A popular summertime festival will in fact return in 2016.

After celebrating its 20th anniversary, the founders and directors of the New Bedford Folk Festival announced their retirement and discontinuation of the event.

Mayor Jon Mitchell's office announced on Friday that the Zeiterion Performing Arts Center has partnered with Helene and Alan Korolenko to continue the event that attracts thousands of visitors to the downtown over the span of a weekend.

The Zeiterion will take over production and marketing duties while the Korolenkos will come out of retirement and continue as Artistic Directors in 2016.

A news conference is scheduled for 11am Monday outside the downtown theater for the official announcement.