What’s a
What’s a
?
?
We’re glad you asked...
Explore Dupaco
at dupaco.com/super
THE FINANCIAL HOME YOU OWN | ESTABLISHED 1948 | ACCOUNTS FEDERALLY INSURED BY NCUA
‘The future looks bright’
Welcome to the
financial home you own
On behalf of the Dupaco Board of Directors and staff, I’m delighted to
present your credit union’s 2022 Annual Report. It highlights our
mission to help our 155,000-plus member-owners
build a life worth loving.
SCENE IN: 2022
Dupaco President and CEO Joe Hearn snaps a selfie with staff at the East Washington Avenue branch in Madison, Wis.,
on Nov. 1. (J. Hearn/Dupaco photo)
Joe Hearn, President and CEO
ANNUAL REPORT 2022 EDITION DUPACO COMMUNITY CREDIT UNION
PAGE
| 2 |
Members near and far
PAGE
| 3 |
Take full advantage of homeownership
PAGE
| 5 |
Your well-being is our priority
PAGE
| 6 |
On a mission to help you build a life worth loving
PAGE
| 7 |
Dupaco in 2022: A chronology
PAGE
| 8 |
Meet your #DupacoCrew
PAGE
| 9 |
Saving toward greater financial well-being
PAGE
| 12 |
‘The weight of the world was lifted off my shoulders
’
Dupaco’s Amy Meyer works one-on-one with members so they can reach
their goals and build a life worth loving. (A. Rexrode/Dupaco photo)
DES MOINES, Iowa—Karan
Dhawan is happiest when he’s on the
move, working seven days a week.
“I’m all in,” he said.
Dhawan moved to Des Moines
from India about a dozen years ago.
And his love of learning and drive
to be successful have led him to
pursue many passions.
One of his goals? He wants to be
able to help others in need if they
come to him.
“It’s one life. If we can help, we
should,” he said.
And he’s nding success through
his strong work ethic and a new
partnership with Dupaco Commu-
nity Credit Union.
When Dhawan isn’t at his
full-time job, he’s often at his
Des Moines boutique, Always
Undercover. The store offers
clothing and accessories. He
credits his family, who’ve worked in
the clothing industry for decades,
for his interest in the business.
And when he’s not at the
store, Dhawan explores other
opportunities. With the help of his
friends, Dhawan has renovated two
homes. He lives in one house and
uses the other for rental income.
“When you nd the differences
between your wants and needs, life
starts to get better,” he said. “There’s
been a lot of sacrices. I worked 12
to 14 hours a day to save for my
down payment on my rst house.”
In 2022, Dhawan followed his
lender, Amber Thach, to Dupaco.
“Now I’m a member of your
amazing community,” he said.
Thach guided him through his
most recent home purchase, and
Dupaco’s Chris Gierut helped him
save money on his auto loan. The
monthly savings has allowed him to
put more money into his business
and focus on his other goals.
“It’s going to be a good team
going forward,” Dhawan said. “The
future looks bright.”
We’re here for you
at dupaco.com
Financial health in the U.S. declined
in 2022—with just about
1 in 3
adults considered financially healthy.
— Financial Health Network report
Dupaco members have
higher
levels of well-being
than non-members.
— Filene Research Institute study
well-be·ing
The state of
being comfortable, healthy or happy.
— Oxford Languages
The longer Dupaco members belong
to the financial cooperative, the
greater their sense of well-being.
Average length of Dupaco membership:
12 years
— Filene Research Institute study
We’re not a bird or a plane. And we aren’t your
typical bank. We’re a not-for-prot nancial
cooperative that puts people (that’s you!)
before prots. Super, right?
Through nancial education, membership
perks and a caring team, we take your
nancial goals to heart. Your nancial needs
are as unique as your goals. So whatever you
have in mind, we’ll help you—every step of the
way—so you can build a life worth loving.
