DUBUQUE, Iowa, and MADISON, Wis.—Dupaco Community Credit Union will enhance service to its growing membership in southwest and central Wisconsin after completing the acquisition of the assets and assumption of the liabilities of Home Savings Bank, a wholly-owned subsidiary of Home Bancorp Wisconsin, Inc. Home Savings Bank will now begin the process of liquidating pursuant to Wisconsin law. Following the liquidation of Home Savings Bank, Home Bancorp will dissolve pursuant to Maryland corporate law and distribute its remaining assets to its stockholders.
The merger of computer and business operations will be completed on June 3.
The transaction will expand Dupaco’s Wisconsin branch office footprint to Dane County, with the addition of two offices in Madison, Wis. The combination will result in an increase in Dupaco’s membership to nearly 149,000 and asset base to approximately $2.9 billion.
“For the majority of our 125-year history, Home Savings Bank was structured as a mutual institution, with a focus on serving our members and our community,” said Jim Bradley Jr., board chairman and chief executive officer of Home Bancorp Wisconsin. “We’re excited about the opportunity to return to those roots as a credit union.”
According to Bradley, the current competitive marketplace and the increasing demands in the rapidly evolving financial services industry prompted bank management and the board to determine that combining with a larger organization was the optimal strategy for serving multiple stakeholders today and well into the future.
“We were attracted to Dupaco Community Credit Union’s commitment to exceptional service to their members and their uncommon investment in the people and communities they serve,” Bradley said. “We were impressed by the credit union’s depth and breadth of history and success—we’re honored to be part of their promising future.”
Dupaco President and CEO Joe Hearn said the partnership is an obvious cultural and geographic fit that will create enhancements for Dupaco members and Home Savings Bank customers.
“Dupaco and Home Savings Bank share similar values. Our combined organization will reinforce the foundation of a credit union that prioritizes the well-being of our members, employees and communities,” said Hearn. “We recognize and value Home Savings Bank’s 125-year history, leadership and local market expertise.”
Hearn said acquiring the assets of a proven financial institution like Home Savings Bank—with established service channels and customers—will allow 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. Dupaco’s 112-county field of membership already includes Dane County, Wis.
“The bottom line is that on day one, the partnership will provide 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.
ABOUT DUPACO COMMUNITY CREDIT UNION (BEFORE APRIL 30, 2022, ACQUISITION):
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 personalize 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 10 Dubuque Packing Company employees, membership has grown to more than 144,000 with assets exceeding $2.7 billion. It has more than 650 employees and 20 branch office locations—including Platteville, Wis. 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/newsroom.
ABOUT HOME SAVINGS BANK (BEFORE APRIL 30, 2022, ACQUISITION)
Home Savings Bank was established in 1895 as Home Savings & Loan—a mutual saving bank to provide mortgage loans to homeowners, a role that Madison’s commercial banks of the day were not serving. With assets exceeding $180 million, it has nearly two dozen employees and operates two branch offices—one of which was the first LEED-certified bank in Wisconsin. Home Savings Bank has been recognized by the FDIC with an “outstanding” Community Reinvestment Act (CRA) rating for its record of lending to all income levels, particularly low and moderate income, and its participation in community development projects targeted at low- and moderate-income areas and residents.
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