In today's economy, many credit unions find themselves with merger opportunities, but the potential hazards of collaborating can make even the most seasoned CEOs take pause.

While a number of small credit unions are successfully reinventing themselves to adapt to today's economic times, for many others, the challenge is becoming serious and a merger might seem to be the only means for survival.

A credit union typically undergoes a merger to improve its standing and, more importantly, its members' standings, experts have said. Without improved member value, there is little that is sustainable or beneficial about a merger, but there's more to it than changing the signage.