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Pacific Valley Bank Approves $16.7 Million Loan to Mee Memorial Hospital for Healthcare Services in South Monterey County
Date:10/15/2007

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 profe
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SOURCE Mee Health Systems
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