DURAND, Mich. – SageLink CU has agreed to acquire Communication Services CU, an ailing $21 million credit union based in Lansing.
Communication Services lost $138,000 in 2008 and $292,000 in 2009. It reported a loss of $39,000 for the first six months of this year, as its net worth slipped to 4.3%.
SageLink has $150 million in assets and reported narrow losses for 2009 and the first half of 2010.
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The service is an alternative to an IPO or a special-purpose vehicle, the bank says.
