The Warren Memorial Library is closing due to a steep decline in the value of its investments, which the library’s budget was dependent upon.

According to Paul Keeney, spokeswoman for the library, the board of directors decided the Warren Library would close for good no later than May 1. Keeney said the decision follows the resignation of the library’s director, Wendy Hysko, last week, but was not precipitated by it.

The library has five employees.

“Faced with the prospect of totally depleting its endowment by continuing the operation of the Warren Memorial Library, the board has made the very difficult decision to close the library,” said Bruce Saunders, president of the board.

The Warren Memorial Foundation was established in 1929 to support education and the arts.

According to Saunders, the library “has been serving this mission extraordinarily well in providing educational and fine arts services to the city of Westbrook and our surrounding communities.”

Until a specific closing date is determined, the library will be open Mondays and Wednesdays from 1 to 8 p.m. and Fridays from 10 a.m. to 6 p.m.

Moving forward, Keeney said, the board has scheduled focus groups in March and April and will invite community, arts, education and nonprofit members and leaders to help define future plans for the Warren Memorial Library building and how the foundation can best serve its mission.