Cleveland's Chancellor University will close after 165 years, the Plain Dealer Reported.

The school was a for-profit college that taught basic bookkeeping and business skills.

The school will transfer its several hundred students to the California-based Aliant International University, a not-for-profit college, at the end of the summer.

"Everyone at Chancellor is committed to making sure our students make a smooth transition to Alliant," said Chancellor President Bob Daugherty in a press release. "We are working to ensure each student's individual needs are met and that all credits transfer in a seamless transition."

The closing comes at the end of numerous financial and accreditation problems the school had faced, including a $162,000 debt to the taxpayer-subsidized Cleveland-Cuyahoga County Port Authority.

Chancellor was opened in 1848 and was originally named Folsom's Business College. Some of the school's graduates include John D. Rockefeller and Harvey Firestone.

The school has been through numerous name, building and ownership changes and even closed once before in December of 2007. However, the school has always belonged to inner-Cleveland.

"Our agreement with Alliant International University affords a uniquely special opportunity for students at Chancellor," Chancellor's provost Steve Kerr said in the release. "The University's long legacy of providing education to students in all walks of life can only be expanded upon and enhanced by the blending of these outstanding institutions."  

All parties involved are ready to make a smooth transition for Chancellor's students to Alliant.

"We're excited to provide a new opportunity for Chancellor University students," Geoff Cox, president at Alliant International University, said in the release. "Our university's high quality programs are certain to allow Chancellor students to continue to flourish in their chosen fields in a new and multi-faceted way."

Alliant has undergraduate and graduate programs and has promised to accommodate all Chancellor students.

Alliant provost Russ Newman said in the release, "Chancellor students are unique, and we're looking forward to providing new resources to help them achieve their educational goals in a truly meaningful way."