$50, a cigar box launched a successful Iowa credit union 75 years ago

DUBUQUE — Seventy-five years ago, In 1948, 10 employees of the Dubuque Packing Co. chipped in $5 each to form a credit union, using six letters from the company’s name to create what is now called the Dupaco Community Credit Union.

The credit union originally served its members out of a cigar box in the packing company’s office. In 1958, it became the first Iowa credit union to build its own office at 1465 Sycamore St. in Dubuque. That branch remains open, one of 22 in the credit union’s network today.

The credit union was chartered July 17, 1948, by the founding members: Marie B. Haupert, Melvin Schumacher, Alfred Carroll, R.W. Reavell, Larry Vize, William Moore, Ronald Nennig, Marjorie Alm, Nellie Tucker and Manley Alm.

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Its 75th anniversary celebration kicked off in July and will continue all year, noting the credit union’s growth in assets — now $3.1 billion — and members — 158,000.

The founders created Dupaco on the “principles of thrift, access to affordable credit and the opportunity for its members to own and control their money on a democratic basis to improve their co-workers’ economic and social condition,” credit union officials said in a news release.

In 1951, the not-for-profit financial cooperative was renamed Dupaco Employees Credit Union, according to the company’s timeline.

In 1967, membership eligibility was extended to the sons- and daughters-in-law of the primary members in 1967. By 1973, the membership was expanded again to include any relative by “blood, marriage, guardianship or adoption” of a primary member.

When the packing company closed in the 1980s, the credit union expanded its field of membership to those residing or working in Dubuque, Jackson and Delaware counties. Following that, Dupaco’s membership continued to expand throughout Iowa, southwest Wisconsin and northwest Illinois.

In 1986, it was renamed Dupaco Community Credit Union, and it introduced business, home and equity loans. Several branch offices were opened or relocated in the late 1980s, ’90s and 2000s, along with memberships extending to additional Iowa counties, including Allamakee, Jones, Linn and Scott.

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Dupaco today

Dupaco is certified as a community development financial institution and has nearly 700 employees. Its 158,000 members live in all 50 states, the District of Columbia, the U.S. Virgin Islands and 28 other countries, Dupaco President/CEO Joe Hearn said in a statement.

“Dupaco is more than local, it’s a financial cooperative, owned by its community of members,” Hearn said. “As we celebrate this milestone, I’m proud of Dupaco’s legacy and the positive impact the credit union has had with our members and the communities we serve.

“Team Dupaco has never lost sight of how we’ve got here. We’ll continue to serve our members with heart and smart. I’m excited to see what the next 75 years, and beyond, brings.”

Each year, Dupaco members vote for the credit union’s volunteer board of directors. All Dupaco members have one vote, no matter how much money they have in deposits or loans.

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Mambers of Dupaco’s volunteer board are:

• Ron Meyers, board chair; retired principal, Wahlert High School in Dubuque

• Ellen Goodmann Miller, vice chair; resource development specialist, Gronen & Hawks Goodmann & Associates

• Renee Poppe, secretary; senior vice president, sales service center, Medline Industries

• Andy Schroeder, treasurer; vice president, Prenger Solutions Group

• Steve Chapman, retired from Auxiant

• Denise Dolan, retired, former Dubuque County auditor

• Jeff Gonner, Medical Associates chief of staff

• Randy Skemp, vice president of sales, Active Network

• Bob Wethal; vice president of patient care services & chief nursing officer, Mercy Medical Center

Hearn said the directors “thoughtfully weigh every decision and investment that’s made.”

“They provide a solid framework while helping set direction for our team and providing the resources needed to get the job done,” Hearn said. “After 75 years, they continue to move the credit union forward, just as the original volunteer directors did in 1948.”

Meyers, chairman of the board, said it’s an honor to represent and be part of Dupaco.

“It’s truly inspiring to see our entire team of member advocates passionately educating our members, no matter where they are in their financial journey,” he said. There’s no better place to feel more confident about your well-being than at Dupaco.”

Comments: (319) 398-8318; trish.mehaffey@thegazette.com

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