WHEELING, W. Va. -- The historic Mount De Chantal in Wheeling will be closing for good on Saturday as it celebrates its last commencement for its final graduating class.

The academy for young women opened in 1848, and in January of 2008, school leaders announced that it would close at the end of the school year because of financial reasons.

The bishop of the diocese of Wheeling-Charleston, Michael Bransfield, reacted in a statement saying he applauded the effort of the sisters at the academy.

In addition saying, "The legacy of Mount De Chantal resides in the thousands of students who mark their way in life with dignity and awareness of caring for others," Bransfield said.

Some parents are saddened by the closing. One parent who has had three daughters graduate from The Mount said that it is terrible and so many memories happened there for him.

And for parents of the graduating class of 2008, they said they feel privileged. "We are very sad but our daughter is graduating tomorrow, and we are really thankful she's going to get to graduate," said graduating parent Sarah Dille.

The academy released a press release Friday evening saying, "The educational mission has been achieved and a positive transition of students, faculty and support personnel has been completed."