First Citizens Bank’s healthcare finance business provided $24 million to finance the acquisition of a post-acute medical rehabilitation hospital — the PAM Rehabilitation Hospital of Tulsa — by The Sanders Trust.
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,” Rance Sanders, president and CEO of The Sanders Trust, said. “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,” Steve Reedy, a managing director and head of medical office banking in healthcare finance at First Citizens, said.
“PAM Rehabilitation Hospital of Tulsa provides valuable post-acute healthcare services to this growing community,” William Douglass, group head for healthcare finance at First Citizens, said.
