Upon completion of the merger, the Library Company will become part of Temple Libraries, helping to further enrich one of the top university research libraries in North America.
Founded in 1731 by Benjamin Franklin, the Library Company, which is located at 1314 Locust Street, is the oldest cultural institution in the United States.
Photo by Contributed photo
A merger between two of Philadelphia’s most historic and impactful institutions has now been approved.
Earlier this week, shareholders of the Library Company of Philadelphia met to vote on a merger with Temple University, with more than 84% of the 200-plus shareholders who took part in this process voting in favor of the affiliation. This action was followed by the Finance and Investment Committee and Executive Committee of Temple’s Board of Trustees unanimously voting to approve the affiliation. Temple and the Library Company will now seek approval from the Pennsylvania Office of Attorney General and Philadelphia Orphans’ Court to finalize the merger.
Upon completion of the merger, the Library Company will become the Library Company of Philadelphia at Temple University, a division of Temple Libraries, retaining its collections, staff members and identity. Its mission, programming and day-to-day operations will not change, and it will also continue to be housed at 1314 Locust Street in Center City, Philadelphia.
“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,” Temple President John Fry said. “For Temple, this is also an opportunity to further enrich our academic and research resources. Temple Libraries has long been regarded as one of the top university research libraries in North America, and now, it has grown even stronger.”
Founded in 1731 by Benjamin Franklin, the Library Company is the oldest cultural institution in the United States, and it is home to certainly one of the most significant collections of 17th-, 18th- and 19th-century books, manuscripts and graphics in the country. An affiliation with Temple Libraries is the latest step in its evolution since it launched as the city’s first subscription library in the 18th century. The Library Company served members of the First and Second Continental Congresses among other leaders of the new nation, and continued as the city’s almost public library until the Free Library of Philadelphia took on that role in the late 19th century. In the 1960s, the Library Company gained its present identity as a noncirculating research library focused on historical collections that document early American history and culture.
As part of Temple, the Library Company will now have access to the university’s extensive research support, grant-writing expertise, state-of-the-art facilities and robust administrative functions.
“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. 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,” said John Van Horne, director of the Library Company.
Over the coming months, Temple will work to integrate the Library Company into the university. Specifically, an integration council will be formed that will be composed of representatives from both the university and the Library Company.
Preserving the historical character of the Library Company is of the utmost importance to the university, and this includes its tradition of shareholding, which reflects its founding as a joint stock company of shareholders (hence the name). Since the Library Company’s inception, its shareholders have served as the organization’s biggest supporters. Historically, shares have been held by signers of the Declaration of Independence and the Constitution, merchants, doctors, soldiers, artists, teachers, philanthropists, politicians, and others. The university hopes to build upon the Library Company’s current model and increase the number of shareholders.
This is likely to be part of a broader philanthropic strategy for the Library Company, as Temple’s Institutional Advancement team will now integrate the organization into its efforts. This is especially significant as the Library Company will soon celebrate its 300th anniversary in 2031, which presents a major opportunity for fundraising.
While the Library Company is now part of Temple Libraries, it will operate as its own division with its own Board of Visitors, in a manner that is similar to other Temple Libraries divisions like the Charles L. Blockson Afro-American Collection and the Special Collections Research Center.
“This is a really great day for both Temple Libraries and the Library Company of Philadelphia,” said Joe Lucia, dean of Temple Libraries. “I am excited as this affiliation will allow the two institutions to better advance and sustain their educational and research missions. Ultimately, it is our students and faculty, as well as the Library Company’s members, users and the city of Philadelphia who will benefit.”
