BINGHAMTON, N.Y. -- The Mountain Fresh Dairy plant in the city of Binghamton could soon hit its expiration date.

According to documents filed on December 21, Bank of America is foreclosing on the operation, saying the plant is behind on its payments by nearly $700,000.

The notice states that $691,000 was loaned to the company to cover leased equipment costs, but according to county officials, the plant paid their loans on time in the months of December and January, yet remain late on November's.

Kevin McLaughlin, The Agency's executive director, says there's no reason for concern at this time.

"We really hope that we can clear it up. Whatever disagreement or whatever has ever happened between Bank of America and Mountain Fresh Dairy is between them. Hopefully we can get this resolved and move this company ahead," said McLaughlin.

The Agency reached out to the owners of the plant but have yet to hear back.