Dupaco Community Credit Union in Dubuque, Iowa, is buying Home Savings Bank in Madison, Wisconsin.
The seller's parent company, Home Bancorp, said its stockholders will receive between $26.47 and $27.32 in cash consideration for each share of Home Bancorp common stock.
The transaction has been approved by the board of directors of both institutions and is expected to close in the second quarter of 2022.
“The bottom line is that on day one, the partnership will provide a positive financial return to all members of our cooperative, while simultaneously adding two branch locations to enhance service to the thousands of Dupaco members who live and work in southwest Wisconsin," Dupaco Community President and CEO Joe Hearn said in a press release Friday.
The $2.6 billion-asset Dupaco operates 18 branches and has more than 143,000 members, while the $183 million-asset Home Savings Bank has two branches.
“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,” James Bradley, Home Bancorp’s chairman and CEO, said in the press release. “We’re excited about the opportunity to return to those roots as a credit union.”
Hovde Group and Luse Gorman advised Home Bancorp and Home Savings Bank. Olsen Palmer and Howard & Howard advised Dupaco Community.
The deal is the 11th this year with a credit union buying a bank. There were seven such deals last year and a record 16 in 2019. The latest before Dupaco-Home Savings was announced Aug. 20, as Scott Credit Union in Edwardsville, Illinois,
