A method of replacing the function of a native mitral valve is achieved by inserting a distal end portion of a delivery apparatus into a patient's body, wherein a prosthetic mitral valve is disposed along the distal end portion of the delivery apparatus. The prosthetic mitral valve includes a collapsible and expandable annular body having a network of struts interconnected at a plurality of nodes to form a plurality of open cells. Atrial and ventricular flanges are coupled to the annular body and extend radially away from the annular body. Three commissure support posts extend from the ventricular flange toward a ventricular end of the prosthetic valve and a valve member is secured to the commissure support posts. The prosthetic mitral valve is positioned within the native mitral valve of the patient's heart and the native mitral valve is pinched between the atrial and ventricular flanges.