The Library Company of Philadelphia building on 1314 Locust St. in Center City. | DYLAN CASTELLUCIO
Temple’s Board of Trustees voted for a merger with the Library Company of Philadelphia Dec. 4.
Shareholders for the Library Company of Philadelphia passed the proposal 174 to 33 on Dec. 2.
The merger now awaits approval from the Pennsylvania Attorney General’s Office and the Philadelphia Orphan’s Court.
“We are delighted to help preserve one of Philadelphia’s most important educational and historical institutions through this partnership. This will help bring stability to the Library Company while also ensuring that its legacy does not just live on but also thrives,” wrote President John Fry in a statement to the Temple community. “For Temple, this is also an opportunity to further enrich our academic and research resources.”
The Library Company, an independent research library founded by Benjamin Franklin in 1731, has seen operational deficits since 2017 and would need to raise $23 million to remain independent, the Philadelphia Inquirer reported.
If the proposed merger passes the remaining stages, the company will be renamed The Library Company of Philadelphia at Temple University, a division of Temple Libraries. Temple will gain access to the company’s collection of rare literature, art and photographs.
The Library Company would remain at its 1314 Locust Street location while gaining access to Temple’s facilities, research support and administrative capabilities.