PORTLAND, Maine — A Roman Catholic school established 147 years ago in Portland will close at the end of the academic year.

Bishop Richard Malone of the Diocese of Portland announced Friday that he had accepted a recommendation to close Cathedral Catholic School because of long-term financial problems.

Malone delayed a recommendation three years ago to close the school, which serves 136 students from pre-school through the eighth grade. But he said Friday that the fiscal challenges had become too great.

The school went into service in 1864.

Diocese officials say a meeting will be held next month to provide parents with information on schooling options for the fall.