Mike Scialdone, CFO & SVP
Memorial Health System | Colorado Springs, CO
Memorial Health System is a leading provider of comprehensive healthcare services in southern Colorado and a leading employer in Colorado Springs. From a modest beginning in 1904 as a small hospital of only 16 beds, they have grown to a 650+ bed health system. Their dedicated team of employees, physicians and volunteers serves the ever-changing healthcare needs of all regardless of ability to pay.
Memorial Health System looked to BBVA Compass for solutions:
"In May 2008 BBVA Compass came to us with a proposal for refinancing our auction rate securities. The proposal didn’t work out at the time. I came to Memorial later that year and it was readily apparent this refinancing was a pressing issue. I reviewed their original proposal and approached BBVA Compass about re-trying to close the transaction.
They revisited the proposal, adding some creative thinking to the equation and came up with an aggressive solution; including more reasonable rates and reduced our overall debt payments. BBVA Compass’ bankers were proactive in every respect, not waiting for problems to reveal themselves. Throughout the process, I felt they were looking out for our best interest."
The BBVA Compass difference:
"One of the best things about BBVA Compass is they get that we're not a traditional, for-profit business. Beyond restructuring our debt, BBVA Compass offers us ideas that will make us more efficient and effective. We exist to care for the people in this community and have to structure all of our assets to help us fulfill that mission.
BBVA Compass is clearly motivated by that mission. BBVA Compass is more like our strategic partner. As they explore more and more ways that they can help us, it's becoming clearer that this was an important move for the health of our system."