May 13, 2010 | last updated December 1, 2011 6:19 am

Bank pumps $50K into foreclosed golf club

The bank that foreclosed on the Bath Country Club earlier this year wants to invest tens of thousands of dollars into the golf club and sell it back to its previous owners.

Joe Waites, a Georgia-based banking consultant appointed trustee in charge of the facility, told The Times Record that Savings Bank of Maine in Gardiner plans to invest $50,000 to improve the property and would like to sell it back to Jason Marco and Shawn Arsenault. Savings Bank of Maine foreclosed on the 117-acre golf course and country club and put it up for auction in April, but was forced to buy the property for $1.95 million when it received no bids.

Waites told the newspaper the work will include new paint for the country club interior and exterior, additional outside lighting and landscaping. Arsenault and Marco are looking for investors to help buy the club back from the bank, and the bank is giving them some time to put together a proposal, according to the paper.

Go to the article from The Times Record >>


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