In June 2010, the NCUA signed a Letter of Understanding and Agreement (LUA)
with the Credit Union, which NCUA amended in May 2011 to allow NCUA to run the
bidding process for a potential merger partner. NCUA held a bidders’ meeting in
November 2011, and NCUA’s Office of the General Counsel approved an
emergency merger. However, several weeks later, the Credit Union could no
identify an appropriate merger partner