Congressman Paul E. Kanjorski and Scranton Mayor Christopher Doherty were among honored guests as the nearly 140-year-old White House mansion at 401 Jefferson Ave., hailing from the city’s gilded era of coal and railroad, recently enjoyed its public debut as a special events venue, catering facility and boutique hotel.

Joining the congressman at the festivities were Mayor Doherty; John Price, president and CEO of FHLBank; and officials of Community Bank & Trust, the Scranton Office of Economic Development, the Scranton Architectural Heritage Association, and the regional office of the U.S. Small Business Administration (SBA), which played key roles in funding the $1.58 million restoration project.

The FHLBank’s Banking On Business funds were needed to meet SBA and Community Bank & Trust equity requirements for The Colonnade project. The addition of BOB dollars leverages more traditional small business financing, money that otherwise would have been unavailable, for the purchase of land, buildings, equipment, machinery, leasehold improvements, permanent working capital or closing costs. BOB borrowers pay nothing during the first year of their loan, and interest thereafter is low.

Since BOB began in 2000 with Congressman Kanjorski’s help, FHLBank’s program has assisted 153 business projects in the region, providing them with $14.73 million in BOB funding, which in turn has leveraged a total of $84.4 million in total project funding, working with area lenders and business owners. To date, a total of 646 jobs have been created or retained in northeastern Pennsylvania as a result of BOB.

Besides Community Bank & Trust, others associated with the Banking On Business program in the region include The Dime Bank; ESSA Bank & Trust; Fidelity Deposit and Discount Bank; First Citizens National Bank; First Columbia Bank & Trust; First Keystone National Bank; First National Bank of Pennsylvania; First National Community Bank; Franklin Savings Bank; Honesdale National Bank; Jersey Shore State Bank; Jim Thorpe National Bank; KNBT; Landmark Community Bank; Luzerne Bank; Northumberland National Bank; Northwest Savings Bank; Old Forge Bank; Penn Security Bank & Trust Company; Peoples National Bank, and Wayne Bank.

"We thank Congressman Kanjorski, FHLBank, Community Bank & Trust and the other partners associated with this project for allowing these entrepreneurs to fulfill their dream and create what undoubtedly will be another thriving business downtown," said Mayor Doherty. "Posh Events has a strong track record of serving clients in several states. We wish Paul and Joshua all the best as they grow their business from this new location and make The Colonnade an exciting regional destination," the mayor said.

A return to high style

The new Colonnade is located adjacent to the University of Scranton campus at the intersection of Jefferson Avenue and Mulberry Street and is now part of the gateway to the city.

The original White House, as it was known, was built in the early 1870s by Austin Blair, scion of the DL&W Railroad founder. The home was first renovated in 1910 and was used for a variety of purposes before Blackledge and Mast bought the 7,000 square-foot property.

With the vast majority of renovation work complete and the facility able to accommodate about 200 guests, the partners plan on hosting and catering their first full-scale event, a client’s fundraiser, on Oct. 15. Meantime, they continue to refurbish six upstairs suites for overnight accommodations.

As Posh Events prospers, the owners anticipate hiring a staff of nearly a dozen persons.

"We are thrilled to be bringing Posh Events to Scranton and to open The Colonnade as a destination for local residents as well as travelers from afar," said Mr. Blackledge. "As a native of Scranton, I have long recognized the potential for greatness not only in this beautiful building, but also in this beautiful city.

"Josh and I are grateful that people such as Congressman Kanjorski, Mayor Doherty and our investors have also recognized the potential that we have as a small business and that Banking On Business is helping take us to the next exciting phase," Blackledge said.

A broad range of financial support Comm Bancorp, Inc. serves six Pennsylvania counties through Community Bank & Trust Company’s 16 community banking offices and one loan production office. Each office offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. In addition, customers can take advantage of Klicksm Banking, on-line banking services, by accessing the company’s website at http://www.combk.com.

Chartered by Congress in 1932, FHLBank Pittsburgh, one of twelve regional Banks comprising the FHLBank system, is a wholesale or "banker’s bank" that delivers low-cost and at-cost loans as well as grants to the 333 financial institution members of its private cooperative so a steady stream of money is available to strengthen communities during all economic cycles.

FHLBank liquidity, which helps fund local mortgages, also plays a special role during periods of market disruption. The Bank has made a record number of low-cost loans to community financial institutions in recent months in order to pump sufficient liquidity into local banking markets during a period of severe credit tightening. As of June 30, 2008, FHLBank had approximately $99 billion in assets.