SCENE IN: 2022
Dupaco member Karan Dhawan (left) catches up
with Dupaco’s Amber Thach and Chris Gierut at
his boutique in Merle Hay Mall in Des Moines,
Iowa. (S. Morgan photos)
SCENE IN: 2022
Dupaco’s Becky Beschorner addresses the graduates of DREAM Iowa’s Financial Independence workshop, while co-founder and director Monica Reyes (left)
translates, at Capital View Elementary School in Des Moines, Iowa, on Dec. 12. In partnership with Dupaco and the Dupaco R.W. Hoefer Foundation, the class
completed a series of courses and received a stipend to help strengthen their financial futures. DREAM Iowa strives to help immigrant Iowans move from
generational poverty to generational wealth. (E. Kittle/Dupaco photo)
2022 ANNUAL REPORT
2
Get the most out of Shine Mobile
Dupaco’s Shine Mobile gives you plenty of ways to customize your mobile banking experience wherever you are. Plus, new features debuted
in 2022—like securely viewing your full Dupaco credit and debit card details in Shine and quickly switching between your accounts.
Here’s how members used Shine in 2022:
128,423 members used
Two-Step Verification. It helps
keep the bad guys out, even if
they get your password.
Advanced security
Members sent 56,498
secure messages to Dupaco
through Shine.
Conversations
Members electronically
deposited 185,000
+
checks,
totaling $265 million
+
, with
mobile deposit.
Deposit checks
26,986 members
used Face ID/Touch
ID for easy and fast
log in.
Easy log in
Nearly 79,000 members got
their statements electronically.
Going green
Get real-time email and/or
text alerts for balances,
account activity and more.
Instant alerts
Make fast mobile payments
with your Dupaco cards.
Mobile wallet
payments
Members paid 216,379 bills,
totaling $74 million
+
, through
Picture Pay in Shine.
Pay bills Refer friends
668 members introduced their
friends and family to Dupaco
through Refer-A-Friend.
Sign up
at dupaco.com/shine
Access your money wherever you are
Connect with us
at dupaco.com/access
We have 22 branches (and counting!)
ready to serve you. {See all of our
locations on page 12!}
Branches
Our Dupaco Connect locations at
the Innovation Labs in Cascade,
Independence and (new!)
Monticello, Iowa, give you access
to our live video tellers/24-hour
ATMs and opportunities to talk
about your goals.
Inside Innovation Labs
Enjoy surcharge-free access at
30,000+ ATMs nationwide.
ATMs
You can make fee-free deposits,
withdrawals and more at 5,600+
credit union branches nationwide
through the CO-OP Shared
Branch network.
Shared branches
Dupaco’s free Shine Online & Mobile
Banking is a secure way to view
transactions, transfer funds, pay
bills and more! {Learn more about
Shine Mobile below!}
Digital banking
Explore our free nancial resources
and connect with us at dupaco.com.
In 2022, 914,700 people checked
out our website!
Online
We’re just a phone call away at
800-373-7600. Our contact center
took 374,174 calls to serve our
members in 2022.
HINT
That’s
1,025
calls per day!
Phone
At Dupaco, great service is never far away. Access your money, financial guidance and services wherever you are!
10
1
3
4
5
2
13
6
15
16
17
18
19
20
21
24
23
22
8
7
9
11
12
14
26
27
28
29
25
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1
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United States
|
2
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Canada
|
3
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Mexico
|
4
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Guatemala
|
5
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Costa Rica
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6
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Aruba
|
7
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Venezuela
|
8
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Brazil
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9
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Uruguay
|
10
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Ireland
|
11
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United Kingdom
|
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Denmark
|
13
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Finland
|
14
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France
|
15
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Netherlands
As a member, you can take advantage of Dupaco’s services—even if you
move away! {See our charter area on page 12.} As of Dec. 31, 2022,
Dupaco members resided in all 50 states, plus the District of Columbia,
the U.S. Virgin Islands and 28 other countries:
|
16
|
Switzerland
|
17
|
Turkey
|
18
|
Israel
|
19
|
Saudi Arabia
|
20
|
China
|
21
|
South Korea
|
22
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Japan
|
23
|
Thailand
|
24
|
Vietnam
|
25
|
Malaysia
|
26
|
Philippines
|
27
|
Marshall Islands
|
28
|
Australia
|
29
|
New Zealand
Members used our 45 live video
teller machines to complete
177,802 transactions in 2022!
