“Both institutions share a common vision, and we believe moving forward as one creates better synergy in seamless education opportunities and cost effective use of resources, directly benefitting our students,” Lancaster Bible College President Peter W. Teague said in a statement. “This endeavor values collaboration over competition and minimizes duplication of resources in the mid-Atlantic region.”
Financial terms of the deal were not released.
Washington Bible College and Capital Seminary’s board of directors voted in October to join the Lancaster County institution, and the Maryland schools will move March 1 to new facilities as part of the acquisition, according to Lancaster Bible College.
The Maryland school will be known as the Lancaster Bible College/Capital Bible Seminary, Capital Campus.
Lancaster Bible College, based in Manheim Township, has two other locations in Philadelphia and Washington, D.C. The college serves nearly 1,600 undergraduate and graduate students. It had 2011 revenue of $19.5 million, according to Business Journal records.