NEW BEDFORD, Mass. (WPRI) — The New Bedford Folk Festival is calling it quits after a quarter-century.

Organizers made the announcement Wednesday, saying the event is no longer financially sustainable due to rising costs and post-pandemic expense increases.

The festival celebrated its 25th anniversary last summer. Initially known as Summerfest, the event was put on by Alan and Helene Korolenko for the first 20 years, then the Zeiterion Performing Arts Center took it over following their retirement.

Zeiterion President and CEO Rosemary Gill said those final five years brought thousands of music lovers to the city, created jobs, and injected roughly $3 million into the local economy.

Gill and the Korolenkos released a statement thanking those who attended and participated in the festival over the years.

“We honor and thank all involved who created a brilliant twenty-five year tradition: the dedicated festival staff, the City of New Bedford, musicians, vendors, downtown businesses, sponsors, donors, and, of course, the faithful festival goers.”