Live Video Tellers
We bring the credit union to your
workplace through our free Money
Matters program. In 2022, our
Community Outreach and Education
team served 1,228 businesses and
made 1,662 workplace visits!
Workplace visits
Members near and far
Through translation services, members connected
one-on-one with Dupaco experts in 19 languages in 2022.
Did you know?
2022 ANNUAL REPORT
3
Thank Use is a Dupaco-only perk that *thanks* you—in cash—for saving, borrowing and planning for your nancial future at your credit union.
That’s because at a nancial cooperative like Dupaco, you share in your credit union’s success. Here’s how participating members earned in 2022:
members share
Nearly
$
3.7
million
Total Thank Use
paid to participating
members
29,113
Number of members
who participated
all seven years
Nearly
$
24.4
million
Total Thank Use
participation dividends paid
to members since 2016
5,917
Number of kids who
participated through
Boost category
$
50
Average Thank
Use payout
310
Average card
transactions
per member
50
plus five other countries: Eswatini,
France, Japan, Uruguay and Vietnam
Number of states
in which participating
members reside
68,493
Number of adults
who were thanked
Learn how
to earn at dupaco.com/ThankUse
Apply online
at dupaco.com/HomeEquity
A place to call your own
SCENE IN: 2022
For years, Caren (right) and Bill Sperfslage rented their rural Central City, Iowa, home, hoping to buy it eventually. But they needed guidance—and someone to believe in them. They reached out to
Dupaco and met Amanda Bieber (center). “I never thought anybody could help us. The time and effort and personal touch of everything from Dupaco has been life-altering,” Bill said. The couple learned
how to build their credit, take control of their budget and, most recently, become homeowners. “Dupaco Credit Union truly helped me believe in myself again,” Caren said. (DreamCatcher photo)
Scan this QR code to
watch Caren and Bill’s
journey to homeownership.
Building equity
942 members used a
Dupaco home loan to
purchase their home in
2022. {Learn about the
power of your home
equity below!}
Refinancing
Members refinanced their home
loans to save money or change their
repayment terms to better fit their
needs. Dupaco guided members
through 616 home loan refinances
in 2022.
Financial assistance
49 first-time homebuyers received a $1,000
grant through the Dupaco R.W. Hoefer
Foundation to help cover their down payment
or closing costs. 34 members received $500
off their closing costs. And 11 members used
a Federal Home Loan Bank grant, totaling
$80,000, to help buy their homes.
Creative options
Members used 380 adjustable-rate
mortgages to buy a home as interest
rates climbed in 2022. Your interest
rate is locked in for a set period and
can then adjust annually.
HINT
The goal is to buy yourself
a little time to get into a better
fixed-rate loan later.
SCENE IN: 2022
Leroy and Brittany Sisk and their sons Jaiden (back) and Dru enjoy spending time
in their newly enclosed backyard. The Sisks borrowed against their home’s equity
to add a privacy fence and make other updates to support Brittany’s in-home
day care and family business, Fit Foods. “We were overjoyed that we could take
advantage of it. And that there is another example that Dupaco Credit Union has
had our back,” Brittany said. (DreamCatcher photo)
Your home can be a powerful asset. As a homeowner, you build
equity in your house over time.
HINT
Equity is the part of the house
that belongs to you, not your lender. And that equity might be money you
can use now! A Dupaco home equity line of credit or loan can
help you become debt-free sooner by consolidating your bills,
create your dream home by funding home improvements or pay
for other expenses to reach your goals.*
* Your home doesn’t have to be mortgaged through Dupaco to qualify.
