Saint Augustine's Drops Plan to Acquire Saint Paul's

Saint Augustine's College, in North Carolina,  announced Friday that its leaders do not believe that it should proceed with the idea of acquiring Saint Paul's College, in Virginia. Both are historically black colleges founded by the Episcopal Church and Saint Augustine's agreed to explore taking over Saint Paul's after the latter lost its accreditation, effectively endangering its survival. A statement issued Friday by Saint Augustine's said, "After careful due diligence and much deliberation, Saint Augustine’s University has decided that to pursue the acquisition is not a fiscally responsible option." The statement added, however: "At the request of Saint Paul’s College officials, the Saint Augustine’s University Board of Trustees will allow Saint Paul’s to present a plan to the Saint Augustine’s University Board by May 31, 2013 in hopes of reversing this decision."