Compeer Financial Supports Morrison Community Hospital Expansion
The Morrison Community Hospital is undertaking its largest capital construction project in the hospital’s history. Compeer Financial, along with CoBank, the USDA and the Community State Bank of Galena, is financing the additions to the rural hospital, which provides care to up to 1,000 patients each week. The hospital officially broke ground on the $20.5 million expansion project on September 11.
“Compeer Financial is excited and proud to be part of this project that will help improve and modernize healthcare in the Morrison region,” said Bob Madsen, Vice President of Mission Financing at Compeer Financial.
This project will result in approximately 80,000 square feet of renovated space and new construction, to be completed by early 2021. The expansion includes an addition to house a new emergency department, featuring five new emergency bays and a new operating room. An addition on the southeast side of the existing building will provide eight new private medical surgical rooms on the second floor, new provider offices, a new rehabilitation department, and billing and coding departments.
“We recognize the scope, scale and size of this project is incredibly significant to us as a hospital,” said Pam Pfister, CEO of Morrison Community Hospital. “It also brings meaningful returns to our community. Each week our hospital serves upwards of 1,000 patients, so the impact of this project and day-to-day operations combined is substantial to our community. As we continue to build our services, these numbers will only grow.”
Compeer Financial’s mission-related investment arm works with communities to invest in essential community facilities that strengthen rural America. The team finances projects like this hospital expansion, as well as senior care facilities and public safety infrastructure for not-for-profit organizations and government entities.
“Our mission at Compeer Financial is to champion the hopes and dreams of rural America,” said Madsen. “We can’t think of a better way to express our commitment to rural communities than by supporting this hospital, in partnership with CoBank, Community State Bank of Galena and the USDA.”
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $21.3 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’s patronage program.