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Dozens of banks passed on investing in the rescue attempt for the Thumper Pond development in Ottertail. But several credit unions decided they wanted in. Now, Thumper Pond is in foreclosure and the credit unions face big losses. Glen Stubbe / Star Tribune

Some Minnesota credit unions losing money due to risky lending

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Thumper Pond was sinking. By March 2006, 30 banks across the country had passed on the chance to rescue the Northwoods-themed resort here from cost overruns and mismanagement.

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Then came the credit unions. More than a half-dozen of them, originally founded by electricians, railway workers, state highway employees and others, wanted a piece of the indoor water park, hotel, spa and upscale houses being built in this tiny town of 451 about 90 minutes east of Fargo-Moorhead.

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