Pending approvals, the agreement would result in OSF HealthCare taking ownership of Presence United Samaritans Medical Center in Danville, left, and Presence Covenant Medical Center in Urbana. (Provided photos)

URBANA — OSF HealthCare and Presence Health have signed a Letter of Intent for OSF HealthCare to take ownership of Presence Covenant Medical Center in Urbana and Presence United Samaritans Medical Center in Danville.

The two organizations are currently finalizing the agreement — announced Aug. 8 — and will then seek all necessary regulatory and canonical approvals. The transaction is expected to close in early 2018.

“This summer marks 140 years since the founding of our health care ministry, built on the promise to serve with the greatest care and love,” said Sister Judith Ann Duvall, OSF, chairperson of the OSF HealthCare board. “I can think of no more joyous way to celebrate the occasion than by extending the OSF HealthCare mission to Urbana and Danville.”

She said the transfer of ownership will ensure that “high-quality Catholic hospital services” will continue in the communities.

Presence Covenant Medical Center in Urbana has 206 beds and more than 700 employees. It was formed in 1989 from the merger of the former Mercy Hospital and Burnham City Hospital.

Presence United Samaritans Hospital in Danville has 174 beds and more than 550 employees. It was formed in 1988 from the merger of the former St. Elizabeth Hospital and Lakeview Memorial Hospital.

Both OSF HealthCare and Presence Health are working to ensure a seamless transition for patients, associates, physicians, and others involved in the two medical centers.

“For a long time, we have respected OSF HealthCare’s integrity and commitment to their Catholic health care mission, one that closely aligns with Presence Health’s,” said Mike Englehart, president and CEO of Presence Health. “We also know OSF HealthCare will transition the associates and physicians in a fair manner and maintain continuity in providing high quality patient care.”

The transition will allow Presence Health — one of the largest Catholic health systems in Illinois — to focus on its 10 other hospitals in the greater Chicago area, said Englehart.

OSF HealthCare, headquartered in Peoria, is a system owned and operated by The Sisters of the Third Order of St. Francis.

Kevin Schoeplein, CEO of OSF HealthCare, said the OSF team plans to reach out to other healthcare providers in the region including Champaign and Vermilion counties, as well as community members, local organizations, and business and municipal leaders “to cultivate a collaborative relationship for the health of all in these communities.”