MASSENA, N.Y. (WWNY) - Massena Memorial Hospital has a new owner and new name as of midnight last night.
The new owner is St. Lawrence Health System. The new name is Massena Hospital.
The Massena Town Board gave up ownership of the hospital in exchange for $28 million in financing for the fiscally troubled institution.
That money will pay off its debts. It will also be used to get the hospital back on its feet financially.
The town board heard about final state approvals for the deal from town attorney Eric Gustafson late Tuesday afternoon.
The deal has been in the works since spring, when the first of a series of agreements was signed, clearing the way for the takeover.
“It's a very good feeling the fact that we're able to sustain Massena Hospital for the future is just a great feeling -- for the hospital, for the employees, and providing health care to the community,” town supervisor Steve O'Shaughnessy said.
“For those that thought it was going to be scaled back to just an emergency room, a band-aid station, it’s obvious that’s not true," O’Shaughnessy said. "They’re investing in our hospital -- and I think there’s lots of room for growth.”
St. Lawrence Health System will negotiate new contracts with the two unions representing hundreds of hospital employees.