The Preston and Olin Institute was a Methodist school created in 1851. In 1972, due to financial distress, the institute was restructured as the Virginia Agricultural and Mechanical College to receive land-grant funding. Virginia Agricultural and Mechanical College was renamed in 1970 Virginia Polytechnic Institute and State University.
Sources:
"A Short History of Virginia Tech," http://spec.lib.vt.edu/arc/125th/kinnear/kinnear.htm
From the guide to the Preston and Olin Institute Records, 1852-1871, n.d., (Special Collections, Virginia Polytechnic Institute and State University, Blacksburg, Va.)