Our living arrangements can affect our financial lives, access to resources and overall happiness, the Federal Reserve reports. Here’s how members used Dupaco in 2022 to help them call a home their own.
Take full advantage of homeownership
WATCH THIS
5,394
Number of home equity lines
of credit open as of Dec. 31
|
1
|
Ron Meyers
Chair of the board
• Retired, principal, Wahlert
Catholic High School,
Dubuque, Iowa
|
2
|
Randy Skemp,
CCUV
*
, CCD
**
Vice chair
• Vice president, sales, Active
Network, LLC, Dallas, Texas
• Chair of Business Lending
committee
• Chair of Dupaco R.W. Hoefer
Foundation
|
3
|
Renee Poppe
Secretary
• Senior vice president, Medline
Industries, LP, Dubuque
• Chair of Nomination
committee
|
4
|
Andy Schroeder
Treasurer
• Vice president of Digital
Services, Prenger Solutions
Group, Omaha, Neb.
• Chair of Salary Savings Plan
Oversight committee
• Chair of Credit Union Service
Organization Board of
Managers
|
5
|
Steve Chapman
Director
• Retired, vice president and
chief operating ocer, Auxiant,
which has oces in Cedar
Rapids, Iowa; Madison, Wis.;
and Milwaukee, Wis.
• Chair of Investment/Asset
Liability Management
committee
|
6
|
Denise Dolan,
CCUV
*
Director
• Retired, Dubuque County
Auditor, Dubuque
• Chair of Personnel committee
|
7
|
Jeff Gonner
Director
• Chief of staff, Medical
Associates, Dubuque
• Chair of Audit committee
|
8
|
Ellen Goodmann Miller
Director
• Community resource
development specialist,
Gronen, Dubuque
• Chair of Credit/Delinquent
Loan committee
|
9
|
Bob Wethal
Director
• Vice president of patient care
services and chief nursing
ocer, MercyOne Medical
Center, Dubuque
• Chair of Marketing committee
2022 ANNUAL REPORT
4
Senior leadership team
Board of directors
1 53 6 7 82 9
Meet your leadership teams
Each member of Dupaco’s board of directors serves voluntarily and is elected by our members. We thank them for their time, talent and
dedication to advancing Dupaco’s mission.
Using the credit union’s mission and the board’s vision as guideposts, Dupaco’s senior leadership team helps
implement initiatives and keeps the day-to-day credit union operations running smoothly.
Dupaco remains committed to the vision and ideals upon which our credit union was founded in 1948.
Together, we advocate for your financial well-being and actively seek new opportunities to improve your communities.
Meet the people whose guidance, ideas and leadership make our efforts and initiatives possible.
4
Jon Nugent,
branch manager in Madison, Wis.
“Dupaco offers something special that’s
just not everywhere else. And getting to help
create that experience up here in Madison is
so exciting.”
Growing in service to our members
As more members join and use Dupaco, we continue to grow in service.
Dupaco’s new learning labs in Grimes and Cedar Falls, Iowa, opened. So did our
Dupaco Connect in Monticello, Iowa. {Learn more about these locations on page 2!}
And we officially welcomed customers of Home Savings Bank to the credit union.
The acquisition brought two Dupaco branches to Madison, Wis. All of these
changes are creating new opportunities to have deeper conversations with you
about your hopes and dreams. How can we help you build a life worth loving?
Visit us
at dupaco.com/locations
23,250
new members, including Home
Savings Bank customers, joined
Dupaco in 2022. We’re so glad
you’re here!
Our mission, vision and values
Dupaco’s mission is to help members build a life worth loving. Our vision is brighter community for all.
