Oak Ridge, N.J. – Jan. 28, 2021 – Lakeland Bank was pleased to provide financing for a group of minority shareholders to acquire a majority stake in an Ambulatory Surgery Center in Easton, Pennsylvania.
The majority ownership allowed the buying physicians more control over operations and greater share in profitability.
“As the Lehigh Valley region experiences a growing population and economy, larger health systems continue to seek consolidation opportunities in this market area,” said Roberto Camacho, Vice President, Healthcare Banking. “However, many entrepreneurial groups in the health care segment wish to remain independent like this client, and we appreciate being the financial resource they partnered with to secure the financing they needed.”
Camacho continued, “Despite COVID-19 disrupting patient volume, this group quickly bounced back to normal levels within 60 days. As larger systems faced outpatient furloughs, the group was able to retain full employment preventing the backlog of cases from overwhelming operations.”
Lakeland Bank’s Healthcare Banking experts are here to help by delivering customized solutions for unique challenges within the healthcare industry. Lakeland Bank’s Healthcare Banking offers comprehensive lending and treasury management solutions to organizations across the healthcare spectrum. Our experienced lenders utilize a relationship banking approach, allowing them to provide value in many different verticals to various businesses. We provide financial solutions to nonprofit organizations, hospitals, higher education, senior living facilities, private equity groups, medical office building buyers, real estate investment trusts, large medical practices, behavioral health and ambulatory/outpatient facilities.
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $7 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as a Best-In-State Bank by Forbes and Statista, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.