The Library Company of Philadelphia, founded by Benjamin Franklin in 1731, agreed to a merger with Temple University on Thursday for a partnership that aims to combine the school's research and grant-writing programs with the library's vast historical archives.
The deal will be sent to the Pennsylvania Office of Attorney General and Philadelphia Orphans' Court for final approval. Upon completion, the Library Company will be absorbed by Temple Libraries but will retain its full staff, programs and collections.
MORE: Ocean City vote keeps hotel proposal alive for Wonderland Pier site
The Library Company is considered the city's oldest cultural institution was the first subscription library in the country. It is renowned for its collections of 17th-, 18th- and 19th-century books, manuscripts and documents, with its website saying it served as the "de facto Library of Congress" before the national capital moved to Washington, D.C., in 1800.
Hindered by the Great Depression and World War II, the library transitioned to a research institution during the mid-20th century to keep its operations afloat. It has been housed at 1314 Locust St. since the mid-1960s.
Both institutions met earlier this week to vote on the deal, which received support from 84% of the Library Company's shareholders and unanimous approval from Temple's Board of Trustees, a statement said.
If the deal is approved, the Library Company will become the Library Company of Philadelphia at Temple University and remain at its longtime headquarters. The historic institution faced budget deficits for years and had been exploring merger options to keep its operations running. Some officials with the library estimated it would need to raise $23 million to stay independent, the Inquirer reported.
"We are delighted to help preserve one of Philadelphia's most important educational and historical institutions through this partnership," Temple President John Fry said in a statement. "This will help bring stability to the Library Company while also ensuring that its legacy does not just live on but also thrives. For Temple, this is also an opportunity to further enrich our academic and research resources."
An integration council consisting of representatives from both parties will be formed in the next few months. University officials also expressed their hope that the Library Company increases its number of shareholders.
"The Library Company has been an important resource for Philadelphians for nearly 300 years, ever since Benjamin Franklin first envisioned a shared library as a tool for advancing the self-education of his circle of artisans and tradesmen," John Van Horne, director of the Library Company, said in a statement. "I am certain that Franklin would heartily approve of our expanded education mission over the last few centuries, and I have no doubt that he would also approve of this partnership with a university dedicated to serving his city and beyond."