NEWS RELEASE
    December 10, 2007  2:00 PM

    Sears Methodist Retirement System, Inc. Enters into Agreement to Acquire Mesa Springs Retirement Village and Mesa Springs Healthcare Center from Hendrick Health System.

After considerable planning and careful consideration for the employees and residents’ best interests over time, Sears Methodist Retirement System, Inc. has entered into a tentative agreement with Hendrick Health System to acquire Mesa Springs Retirement Village and Healthcare Center April 1, 2008. 

    Sears is assuming management of the Mesa Springs entities effective January 1, 2008.

    Sears intends to honor the Mesa Springs employees’ years of service with Hendrick in their current positions with Mesa Springs.  No major job fluctuations or a net loss of jobs are expected.

    Both Boards of Trustees – Hendrick and Sears – overwhelmingly approved this agreement.

    “We are excited about this new opportunity for growth and look forward to working closely with Hendrick on other opportunities.  Strategically, for Abilene and the surrounding area, this is a good move for Sears Methodist Retirement System and good for Hendrick.  We are working together to meet the broader medical needs of seniors, and SMRS can continue to do what it does best on a larger scale.” said Keith Perry, Sears Methodist Retirement System President/CEO.   “We are honored and thrilled to reach out to the Mesa residents and employees, and welcome them as part of our Sears family.”

    “This arrangement is the outcome of discussions which began several years ago with Keith Perry, President/CEO of Sears Methodist Retirement System. It was clear both entities have been successful at providing retirement living, and while Sears is continuing to excel at retirement living as their core service, Hendrick is excelling in the healthcare realm as our core service.  The agreement came into focus when we recognized we could serve this community best if we each devoted our future plans to developing our core services – Hendrick as a healthcare provider and Sears as a retirement living provider.  This was a natural coalition because we are both not-for-profits, both faith-based institutions and both actively involved in this community with longstanding reputations for quality,” said Tim Lancaster, Hendrick Health System president and CEO.

    Hendrick Health System has operated Mesa Springs Retirement Village and Mesa Springs Healthcare Center at 7171 Buffalo Gap Road in Abilene since the first independent living residence was built in 1981, followed by construction of the healthcare center in 1987.  

    Mesa Springs Retirement Village provides independent retirement living for the residents who currently reside in apartments and individual homes.  The healthcare center is licensed for 89 beds.