Bank buys Vestal Hills Country Club

By Candace Chapman

Bank buys Vestal Hills Country Club

January 22, 2014 Updated Jan 23, 2014 at 12:07 PM EDT

Town of Binghamton, NY (WBNG) Peoples Security Bank and Trust now owns Vestal Hills Country Club but will continue to look for another buyer.

A foreclosure auction took place Wednesday morning.

Executive Vice President Greg Misterman said Peoples Security Bank bid $1 million for the property off Webb Road in the Town of Binghamton.

Misterman said there's no decision on whether the course would open for the 2014 season if a buyer is not found.

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 along with other expenses weighed on its finances.

Blodgett said Vestal Hills had a debt of around $2 million.