BROOKLINE (AP) — Boston College has reached an agreement to take over nearby Pine Manor College in a deal that the schools say will better serve minority and low-income students.

The memorandum of understanding announced Wednesday will establish the Pine Manor Institute for Student Success, endowed with $50 million from Boston College, which will fund outreach and academic support programs for underserved, low-income students.

Boston College offices that currently support low-income students will be placed under the umbrella of the Pine Manor Institute for Student Success.

Under the deal, 300 current Pine Manor students and any new students who have made deposits to enroll next year will be able to continue their studies on the school’s 46-acre campus in Brookline’s Chestnut Hill neighborhood.

Pine Manor students will be allowed to apply to the Boston College Woods College of Advancing Studies to finish their degrees, and will continue to receive financial aid, the schools said.

The deal is subject to approval by accreditors and state regulators.

Pine Manor was founded in 1911 as a finishing school for women. It is the latest of several small Boston-area colleges that have been absorbed by larger institutions.

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