AURORA, N.Y. (WHCU) — Wells College is closing. 

In a joint statement Monday, Board Chair Marie Chapman Carroll, and President Jonathan Gibralter say the private college in Aurora ‘does not have adequate financial resources to continue.’ The pair say Manhattanville College has become the preferred teach-out partner of Wells, which is creating housing for students planning to transfer.

The college, founded in 1868, will close after the spring semester concludes.