Dupaco Community Credit Union aims to buy Wisconsin bank

Dubuque-based Dupaco Community Credit Union plans to acquire the assets and liabilities of Home Savings Bank, a wholly owned subsidiary of Home Bancorp Wisconsin.

The proposed deal would expand Dupaco’s Wisconsin footprint to Dane County with the addition of two offices in Madison, Wisc., the credit union said in a news release.

Terms of the deal were not disclosed, thought the joining-up would result in an increase in Dupaco’s asset base to approximately $2.8 billion, as of June 30, it said.

Home Bancorp CEO and Chairman Jim Bradley Jr. cited a competitive marketplace and increasing demands in the rapidly evolving financial services industry for the bank’s management and the board to consider the sale, the release said.

The boards of both companies have approved the all-cash transaction, which is structured as a purchase and assumption, the credit union said.

If approved, the acquisition is expected to be completed in the second quarter of 2022.

The proposed deal remains subject to customary closing conditions, as well as approval by Home Bancorp Wisconsin’s stockholders and credit union and bank regulatory authorities.

Dupaco currently has 19 branch offices.