For some boards and management teams, mergers and acquisitions are a familiar process. For others, it's an adventure into unknown territory where both the rewards and the risks are formidable. For all, it is a time to proceed with caution and good "due diligence." As CUs gain this experience and expertise, merging becomes a management skill and boards usually have less direct involvement. The $725 million Aloha Pacific Federal Credit Union Honolulu, recently completed two mergers and is embarking on its third. However, these recent mergers have required the CU to quickly brush up on policies and procedures. Prior to 2008 it had no experience with mergers and the learning curve was steep. Regardless of the economy and the need for other CUs to be rescued by merger with a healthier CU, the policy at Landmark CU remains the same. Merger decisions tend to be important events in the life of a CU, with a lot riding on the outcome.