Iowa Credit Union Completes Wisconsin Bank Acquisition
The purchase of Home Savings Bank expands Dupaco Community CU’s market presence in the Badger State.
Dupaco Community Credit Union in Dubuque, Iowa said it completed a $36 million purchase of Home Savings Bank in Madison, Wis., last week.
The IT conversion of the bank’s systems into the credit union’s operations is expected to be completed in June.
Last September, the $2.7 billion Dupaco Community announced the all-cash, definitive purchase and assumption deal of the $180 million bank that specializes in commercial lending with a workforce of 20, serving approximately 4,800 customers.
The completed bank acquisition expands the credit union’s Wisconsin branch footprint to Dane County, with the addition of the two bank branches in Madison. Since 2002, Dupaco said it has operated a branch in Platteville, Wis. The credit union’s 112-county field of membership includes Dane County.
Dupaco said the bank purchase expands its membership to nearly 149,000 and increases its assets to approximately $2.9 billion.
This is Dupaco Community’s first bank acquisition.