Two Capital Region colleges are celebrating the signing of an agreement that paves the way for a merger that could serve as a model for other institutions nationwide.
Russell Sage President Matthew Shaftel and Albany College of Pharmacy and Health Sciences President Toyin Tofade say the historic merger of their institutions will culminate in an entity that will serve roughly 4,000 students, making it one of the largest private colleges in the Capital Region.
"We keep talking about the collaboratory, which is such a wonderful way that ACPHS has been serving the Albany community," said Shaftel. "But the opportunity to expand that and to do the work together and to expand our services throughout the region is really wonderful. But again, think about the student experience, a student who wants to study pharmacy, but also wants to do theater, or wants to do art, or wants to get an MBA so that they can entrepreneurially, build the next important way of distributing pharmaceuticals to people. Those opportunities exist and in a comprehensive institution."
Across the nation, colleges and universities face cuts to federal funding, inflation and declining enrollment. Notably, the College of Saint Rose in Albany shuttered last year.
Tofade says college presidents have to be responsive to these circumstances.
"We intend to lean into this time with this merged entity to identify efficiencies, and we will tend to continue to look to the future to make sure that we provide opportunities for individuals in the region, students, older individuals, as well, and alternative ways of learning, and to be innovative about how we can make sure that we're delivering the best health profession comprehensive education in the region," Tofade said.
Announced in April, the merger this week reached the "transaction agreement" stage where regulatory agencies may now sign off on the plan to combine the two colleges under the "Russell Sage" moniker. Full approval is expected by Autumn 2027.
The potential merger between Russell Sage and the College of Pharmacy comes as Albany Medical College and Rensselaer Polytechnic Institute have agreed to share research facilities and equipment, noting the benefit of collaboration.
While partnering on research may be different than a merger, Russell Sage’s Shaftel says he's gotten phone calls from colleagues across the country who are interested in consolidation.
"This is really, truly national news, because both institutions were really starting from a point of great strength," Shaftel said. "We had really good fiscal balance sheets. We have quite a number of assets. The combined assets of the two institution will be roughly $250 million $150 million total endowment. So we're in a good spot, but it's exactly the right point in which to proceed in this kind of unique activity. So institutions nationally that are looking at mergers generally aren't in strong spots, but we're in a different spot. So we're really doing something that is historic and different, and will be able to serve our community much better because of it."
Tofade says the merger will result in a unified institution making a transformative education more affordable and more accessible to more students.
"There is so much that needs to change with higher education, and we have an opportunity here, with the merged institution, to really look at what will work for us. Yes, we're looking at benchmarks and things like that, but we still have to ask the question, 'what will work for us?' If people think that there are issues with higher ed generally as a country, then we do have an opportunity to co-create a future that will be sustainable and a model for others to consider as they see what we have learned and what kinds of things have worked for us and what changes we may have made as we move forward," said Tofade.
With transition committees set to shift into high gear in September, Shaftel says he expects the combined faculty and staff workforce to remain stable but concedes there are many details that need attention as two institutions combine people and systems.
