SELMA, Ala. (AP) — Concordia College Alabama, a historically black Lutheran college, will close its doors at the end of the spring semester.

The Selma Times-Journal reports Dr. James Lyons, the college's chief transition officer and interim president, shared the news with faculty, staff and the student body on Wednesday.

The school was founded in 1922 and has a current student population of around 400. It is Selma's only four-year college accredited by the Southern Association of Colleges and Schools Commission on Colleges.

Concordia has faced rumors of closing for a number of years due to the school's financial hardship. Lyons says the board had been working to solidify the situation but couldn't find an investor. He says raising tuition was not an option for the school to offset operating costs.

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Information from: Times Journal, http://www.selmatimesjournal.com/