PEORIA — Midstate College, which traces its Peoria roots back more than 160 years, will close permanently next month.

The school, owned by the Bunch family for decades, is at 411 W. Northmoor Road. Meredith Bunch, the school's president and CEO, announced the news to students in an email Monday.

"It is with a heavy heart that I inform you today that Midstate College will cease operations at the end of the summer 2019 term on August 14, 2019," she wrote in the email. "We will work with you to provide transfer options where you can complete your academic programs at another institution. This process may take a little time, so please bear with us as we try to accommodate all students to the extent possible with a path forward for you education.

"We have treasured you as students and enjoyed working with you on your educational aspirations. I hope you carry with you fond memories of your time with Midstate College."

To the Journal Star, Bunch said dwindled enrollment could not sustain the school. In 2008, the school — in the wake of a 3 percent growth in enrollment over the previous year's 641 students — announced a campus expansion, with the goal to enroll 1,000 students by 2012. Though offering no specifics, Bunch said that vision fizzled

"Like many colleges across the country, we were faced with lower enrollment over the last few years," she said.

Bunch said the school had been trying to partner with another learning institution in an effort to keep the doors open, but those efforts fell through Friday. Monday, in a meeting with employees, Bunch announced that teachers would remain on the payroll through through Aug. 14. However, administrative staffers were dismissed immediately.

"We only had enough funds to keep the faculty in place," Bunch said.

Two staffers told the Journal Star that they had been informed that they would not be paid for all hours already worked in July. However, Bunch said the school aims to make right on owed compensation.

"It will all work out in the end, hopefully," Bunch said.

A student attending the school, who asked to remain unnamed because their summer classes were ongoing, expressed concern about whether or not all their credits would transfer to another institution, and the short timetable for doing so.

"Considering that classes start in a month, I don't even know if I have time to get my (financial aid) transferred," the student said.

The student also noted the added stress this created for those attending summer classes with final exams scheduled within two weeks.

However, Bunch said the school will assist students with transfers. To that end, the school will host a transfer fair Aug. 13, the day before the final term ends.

Three days later, the school will be permanently shuttered. Thereafter, students and graduates still will be able to obtain transcripts, via an outside source, Bunch said. Details on that process will be released soon, she said.

The campus also is owned by the Bunch family.

"It will be put up for sale," Bunch said.

The private, for-profit college had its origins in 1857 when a commercial school started in Peoria, followed by a similar school in 1865. Three years later, the schools were combined. In 1888 it was purchased by G.W. Brown and named Brown’s Business College of Commerce. After a two changes of ownership, the name was changed in 1960 to Midstate College of Commerce.

In 1965, the stock was purchased by the Bunch family, and in 1970 the name was changed to Midstate College. The college had been located in Downtown Peoria until 1997, when the campus moved to the Northmoor location.

Last September, the college — which offers multiple bachelor's degrees — announced the addition of a Master in Business Administration program, to start later that fall.