St. Aug's drops plans to acquire Virginia college
Saint Augustine's University officials said Friday that the school has abandoned its proposed acquisition of Saint Paul's College in Lawrenceville, Va.
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Last November, Saint Augustine's board began exploring the option of acquiring Saint Paul’s, which has struggled to maintain its accreditation. President Dianne Boardley Suber said the board determined such a deal wouldn't be fiscally responsible for the Raleigh school.
"This was a very difficult decision to make," Suber said in a statement. "We explored several options in an effort to make the acquisition viable for Saint Augustine's University. However, after completing our due diligence, we concluded that the acquisition of Saint Paul’s College, at this time, would significantly challenge the fiscal stability of Saint Augustine’s University.”
Saint Paul's officials plan to appeal to the Saint Augustine's board on May 31 to try to reverse the decision.
The two schools are among three historically black colleges founded by the Episcopal Church. Voorhees College in Denmark, S.C., is the third.
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