"The world changed."
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Jennifer Bjorhus reports on another high-profile course closing, this time 8-year-old Tom Lehman-designed Windsong Farm outside of Minneapolis. Quite a statement from the banker...
"The world changed," said club member and shareholder Mark Lewis.
Lewis, a semiretired businessman in Edina, said Windsong Farm was insolvent and unable to renegotiate its loan with Commerce Bank. Two of Windsong Farm's seven employees will remain through the end of the month, he said.
Lewis blamed the club's demise on poor timing and the difficulty of finding new members to pay annual fees of $7,500 in a lumbering economy.
Windsong's 130 equity members and 100 golfing members, who don't hold stock, weren't enough to make the club work financially, Lewis said. He said he doubts the 130 investors will recoup their investment.
James Senske, CEO of Commerce Bank in Geneva, Minn., said the bank won't comment on customer relationships.
"Like many other banks, some customers of Commerce Bank have been hit hard by the current ongoing economic recession," Senske said in a statement. "In these challenging times for its customers, the bank continues to maintain a strong capital position and remains committed to serving its customers in the normal course of business."
