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Concordia University, in Portland, Ore., will close after 115 years, the university announced on its website Monday.

“After much prayer and consideration of all options to continue Concordia University-Portland’s 115-year legacy, the Board of Regents concluded that the university’s current and projected enrollment and finances make it impossible to continue its educational mission,” its interim president, Thomas Ries, said in a videotaped message. “We have come to the decision this is in the best interest of our students, faculty, staff and partners.”

Federal data list the university's enrollment as being 5,342 in 2019, with about 1,500 undergraduates.

The university's statement says Concordia's patron, the Lutheran Church-Missouri Synod, and a lender, the Lutheran Church Extension Fund, are likely to sell the university's 24-acre campus.