Funding Partnership Expands Rural Healthcare in Galena, Ill.
Accessing quality healthcare has long been a challenge for rural communities like Galena, Ill. Recognizing the need for expanded services, Farm Credit institutions, community banks and federal partners worked together to find a solution.
Midwest Medical Center (MMC) is now celebrating the completion of the first phase of a $34.5 million expansion and renovation project, made possible through a collaborative financing effort. Compeer Financial, the U.S. Department of Agriculture (USDA) Rural Development Community Facilities program and local partner Apple River State Bank/First Community Bank of Galena played pivotal roles in arranging the funding.
With new services already available to patients, the next phase of the project is now underway, continuing the momentum for improved healthcare in the region.
A Collaborative Solution for Rural Communities
Compeer Financial led a $25.75 million financing package, working closely with local partners and leveraging USDA programs to create a customized solution that brought critical support to the project. The package included a $5 million USDA Community Facility Guarantee for construction and permanent financing and $20.75 million in construction-only financing, which will convert to a USDA Direct Loan upon project completion.
“By partnering with local banks, Compeer Financial helps keep healthcare accessible to rural residents,” said Robert Madsen, Vice President of Rural Vitality at Compeer Financial. “This transformative renovation allows MMC to provide their community top-quality care today and in the future.”
Joel Holland, CEO of Apple River State Bank/First Community Bank of Galena, agrees. “We’re thrilled to celebrate the MMC expansion project and partnership with Compeer Financial to bring essential healthcare to our home community.”
The impact of the project is already visible. Fitness center memberships at MMC have doubled since August 2024 and the surgery department has seen a 35% increase in volume during the first quarter of 2025.
Living the Mission to Champion Rural
For Compeer Financial, supporting projects like MMC's expansion is deeply connected to its mission of championing rural America. Strengthening healthcare access means investing in the well-being and resilience of rural communities.
“The health of our communities is directly tied to the strength of our healthcare systems,” said Madsen. “Investing in rural healthcare is investing in the future of rural America.”
Through collaboration with partners who share the same commitment, Compeer is helping ensure that rural residents have the resources they need to live healthy, vibrant lives.
A Healthier Tomorrow, Made Possible Together
The transformation of Midwest Medical Center is a testament to what is possible when collaboration, vision and community spirit align. Barb Hocker, Director of the Galena Area Chamber of Commerce, described the difference MMC's expanded services have already made, noting that patients now view MMC as their primary care destination rather than just a first stop.
“I could go on and on about how MMC has made a difference in Galena and the small towns around,” Hocker said.
MMC President and CEO Tracy Bauer echoed that sentiment, “It truly has been a privilege to continue serving our community in bigger and better ways. We’d like to thank Compeer Financial and Apple River State Bank/First Community Bank of Galena for their partnership and support in making this project a reality.”
Compeer believes strong healthcare builds strong communities. By working together, we’re helping create a future where every rural family has access to the care they deserve — close to home.