And our cooperative values are our moral compass:
Rooted in trust | Empathetic understanding | Strengthening relationships | Advocate for all |
Invest in you
SCENE IN: 2022
Dupaco volunteer director Ellen Goodmann Miller shares a few words with attendees of the ribbon-cutting ceremony
at the new learning lab branch in Cedar Falls, Iowa, on Sept. 7. (D. Klavitter/Dupaco photo)
SCENE IN: 2022
Dupaco’s Sophie Thomsen and Jon Nugent sign their names on the ribbon from the Sept. 27
ribbon-cutting ceremony at the Mineral Point Road branch in Madison, Wis. (K. Wolf photo)
* Certified Credit Union Volunteer
** Certified Credit Union Director
SCENE IN: 2022
Dupaco’s senior leadership team snaps a selfie with the Dupaco crew at the
credit union’s first Dupaco Connect Conference in Dubuque, Iowa, on June 20.
Your senior leadership team includes Joe Hearn, president and chief executive
officer (clockwise from front); Todd Link, chief risk officer; Danielle Gratton, chief
financial officer; Steve Ervolino, chief information officer; David Klavitter, chief
marketing officer; Lisa Bowers, chief people officer; and Matthew Dodds, chief
operating officer. (J. Hearn/Dupaco photo)
Well-being.
It’s the state of being comfortable, healthy or happy, according
to Oxford Languages.
It can mean different things to different people. And it’s
important to acknowledge that when you continue to learn and
experience new and different things, your well-being can change
many times throughout your life.
That’s why our mission is to help members build a life
worth loving.
To build a life means we’re continuously growing and evolving.
In 2022, Dupaco made smart, long-term investments–which
allow us to enhance and expand our branch network in new metro
areas like Des Moines, Iowa; Coralville, Iowa; and Madison, Wis.
Over time, these growing markets have swelled with Dupaco
members who have clamored for a Dupaco location in their area.
We are excited to meet this demand and also extend the Dupaco
difference to those yearning for something more from their
nancial institution.
Our investments have also provided opportunities to continue
developing and implementing innovative technology solutions like
our interactive teller machines, providing future opportunities for
member convenience–to serve more members, in more places,
with expanded hours of service.
These investments are important.
They allow us to continue serving our community of members
who have always felt connected to their nancial cooperative.
We’re meeting members where they are, whether physically in a
branch or through our enhanced digital channels.
We continue to grow our impact and provide Dupaco members
with increased hope and stability, ensuring our members that we
are here for them today and in the future.
It’s inspiring to see our entire team of member advocates
passionately educating our members, no matter where they are
in their nancial journey. And there’s no better place to feel more
condent about your well-being than Dupaco.
Through a partnership with the Filene Research Institute, a
three-year study found that when members’ engagement with
Dupaco increased, so did their overall well-being.
You’ve worked hard for your money, and you want your money
to work hard for you.
We want you to know that while the last several years have
been a bit bumpy, you’re still in control of your money.
Maybe you’re in a place where you’re able to add more to your
nest egg. Or, maybe it’s time to increase your emergency savings.
No matter where you are in your journey, you have many
opportunities to keep learning new money habits to stay in control!
Team Dupaco is supporting more than 155,000 members
working toward a common goal of well-being. We’re your
member-owned nancial cooperative. Feel condent that when
you reach out to Dupaco, we have your back.
I am truly honored to be a part of Dupaco as we enter our 75th
year of helping members.
Thank you to my fellow volunteer directors for continuously
advocating for our members. Thank you for your continued
leadership and guidance—and always keeping the best interest
of our members top of mind.
Be well,
Ron Meyers
Chair of the Board
“You’ve worked hard for your money,
and you want your money to work
hard for you.”
2022 ANNUAL REPORT
5
Your well-being is our priority
Report from the Chair of the Board—Ron Meyers
* Through December 2022. Your savings federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency,
backed by the full faith and credit of the United States Government.
