Deal Finalized to Keep Hoboken Hospital Open

It's official -- New Jersey's oldest hospital will stay open.

Hoboken Mayor Dawn Zimmer says funds were wired Friday to complete the sale of Hoboken University Medical Center to a group that also owns the Bayonne Medical Center.

The hospital filed for bankruptcy protection in August, and Hoboken decided to sell it earlier this year, fearing the city would have to cover a $52 million bond.

Zimmer said the completion of the sale means more than 1,200 jobs will be saved.  The hospital will be led by Phillip S. Schaengold, who has served as CEO of hospitals in St. Louis, Syracuse, Washington, D.C., Detroit and Savannah, Ga.