First Citizens Bank Provides $24 Million for Acquisition of PAM Rehabilitation Hospital in Tulsa, Oklahoma

Rhea-AI Summary

First Citizens Bank's Healthcare Finance business has provided $24 million to finance the acquisition of PAM Rehabilitation Hospital in Tulsa, Oklahoma. The Sanders Trust acquired the 53-bed, 60,932-square-foot freestanding inpatient rehabilitation facility. The hospital is leased to and operated by PAM Health, the third largest operator of long-term acute care hospitals and inpatient rehabilitation facilities in the U.S., with 63 facilities across 17 states.

Rance Sanders, President and CEO of The Sanders Trust, expressed satisfaction with First Citizens' financial package and banking relationship. The deal highlights First Citizens' expanding role in healthcare finance and its ability to provide tailored solutions for middle market healthcare companies.

Positive

• Successful $24 million financing deal for hospital acquisition
• Expansion of banking relationship with The Sanders Trust
• Strengthening position in healthcare finance sector
• Partnership with third largest operator of long-term acute care hospitals in the U.S.

Negative

• None.

News Market Reaction – FCNCA

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+0.18% News Effect

On the day this news was published, FCNCA gained 0.18%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, July 17, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided $24 million to finance the acquisition of a post-acute medical rehabilitation hospital in Tulsa, Oklahoma.

The Sanders Trust acquired the PAM Rehabilitation Hospital of Tulsa, a 53-bed, freestanding inpatient rehabilitation facility totaling 60,932 square feet.

The hospital is leased to and operated by PAM Health. Founded in 2006, PAM Health is currently the third largest operator of long-term acute care hospitals and inpatient rehabilitation facilities in the U.S. with 63 facilities across 17 states.

"We are pleased with First Citizens Healthcare Finance group's ability to arrange a solid financial package as we continue to grow our business," said Rance Sanders, President and CEO. "We highly value our First Citizens banking relationship and appreciate their efficient process and deep healthcare banking experience."

"We appreciate the opportunity to again work with The Sanders Trust as we continue to expand our banking relationship," said Steve Reedy, a managing director and head of medical office banking in Healthcare Finance.

"PAM Rehabilitation Hospital of Tulsa provides valuable post-acute healthcare services to this growing community," said William Douglass, group head for Healthcare Finance.

First Citizens Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. Using a client-focused and industry-centric model, Healthcare Finance tailors its products and services to help clients meet their needs for growth capital.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Ella Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com

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SOURCE First Citizens Bank

FAQ

What is the value of the financing provided by First Citizens Bank for the PAM Rehabilitation Hospital acquisition?

First Citizens Bank provided $24 million to finance the acquisition of PAM Rehabilitation Hospital in Tulsa, Oklahoma.

Who acquired the PAM Rehabilitation Hospital in Tulsa, and what are its specifications?

The Sanders Trust acquired the PAM Rehabilitation Hospital of Tulsa. It's a 53-bed, freestanding inpatient rehabilitation facility totaling 60,932 square feet.

How many facilities does PAM Health operate and in how many states?

PAM Health operates 63 facilities across 17 states in the U.S.

What is First Citizens Bank's (FCNCA) role in healthcare finance?

First Citizens Bank's Healthcare Finance business provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S., tailoring products and services to help clients meet their growth capital needs.