Portland State University announced Friday that it will not be acquiring the Oregon College of Art and Craft (OCAC).

PSU was conducting a feasibility study of an acquisition or merger with OCAC earlier this month, according to a news release from the university.

The Oregon College of Art and Craft in Southwest Portland, Ore., Saturday, Jan. 26, 2019.

The Oregon College of Art and Craft in Southwest Portland, Ore., Saturday, Jan. 26, 2019.

Bradley W. Parks/OPB

During that study, PSU found that an acquisition of OCAC would be too expensive, the university said Friday.

“Based on our research, it is not financially feasible for us given other budget challenges that we face,” PSU President Rahmat Shoureshi said in the release.

“We explored this because we were excited about the potential opportunity that an acquisition would honor the legacy of art and craft at OCAC, support the arts in our region and bolster our own College of the Arts,” he said.

“But our study of different acquisition scenarios, including those involving private philanthropy, showed the potential costs would be too high for PSU.”

The news comes in the wake of another merger that fell through for OCAC with the Pacific Northwest College of Art (PNCA).

After consideration, the art schools decided in December 2018 that a merger would not be a feasible option.