray said. “This branch would be the only one with a business center attached to it. It’s part of a strategy to be part of the business district in downtown Allentown.”
Allentown’s Neighborhood Improvement Zone is one of the major draws for many businesses looking to locate downtown.
The zone features a tax incentive that allows for reduced rental rates on specific properties and has helped to fuel more than $1 billion in construction of new buildings and renovations of existing ones in Allentown’s downtown.
ESSA closed its branch at 471 W. Wabash St. in South Allentown. That branch did not have enough space, Gray said.
“The Tower 6 building itself is high-quality, Class-A building,” Gray said. “It helped promote professionalism with our brand. The opportunity to participate in the continued revitalization was important to us.”