Peoples Security Bank and Trust will continue to look for another buyer for the Binghamton, N.Y., property, after it purchased the club at foreclosure auction last week for $1 million. No decision has been made regarding whether the course would open for the 2014 season if a buyer is not found.
Peoples Security Bank and Trust now owns Vestal Hills Country Club in Binghamton, N.Y., but will continue to look for another buyer, the Binghamton-based WBNG-TV reported.
A foreclosure auction took place last week, WBNG-TV reported.
Executive Vice President Greg Misterman said Peoples Security Bank bid $1 million for the property. No decision has been made regarding whether the course would open for the 2014 season if a buyer is not found, WBNG-TV reported.
Vestal Hills Incorporated will be dissolved according to Board President Jim Blodgett.
Over the years, the club membership refinanced to make improvements but its debt, which totaled around $2 million, along with other expenses, weighed on its finances, WBNG-TV reported.