Valley Baptist Completes Purchase of Brownsville Medical Center

BROWNSVILLE, TEXAS - June 30, 2004 –  Valley Baptist Health System is proud to announce the acquisition of Brownsville Medical Center in Brownsville, Texas. Officials from Valley Baptist and Tenet Healthcare Corporation finalized the purchase in Los Angeles, California on Tuesday, June 29, 2004.

On May 17, 2004, Valley Baptist announced the signature of a definitive agreement to purchase Brownsville Medical Center. With the finalizing of the purchase this week in Los Angeles, the transaction has closed and ownership of Brownsville Medical Center has been transferred from Tenet to Valley Baptist.

James G. Springfield, President and Chief Executive Officer of Valley Baptist Health System stated, "We are truly excited about becoming a part of the Brownsville community. We feel that this acquisition will greatly enhance our ability to serve the residents of Brownsville and will be crucial to the future of healthcare in the Rio Grande Valley."

Mr. Springfield further stated that even though the acquisition is complete, there are many details yet to be worked out. "We will continue our diligent efforts to work with the medical staff and employees of Brownsville Medical Center to plan for needed future capital investments for expansion at BMC," Mr. Springfield said.

Valley Baptist is one of the largest medical systems in South Texas with approximately 600 beds and has served the Harlingen area and the Rio Grande Valley since 1925. Valley Baptist is dedicated to continually upgrading and improving medical services for its patients and our community. Our vision for Brownsville is to be a faith-based regional healthcare system distinguished by high-quality care, outstanding service and excellent operations.

Brownsville Medical Center is a 243-bed hospital that has provided a broad range of quality medical and health care services to the Lower Valley community since 1923.

Valley Baptist Health System is affiliated with the Baptist General Convention of Texas.