Compeer Financial Partners to Fund New Heart of America Medical Center
Contact:
Nora Nolden, Senior Communications Consultant
[email protected] or (651) 245-6804
Compeer Financial Partners to Fund New Heart of America Medical Center in Rugby, ND
Sun Prairie, Wis. (September 12, 2024) – Compeer Financial is proud to announce its partnership with the Good Samaritan Hospital Association, two local banks and the USDA to provide financing for the newly opened Heart of America Medical Center (HAMC) in Rugby, North Dakota. This state-of-the-art, 78,000-square-foot critical access hospital is set to transform healthcare delivery for rural communities in the region.
Owned and operated by the Good Samaritan Hospital Association, HAMC plays a vital role in the region, offering medical, surgical and emergency services, along with radiology, pharmacy and laboratory departments. HAMC also operates three medical clinics, providing both medical and mental health services, as well as senior care facilities including assisted living and skilled nursing.
Construction on the new facility began in April 2023, designed to replace the original hospital, which was built in 1910 and had undergone several expansions over the years. The new hospital will feature 25 beds and will provide improved operational efficiency, leading to more fiscally balanced healthcare costs. Additionally, the flexible design will allow up to 18 beds to be allocated for senior care as needed.
Compeer Financial led a $55.24 million financing package for this project, which includes $5 million in USDA Community Facility Guarantee construction and permanent financing, along with $50.24 million of construction financing. Upon completion, the project benefitted from a USDA Direct Loan, ensuring long-term financial sustainability. The collaboration between Compeer, two local banks and the USDA underscores the importance of investing in essential community facilities that benefit rural residents.
“At Compeer, our mission is to enrich agriculture and rural America, and investing in rural healthcare is a key part of fulfilling that mission,” said Bob Madsen, vice president of rural vitality at Compeer Financial. “Modern healthcare facilities are essential not just for the health of rural residents but for the future of agriculture. Without access to quality healthcare, it becomes increasingly difficult to retain families in rural areas. This facility will go a long way toward building up the quality of life in Rugby and surrounding communities.”
The new Heart of America Medical Center will provide a critical lifeline to the surrounding rural community, offering modern healthcare services that meet current medical standards and address the evolving needs of the region.
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $33 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry.
Compeer Financial is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. Learn more about Compeer Financial.
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