Our Lady of Mercy Medical Center will now be known as Montefiore North.

The new name was revealed at a news conference Wednesday. The struggling hospital was sold to Montefiore Medical Center after going bankrupt.

Officials at the new Montefiore North say they will continue to provide basic medical and surgical treatment to more than 1,000 people in the community. The parent company, Montefiore Medical Center, says it plans to inject about $100 million into the hospital during the next five years.

"We've saved the hospital that was threatened," says Steven Safyer, the president and CEO of Montefiore Medical Center. "We've preserved the hospital that delivers the majority of the care for this community."

Our Lady of Mercy, which was formerly a member of the Catholic Health Care System, will no longer have any religious affiliation.