Dupaco Community Credit Union Completes Acquisition of Home Savings Bank
June 7, 2022
DUBUQUE, Iowa — Dupaco Community Credit Union officially welcomed customers of Madison, Wis.-based Home Savings Bank on June 6, 2022, after the successful completion of its account data conversion.
The acquisition was announced in October of 2021. Dupaco and Home Savings Bank completed the financial closing on April 30, 2022. The conversion of account data was finished on June 5, 2022.
The combined organization continues as Dupaco Community Credit Union. All former Home Savings Bank branches opened as Dupaco branches on June 6, 2022.
Dupaco now operates 22 branches and serves nearly 151,000 members from locations in Dubuque, Cedar Rapids, Marion, Waterloo, Cedar Falls, Dyersville, Peosta, Manchester, and Grimes, Iowa, as well as Platteville and Madison, Wis., and Galena, Ill.
Dupaco President and CEO Joe Hearn said the acquisition is an obvious cultural and geographic fit that creates enhancements for the two financial institutions.
Hearn said acquiring the assets of a proven financial institution like Home Savings Bank—with established service channels and customers—allows Dupaco to immediately serve existing and new members along the Dubuque to Madison economic corridor. Since 2002, the credit union has operated a branch in Platteville, Wis. Prior to the acquisition, Dupaco’s 112-county field of membership already included Dane County, Wis.
“The bottom line is that on day one, the partnership provides a positive financial return to all members of our cooperative, while simultaneously adding two branch locations to enhance service to the thousands of Dupaco members who live and work in southwest Wisconsin,” said Hearn.
Home Savings Bank was charted in 1895 and served more than 4,400 customers from two branches. It had assets of more than $170 million.
Dupaco board chairman Ron Meyers praised the Home Savings Bank board and staff for 127 years of capable service to their financial needs of their members.
“Dupaco commends Home Savings’ past service to their customers”, said Meyers. “We’re honored that Home Savings Bank concluded that their customers, employees and communities would benefit substantially, both in the short- and long-term, by partnering with Dupaco Community Credit Union.”
ABOUT DUPACO COMMUNITY CREDIT UNION:
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Dubuque, Iowa. It is dedicated to the financial well-being of its members, and specializes in personalized financial counseling, money advice and education. It offers savings, loans, investments, insurance and wealth management products for individuals and businesses. Dupaco serves residents in 112 counties throughout Iowa, northwest Illinois and southwest Wisconsin. Founded in 1948 by ten Dubuque Packing Company employees, membership has grown to almost 151,000 with assets of nearly $2.9 billion. It has more than 600 employees and 22 branch office locations. Dupaco is a Community Development Financial Institution (CDFI). It is a Forbes Best-in-State Credit Union and a Des Moines Register Top Workplace. Learn more at www.dupaco.com.