The president of Chester College of New England, a tiny arts institution in Chester, N.H., e-mailed students and faculty on Friday evening that the 47-year-old college would close, according to the Eagle-Tribune of Andover, Mass. An agreement reached with New England College, in Henniker, N.H., will allow Chester’s students to complete their degrees in Henniker at comparable tuition and housing costs; New England College will also offer one-year contracts to some faculty members. Chester College of New England was a private two-year college called White Pines College until 2001, when it adopted a four-year curriculum. That move strengthened the institution for several years, but the recession of 2008 left it with fewer than 150 students and a $600,000 deficit. It needed 88 new freshmen for next year to stay open and fell short by 50 students, according to the Union-Leader of Manchester, N.H. The New Hampshire Institute of Art, in Manchester, also announced that it had hired some faculty members from Chester, and would accept its students at comparable costs.