DUBUQUE, Iowa — Dupaco Community Credit Union is reporting it has officially welcomed the former customers of Madison, Wis.-based Home Savings Bank as members, after successfully completing its acquisition of the bank and the account data conversion.
As CUToday.info reported earlier, Dupaco announced the acquisition in October or 2021, and officially closed the deal on April 30 of this year. All former Home Savings Bank branches have now opened as Dupaco branches.
Dupaco said it 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.
In a statement, Dupaco President and CEO Joe Hearn said the acquisition is an “obvious cultural and geographic fit that creates enhancements for the two financial institutions.”
In addition, Hearn said in the statement 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
“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.
The $2.7-billion Dupaco Community Credit Union has more than 144,000 members.
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