Pine Manor College, a small private institution located in Chestnut Hill, Mass., has signed an agreement to merge with Boston College, according to a news release from BC. The integration will be an "educational partnership of mutual benefit," according to the release.
"The agreement will establish the Pine Manor Institute for Student Success, endowed with $50 million from Boston College, which will fund outreach and academic support programs for underserved, low-income students," Boston College said.
If accreditors and state agencies approve the merger, Boston College will assume responsibility for Pine Manor and its assets and liabilities. Pine Manor's students will be able to remain at the institution as part of a two-year teach-out agreement, the release said. BC will subsidize Pine Manor's cost of operations during that period.
"According to the MOU, Pine Manor College faculty and staff not engaged in the continued functioning of Pine Manor College can apply for positions at Boston College," the release said. "Pine Manor faculty and staff not retained will be eligible for outplacement assistance and severance. In addition, Pine Manor College alumnae will be engaged in fostering knowledge of the history and contributions of Pine Manor College."
Pine Manor enrolls 423 students, according to the most recent federal data. The college had struggled with tight finances in recent years but had been optimistic about its future, in part because of its location in greater Boston. But the pandemic pushed the college's financial situation to the breaking point, according to a report from WBUR, a Boston NPR affiliate.
Thomas O'Reilly, Pine Manor's president, said in a written statement,
Boston College and Pine Manor College are joining forces to advance the crucial mission of expanding educational opportunities for traditionally underserved and underrepresented students. Boston College brings strength, stability, outstanding programs and faculty, and a proven track record in serving this important demographic of students. Pine Manor College brings a distinctive educational model of proven success for underserved, underrepresented first-generation students owing to outstanding faculty and staff, programming and a commitment to social justice. It is a win-win for both institutions that will help preserve the mission and heritage of Pine Manor College through the Pine Manor Institute for Student Success at Boston College.