Dillsburg, PA-based Presbyterian Senior Living and Orlando-based Westminster Communities of Florida have discontinued discussions about a possible merger that could have created the fifth largest not-for-profit multi-site senior living organization in the country, the organizations announced Friday.
The decision was mutual, they said.
“As we looked deeper into what a joint organization would look like, both parties determined the best way to serve their respective constituents was to remain independent organizations,” said PSL’s acting CEO, James Bernardo.
PCL and Wesetminster were ranked 13th and 15th, respectively, on the 2018 LeadingAge Ziegler 200 list of largest not-for-profit multi-site senior living organizations by total senior living units. Their merger, based on the numbers in that report, would have resulted in the fifth largest not-for-profit multi-site senior living organization by total units.
The entities had entered into a memorandum of understanding in April to explore a possible affiliation, hoping to have a deal finalized by Jan. 1.
“The planned retirement of both organizations’ CEOs offers a window of opportunity that will enable PSL and Westminster to think creatively about what the relationship could look like,” they said in a joint press release announcing the talks.
PSL CEO Stephen Proctor, who had been with the organization since 1971, was scheduled to retire June 7, although he planned to continue to advise the organization for several months. Westminster CEO Roger Stevens is planning to retire at the end of the year after having been with the organization since 1995.
PSL serves more than 6,000 older adults in 32 affordable housing and senior living and care communities and in other ways across four states: Pennsylvania, Maryland, Ohio and Delaware. Westminster serves more than 7,000 residents in 10 continuing care retirement communities and 12 affordable rental retirement communities around the Sunshine State.