Using a sample of one male employee who worked for a Japanese credit association that filed for bankruptcy and was then rescued in a merger, this study used PAC (Personal Attitude Construct) analysis to investigate stresses caused by the consequences of the merger. Results identified chronological changes in stress involved in the merger. The process was as follows': before merger, "load" and "anxiety" -> right after merger, "chagrin," "dreariness," "confusion," and "humiliation" -> post merger, " reconciliation, " "compromise," and 49 adaptation. " Following this process, the subject handled the stress surrounding the merger and managed to continue working as an employee of the new credit association after the merger. Hence, the process identified in this study suggests one effective strategy of coping with organizational change.