Quincy, MA - Mar 5, 2009 - The CSB School of Broadcasting will close all 26 of its campuses immediately as it plans to cease operations and to file for bankruptcy protection. While CSB's operations have been affected by changes in the private student loan market, the decisions taken yesterday are a result of recent actions taken by its lender, National City/PNC Bank, including the seizing of bank accounts held by the CSB.
CSB had been working on alternatives to continue to fund the business, but was given the surprise notice by its lender. Without access to cash, CSB has been forced to shut down operations. CSB will now promptly seek protection under applicable insolvency laws.
David Banner, president of CSB, said, "I am extremely disappointed that, after 44 years of operations, CSB will not be able to fulfill its mission of providing a quality education to students interested in working in the broadcast industry. I am also disappointed that the actions of our lender precipitated this sudden disruption in the lives and careers of our students and employees."
Inquiries regarding CSB and the insolvency proceeding may be directed to David Banner at 646-248-2027.