Greek Peak Needs Fast FDIC Action To Survive; Sen. Schumer Makes Appeal
Sen. Charles Schumer, D-NY, visited Greek Peak, the Cortland, NY resort last week, appealing for fast approval of a $1.4 million loan from the Federal Deposit Insurance Corp.
“Greek Peak desperately needs the FDIC loan approval to ensure its over 1,000 employees can stay on the job this upcoming ski season,” Sen. Schumer said in a statement released by the ski area.
The loan is needed to replace one from the failed Tennessee Commerce Bank held in millions of dollars in loans for the Western N.Y. ski area. Greek Peak President Al Kryger said the company owed about $35 million on several loans, according to the Ithaca Times Journal. The loans were for the ski area, hotel, water park, and adventure center.
The Tennessee bank was closed by federal regulators in January. The failure, combined with the low-snow winter, apparently caused the current situation.
Sen. Schumer is pushing for the FDIC to expedite a review of the resort’s condition to figure out if the successor bank can grant a new loan and to “explore every viable option to keep Greek Peak open next ski season.”
The Greek Peak primary markets are in Binghampton, Elmira, and Ithaca.
Photo: Greek Peak Resort