Home Savings Bank is now Dupaco Credit Union | Economic news

A new name and new owner have replaced a longtime Madison financial institution.

Home Savings Bank, a wholly owned subsidiary of Home Bancorp Wisconsin, was purchased by Dupaco Community Credit Union based in Dubuque, Iowa.

Founded in 1895, HSB had two Madison branches with assets of $180 million and two dozen employees, but now operate under the Dupaco name. The merger increased Dupaco’s membership to nearly 149,000 and its asset base to approximately $2.9 billion.

“For most of our 125-year history, Home Savings Bank has been structured as a mutual institution, focused on serving our members and our community,” said Jim Bradley Jr., Chairman of the Board of directors and CEO of Home Bancorp Wisconsin. “We are excited about the opportunity to return to these roots as a credit union.”

At its founding, the Home Savings Bank was established as Home Savings & Loan, a mutual savings bank to provide mortgages to homeowners, a role that Madison’s commercial banks of the late 1800s did not. did not fill. However, in 2014, Home Bancorp Wisconsin completed a stock sale that raised approximately $9 million and converted the institution from a mutual savings bank to a stock-based savings bank.

Similar to the structure of credit unions, mutual savings banks are owned by their depositors, while a joint-stock bank is owned by its shareholders, giving institutions greater capacity and flexibility to raise capital . The sale to Dupaco brings the former HSB back to a credit union structure.

According to Bradley, today’s competitive marketplace and growing demands in the rapidly changing financial services industry prompted the bank’s management and board to determine that combining with a larger organization was the optimal strategy to serve as multiple stakeholders in the future. It’s also a good match for Dupaco, which has operated a branch in Platteville since 2002 and, prior to this year’s acquisition, already had members in Dane County, according to Dupaco president and CEO Joe Hearn. .

“Dupaco and Home Savings Bank share similar values. Our combined organization will strengthen the foundation of a credit union that puts the well-being of our members, employees and communities first,” Hearn said in a press release. “We recognize and appreciate Home Savings Bank’s 125 years of history, leadership and local market expertise.”

Dupaco is a not-for-profit, member-owned financial cooperative that was founded in 1948 by 10 employees of Dubuque Packing Co.. It offers savings, loan, investment, insurance and wealth management for individuals and businesses, serving residents of 113 counties with 22 branches in Iowa, northwestern Illinois and southern Wisconsin. Its Madison branches are located at 3762 E. Washington Ave. and at 7701 Mineral Point Road.