The two former branches of Home Savings Bank are now branches of Dupaco Credit Union. HSB has been purchased by Dupaco, which now operates this branch at 7701 Mineral Point Road and another at 3762 E. Washington Ave.
A new name and ownership has replaced a longtime Madison financial institution.
Home Savings Bank, a wholly owned subsidiary of Home Bancorp Wisconsin, has been purchased by Dupaco Community Credit Union based in Dubuque, Iowa.
Established in 1895, HSB had two branches in Madison with assets of $180 million and two dozen employees but which are now operating under the Dupaco name. The merger has resulted in an increase of Dupaco’s membership to nearly 149,000 and its 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 chair and CEO of Home Bancorp Wisconsin. “We’re excited about the opportunity to return to those roots as a credit union.”
In its founding, Home Savings Bank was established as Home Savings & Loan, a mutual saving bank to provide mortgage loans to homeowners, a role that Madison’s commercial banks of the late 1800s were not serving. However, in 2014, Home Bancorp Wisconsin completed a stock sale that raised about $9 million and converted the institution from a mutual savings bank to a stock-based savings bank.
People are also reading…
Dupaco is a not-for-profit, member-owned financial cooperative that was founded in 1948 by 10 Dubuque Packing Co. employees. It serves residents in 113 counties with 22 branch offices throughout Iowa, northwestern Illinois and southern Wisconsin.
Similar to the credit union structure, mutual savings banks are owned by their depositors while a stock-based bank is owned by its shareholders, which gives institutions greater ability and flexibility to raise capital. The sale to Dupaco returns the former HSB to a credit union structure.
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 well into the future. It also is 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 Joe Hearn, Dupaco’s president and CEO.
Dupaco Credit Union of Dubuque, Iowa, has acquired the assets of Home Savings Bank, a financial institution founded in Madison in 1895.
“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,” Hearn said in a press release. “We recognize and value Home Savings Bank’s 125-year history, leadership and local market expertise.”
Dupaco is a not-for-profit, member-owned financial cooperative that was founded in 1948 by 10 Dubuque Packing Co. employees. It offers savings, loans, investments, insurance and wealth-management products for individuals and businesses, and serves residents in 113 counties with 22 branch offices throughout Iowa, northwestern Illinois and southern Wisconsin. Its Madison branches are located at 3762 E. Washington Ave. and 7701 Mineral Point Road.
Photos: Crave Brothers Farm and Crave Brothers Farmstead Cheese
Crave Brothers
Workers with Crave Brothers Farmstead Cheese package up fresh balls of mozzarella last week.
Crave Brothers 09-02252022145839
Brian Crave of Crave Brothers Cheese works on the production floor of the business in Portland, Wis., Thursday, Feb. 24, 2022. JOHN HART, STATE JOURNAL
Crave Brothers
Crave Brothers Farmstead Cheese began making cheese in 2002 as a way to add value to milk produced across the road at Crave Brothers Farm. The vast majority of the milk from the farm’s 2,000 Holsteins is used at the cheese plant.
Crave Brothers
Fresh cheddar cheese curds produced by Crave Brothers Farmstead Cheese near Waterloo are immediately packaged so they can be quickly placed on store counters at area retailers. The company also sells bulk cheese curds to private label companies.
Crave Brothers 08-02252022145839
Brian Crave of Crave Brothers Cheese displays selections of the company’s products in Portland, Wis., Thursday, Feb. 24, 2022. JOHN HART, STATE JOURNAL
Crave Brothers
Workers with Crave Brothers Farmstead Cheese process fresh balls of mozzarella cheese last week. The cheese has been a consistent winner at cheese contests around the state and country and will compete for more awards this week at the World Championship Cheese Contest in Madison.
Crave Brothers
Workers at Crave Brothers Farmstead Cheese near Waterloo tend a vat of fresh cheddar cheese curds last week. Milk used to make the curds comes directly from the neighboring Crave Brothers Farm and has led to award-winning cheeses for the company, which has been making cheese for 20 years and is a regular entrant in the World Championship Cheese Contest.
Crave Brothers
A single farmhand can milk 60 cows in 10 minutes at Crave Brothers Farm, thanks to a largely automated, rotary milking parlor that uses robots and machines that decouple from the cow when it senses a cow is done milking.
Crave Brothers
Brian Crave, a licensed cheesemaker at Crave Brothers Farmstead Cheese near Waterloo, adds fresh mozzarella cheese curd to a machine that stretches and forms the cheese into balls that are packaged into plastic tubs for retail sale. Mozzarella has been an award-winning staple at the cheese plant for 20 years.
Crave Brothers
Mark Crave, one of the managing partners of Crave Brothers Farm, watches some of his 2,000 cows during the milking process last week near Waterloo. The $2.2 million rotary milking parlor installed in 2021 means less labor and happier cows, which combine to produce about 45 million pounds of milk a year.
Caprese
The caprese has Crave Brothers mozzarella, pesto, tomato and a balsamic glaze.
Samara Kalk Derby | Wisconsin State Journal
Industry Stop 2: Crave Brothers
Industry Stop 2 is at Crave Brothers Farm.
CRAVE BROTHERS 1.jpg
With assistance from UW-Madison’s Center for Dairy Research, George Crave, pictured here in a 2002 file photo, learned to make cheese.
Michelle Stocker
081818-jrnl-news-big-salad-1
George Crave, President-Crave Brothers Farmstead Cheese, Bill Marty, Owner-Earth Fresh Acres, Jason Dunn, Chef- Lewis Station Winery. Rob Lewis, Owner and Wine Maker- Lewis Station Winery pose with the record-breaking salad.
Crave Brothers Farmstead Cheese
Mozzarella balls from Crave Brothers Farmstead Cheese
Crave Brothers Farmstead Cheese’s Marinated Fresh Mozzarella Balls won Best of Show at the 2015 Dodge County Fair.
Caprese salad
The Bistro at Lewis Station Winery in Lake Mill serves Caprese Cocktail — a version of the classic salad, served in stemmed glassware — made with Crave Brothers fresh mozzarella, tomatoes and fresh herbs with balsamic vinegar and extra virgin olive oil.
