Tobey Hospital will soon become part of the third largest health care system in the state following Tuesday’s announcement that its parent organization, Southcoast Health, will merge with a Rhode Island-based health network.

The combined system, between Southcoast Health and Care New England, will create a new network spanning two states worth in excess of $2 billion.

Tobey Hospital is set to become part of a network that includes seven other hospitals in the new organization.

According to Charles Reppucci and Jean MacCormack, board of director chairs for Care New England and Southcoast Health respectively, studying a potential partnership started in November.

Under the deal, the organizations will retain control of the hospitals in their networks, however, they will be managed under a new corporation, which is yet to be named.

“This affiliation helps to build an even stronger future for our organizations while importantly maintaining our stedfast commitment to our local communities,” said MacCormack via press release. “We look forward to continuing this collaborative and transparent process.”

Plans call for making current Southcoast Health President and CEO Keith Hovan the president and CEO of the new company. Care New England’s Board will select the new chair of the system parent Board, and the Southcoast Health board vice chair will serve as its vice chair.

Southcoast Health and Care New England will each select 10 people in all to serve on the new system parent board of trustees.

Moving forward, both networks will determine the details of their affiliation agreement and begin navigating the regulatory review process in their respective states.

In addition to Tobey Hospital, Southcoast Health operates Charlton Memorial Hospital in Fall River, St. Luke’s Hospital in New Bedford and Southcoast Behavioral Health in Dartmouth.

“We know nothing is more important to the people of southeastern Massachusetts and Rhode Island than a strong future for the healthcare systems that safeguard their health while providing jobs and community benefits, and advancing our teaching and research missions,” said Reppucci.