According to media reports, the health care facility was expected to lose another $7 million by the end of this year.
The hospital's board of directors voted to close the center at Tuesday's meeting. The facility's shutdown will impact hundreds of patients, nursing home residents and 460 employees.
The center is operated by Lake Erie Regional Health System of New York.
Board chairman Christopher Lanski, said in a letter, that the system has been faced with "serious financial challenges" that date back to the 2008 merger of Brooks Memorial Hospital and the TLC Health Network.