The College of St. Joseph in Rutland will close its doors in May, the school’s president announced in an online message Thursday.

In a letter posted to the school’s website, Jennifer L. Scott said a potential partner for the financially struggling private Catholic college “has elected to not move forward with us.”

Classes will cease at the end of the Spring semester, Scott said, and the school will surrender its accreditation to the New England Commission of Higher Education in August.

St. Joseph has activated its so-called teach-out plan with Castleton University, which will allow students their degree programs.Scott said the school has “formalized agreements” with other colleges as well.

“Our primary focus and desire is to take care of the immediate needs of our students and to support this transition for our entire community,” Scott said.

The announcement comes less than two months after Green Mountain College in Poultney said it would close after 185 years.

Nationwide, at least 64 four-year private, nonprofit institutions around the country have closed or announced pending closures since 1995 and 12 have opened, according to the National Association of Independent Colleges and Universities.