USDA Rural Development Provides Loan Guarantee
KING CITY, Calif., Oct. 15 /PRNewswire/ -- Pacific Valley Bank has approved a $16.7 million loan to Mee Memorial Hospital in King City so that residents in South Monterey County will continue to have access to quality healthcare services. United States Department of Agriculture (USDA) Rural Development guarantees the loan through two of its guaranteed loan programs, and is one of the largest made in United States history to a rural healthcare facility.
King City is located in the Salinas Valley between the Santa Lucia and Gabilan Mountain Ranges. It is a beautiful area with a rich agricultural history, and is the "Gateway to Monterey County". Mee Memorial Hospital is the only hospital within a 60-mile radius and has served the community since 1962. It is also one of the largest employers in South Monterey County. USDA Rural Development offers guaranteed loan programs to promote the development of both businesses and community facilities in rural areas throughout California. The agency can guarantee loans made and serviced by lenders, such as Pacific Valley Bank, who are regulated by the California State Department of Financial Institutions and the FDIC.
"Pacific Valley Bank is pleased to meet the borrowing needs of a community hospital so important to the residents of South Monterey County," says Ben Tinkey, Chief Executive Officer of Pacific Valley Bank. "With healthcare procedures increasing as our population ages, community hospitals are under tremendous pressure to treat an escalating number of patients, many of them in emergency settings and clinics. Pacific Valley Bank has partnered with Mee Memorial Hospital to provide our community with state-of-the-art facilities, and the USDA loan guarantee made possible an attractive financing package with which the hospital will continue to serve our community."
"As our area continues to grow, the demand for skilled healthcare professionals, quality healthcare services and state-of-the-art equipment are also growing. With each Mee facility and all the outstanding health professionals who work here, we'll be able to continue to help the community to meet the medical needs of our growing families," says Walt Beck, President and Chief Executive Officer of Mee Memorial Hospital and Mee Health Systems. "Our facilities, equipment and furnishings will advance quality of care and foster patient loyalty."
"Quality healthcare, and a first-rate community hospital in particular, is consistently one of the best indicators of a healthy, vibrant, growing community," says Benjamin Higgins, USDA Rural Development State Director. "Mee Memorial Hospital is exactly the sort of healthcare provider which truly increases the quality of life in rural areas, and USDA Rural Development is proud to support these critical services with our loan guarantees."
Congressman Sam Farr, who serves California's 17th District, is a member of the House Appropriations Committee's Subcommittee on Agriculture, Rural Development and FDA. He has been a staunch supporter of Mee Memorial Hospital and has long supported partnerships between the bank, hospital and government.
"The partnership between USDA Rural Development, Pacific Valley Bank and Mee Memorial Hospital is an excellent example of how groups with divergent missions can come together and effectively serve the public," says Farr. "Providing access to quality healthcare is essential to a strong community, and Mee's enhanced healthcare delivery in South Monterey County will be of great benefit to public welfare and economic development."
About Pacific Valley Bank
Pacific Valley Bank was formed in Salinas in 2004 by local community and business leaders. Most of the bank's shareholders live and work in Monterey County. The bank opened a second branch in Salinas in the mid-2006, a branch in King City in late 2006, a branch in Hollister in early 2007 and a branch in Monterey in June 2007. At June 30, 2007, the bank reported assets of $123 million. Visit the bank's website at http://www.pacificvalleybank.com.
About Mee Memorial Hospital and Mee Health Systems
Mee Memorial Hospital is a 123-bed, not-for-profit hospital and the anchor facility of Mee Health Systems, a network of healthcare centers, clinics and outreach programs throughout King City, Greenfield, Soledad and Paso Robles. Mee Health Systems is committed to the wellness of the communities we serve, and providing access to comprehensive healthcare in a caring, professional and responsible environment. Visit the hospital's website at http://www.meememorial.com.
About USDA Rural Development
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development has invested over $76 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over 1.5 million jobs have been created or saved through these investments. Further information on rural programs is available at one of California's 18 local USDA Rural Development offices or by visiting http://www.rurdev.usda.gov/ca.
|SOURCE Mee Health Systems|
Copyright©2007 PR Newswire.
All rights reserved