The Presbyterian Synod of Indiana recognized the theological segment of the school as the Indiana Seminary. Hanover Academy grew quickly over the ensuing years, adding to its programs. In 1833 it received a charter from the state of Indiana to form a four-year college under the name of Hanover College. But the seminary stagnated, and the two entities split in 1836. In 1841 the religious seminary moved to New Albany, Indiana. Faced with money problems and with students divided on the issue of slavery, in 1859 the seminary moved and reopened in Chicago, Illinois, as McCormick Theological Seminary. It was sponsored by a major business donor.