Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

Northwell Health's Peconic Bay Medical Center plans to acquire former bank campus

Peconic Bay Medical Center in Riverhead, N.Y., part of New Hyde Park, N.Y.-based Northwell Health, plans to acquire the former Suffolk County National Bank campus for an expansion.

The nearly 60,000-square-foot campus is located in downtown Riverhead. People's United Bank, which currently owns the campus, is selling the space to PBMC, hospital officials said in a news release.

"We are delighted that People's United Bank has selected PBMC for this major acquisition. It is incredibly fitting given the 70-year synergy between Suffolk County National Bank and the medical center," PBMC Board Chair Sherry Patterson said.

PBMC President and CEO Andrew Mitchell also expressed excitement about the pending transaction.

"This former bank campus will allow the medical center to bring much needed new programs and jobs to the East End and continue to position Riverhead as the regional medical hub for Eastern Suffolk County," he said.

PBMC officials told Becker's Hospital Review the first phase of the expansion involves moving some non-essential administrative staff to the former bank campus. They added this is expected to happen soon after Labor Day, and other departments are slated to move to the campus as expansion phases continue.

More articles on transactions and valuations:
14 recent hospital transactions and partnerships
2 Kansas hospitals to examine potential alliance
State OKs Regional Health's purchase of 2 Washington hospitals

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Featured Webinars

Featured Whitepapers