St. Augustine’s University Calls Off Plan to Acquire Saint Paul’s College
Filed in Breaking News on May 13, 2013
Last November St. Augustine’s University in Raleigh, North Carolina, agreed to assume management of Saint Paul’s College in Lawrenceville, Virginia. Both HBCUs are affiliated with the Episcopal Church. Saint Paul’s College lost its accreditation earlier in the year.
Under the plan, St. Augustine’s University would manage Saint Paul’s College operations while it explored the feasibility of acquiring the Saint Paul’s campus as a branch of St. Augustine’s.
But now Saint Augustine’s University has announced that “after due diligence and much deliberation, it has decided that that to pursue the acquisition is not a fiscally responsible option.”
Diane Boardley Suber, president of St. Augustine’s University, stated, “This was a very difficult decision to make. We explored several options in an effort to make the acquistion viable. However, we concluded that the acquisition of Saint Paul’s College, at this time, would significantly challenge the fiscal stability of St. Augustine’s University.”
The board of trustees of St. Augustine’s University agreed to permit officials at Saint Paul’s College to make a presentation on May 31 in an effort to sway the board to reverse its decision not to proceed with the acquistion.