STATEMENTS OF FINANCIAL CONDITION
DEC. 31, 2022 AND 2021
ASSETS 2022
*
2021
Loans to members, net of allowance for loan losses
(2022 – $18,665,000; 2021 – $16,041,000) $2,164,390,181 $1,721,444,438
Cash 12,333,538 10,854,167
Interest-bearing deposits in financial institutions 80,212,054 112,267,779
Investments
Securities available for sale 488,048,626 646,097,183
Accrued interest receivable 7,591,700 6,412,637
Property and equipment, at depreciated cost 122,575,516 113,847,909
Other assets
Deposit—National Credit Union Share Insurance Fund (NCUSIF) 20,419,214 18,334,000
Other 114,838,695 68,410,698
TOTAL ASSETS $3,010,409,524 $2,697,668,811
LIABILITIES AND MEMBERS’ EQUITY 2022
*
2021
Liabilities
Savings accounts $1,383,465,167 $1,353,156,264
Share draft accounts 445,432,717 379,736,250
Term share certificates 535,903,100 491,243,060
Notes payable 334,559,790 100,000,000
Accrued expenses and other liabilities 18,920,556 15,775,855
Total liabilities $2,718,281,330 $2,339,911,429
Total members’ equity
**
$292,128,194 $357,757,382
TOTAL LIABILITIES AND MEMBERS’ EQUITY $3,010,409,524 $2,697,668,811
Regulatory Net Worth/Asset Ratio: 12.24% Membership:
155,796
% Increase $ Increase % Increase $ Increase
Assets 11.59% $312,740,713 Loans 25.64% $445,569,743
Deposits 6.32% $140,665,410 Membership 9.24% —
OTHER STATISTICS*
STATEMENTS OF INCOME
FOR THE YEARS ENDED DEC. 31, 2022 AND 2021
2022
*
2021
Interest income
Loans $89,004,559 $73,573,564
Investments 15,244,183 15,873,389
Total interest income 104,248,742 89,446,953
Interest and dividend expense 17,793,725 15,932,698
Net interest income 86,455,017 73,514,255
Provision for loan losses 7,068,298 4,804,716
Net interest income after provision for loan losses 79,386,719 68,709,539
Other income 42,583,954 52,220,952
Operating expenses 102,215,948 84,889,961
NET INCOME $19,754,725 $36,040,530
* Unaudited.
SCENE IN: 2022
Ron Meyers, chair of Dupaco’s volunteer board of directors, cuts the ribbon during an April 6
celebration at the new learning lab branch in Grimes, Iowa. (S. Morgan photo)
Ron Meyers,
Chair of the Board
ASSETS* DEPOSITS*
MEMBERS* LOANS*
20202018 20192013 2014 2015 2016 2017 2021
$1,200,000,000
$1,600,000,000
$2,000,000,000
$2,400,000,000
$2,800,000,000
$3,200,000,000
2022
20202018 20192013 2014 2015 2016 2017 2021
$1,500,000,000
$900,000,000
$1,100,000,000
$1,300,000,000
$1,700,000,000
$1,900,000,000
$2,100,000,000
$2,300,000,000
2022
20202018 20192013 2014 2015 2016 2017 2021
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2022 20202018 20192013 2014 2015 2016 2017 2021
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
$1,800,000,000
$2,000,000,000
2022
** Beginning January 1, 2019, a new Financial Accounting Standards Board pronouncement required the credit union to recognize unrealized gain/(loss) on equity
investments through net income, rather than directly through members’ equity. These regulatory authorized equity investments fund future employee benefit
expenses and charitable community enrichment. The impact of this guidance on future periods is dependent on future market conditions and investment activity.
This represented a ($16,677,734) loss in 2022 and a ($2,031,029) loss in 2021 reflected in members’ equity. Net income displayed below is prior to the unrealized
gain/(loss) on equity investments.
