For the first time in decades, the Parade Street corridor in east Erie will have a new financial institution.

On Wednesday, members of the East Side Renaissance and ERIEBANK officially broke ground on a new bank and financial education center on East 10th and Parade Streets.

"There's a tremendous need for something like this," said ERIEBANK Regional President Katie Jones. "Banks are kind of anchors in the community. There hasn't been one here in decades, and we're glad to be the bank that is coming to this area."

The new facility will provide banking services and programs to residents of east Erie.

"The residents need to understand banking, understand investment, understand the necessity of a bank account and savings account, and then life insurance," said East Side Renaissance CEO Bishop Dwane Brock. "Anything that a bank does, this bank will do."

The new bank is part of the East Side Renaissance's plan to improve the Parade Street area.

"It's paramount because the Parade Street corridor has been neglected," said Bishop Brock. "It's been marginalized across the years. If we are going to revitalize our city, banking is foundational."

Those involved with the project say the overall goal, is to help improve financial literacy while promoting generational wealth.

"We want to be able to change that dynamic and bridge the wealth gap right here in Erie, PA," said Bishop Brock. "That starts with having institutions of financial literacy, a full-fledged bank right here in this neighborhood."