EXPENSES
E
Loan losses
4.7%
F
Operating expenses
26.2%
G
Salaries and benefits
36.2%
H
Occupancy
5.7%
MEMBER BENEFITS
*
A
Dividends paid to members
9.8%
B
Member giveback
3.0%
C
Community growth/enrichment
0.9%
D
Reserves
13.5%
HOW INCOME DOLLARS ARE SPENT
* 27 cents of every $1.00 earned went toward member benefits.
A
B
C
D
E
F
G
H
* Includes balances and members acquired from Home Savings Bank.
2022 ANNUAL REPORT
6
The rate environment we
experienced in 2022 was no
doubt unique.
And when you combine the
frequent rate changes with
unprecedented ination and
consumer inventory challenges,
we all feel these historic
economic impacts.
But these times have taught
team Dupaco the importance of
being nimble—and showcased
our strength and ability to work
together to thoughtfully pivot
while keeping our members’ best
interests in mind.
As member advocates, we’re
here to help you build a life
worth loving.
It’s our mission.
It’s who we are, and it’s what
we’re trained to do.
We know uctuations in the
economy impact everyone
differently. And we’re here to
show you how you’re still in
control of your money.
To ensure we’re ready to meet
you no matter where you are
within your nancial journey,
Dupaco continues to make sound
investments within our charter
area to enhance and grow our
branch network, leverage
technology and extend on-
demand service.
So, whether you’re ready to
start your dream business or
learn how to make your hard-
earned money work smarter for
you, our innovative solutions have
your well-being in mind.
Members have access to
one-on-one guidance with our
nancial coaches, accounts and
credit score through Shine Online
or Mobile Banking, expert advice
on Dupaco.com and more.
Using these tools helps
Dupaco members get ahead. It’s
powerful to hear from members
like Karan {on page 1} and Jessica
{on page 12}, who are condently
in control of their money and
reaching their dreams.
BauerFinancial’s 5-Star
Superior rating acknowledges
our performance as one of the
country’s strongest nancial
institutions. To continue receiving
this honor, even during these
unique economic times, is truly
a testament of our stability.
This year, as we celebrate
75 years as your not-for-prot
nancial cooperative, we remain
committed to providing expert
guidance, resources and tools
to help you reach your goals.
I am proud of our volunteer
board of directors and applaud
them for their continued service
and tremendous commitment to
the cooperative.
As the elected voice of our
membership, our directors
thoughtfully weigh every decision
and investment that’s made. They
continue to provide a solid frame-
work while helping set direction
for our team and providing the
resources needed to get the
job done.
And their passion is
contagious. They continue to
move the credit union forward,
just as the original volunteer
directors did in 1948.
Thank you to the entire
Dupaco crew who, with heart
and smart, take their role of
serving members seriously.
Job well done on fulfilling our
mission to help members build
a life worth loving.
And thank YOU for your
membership. It is our honor
to serve you.
Together, we can achieve our
vision of a brighter community
for all.
Onward and upward!
Joe Hearn, President and CEO
On a mission to help you build a life worth loving
Report from the President and CEO—Joe Hearn
Something special happens when members come first
What’s Dupaco? Hint: It’s all about you! And we think you should know you’re an owner of something just a little bit special:
Stronger together: Raise your voice
Become a member
at dupaco.com/join
SCENE IN: 2022
Fountain of Youth Program Executive Director Caprice Jones (left) and Dupaco President and CEO Joe Hearn
enjoy a lunch meeting in Dubuque, Iowa, on July 13. The program works in partnership with Dupaco to help
people break the cycle of generational poverty by providing life-skills training—including financial
education—to help them get ahead. (J. Hearn/Dupaco photo)
SCENE IN: 2022
Dupaco’s Torri Freese talks about the credit union difference with U.S. Sen. Chuck Grassley (R-Iowa) during the Credit Union National Association
Governmental Affairs Conference in Washington, D.C., on March 1. (D. Klavitter/Dupaco photo)
BauerFinancial again gave Dupaco
a 5-Star Superior rating in 2022
for being one of the country’s
strongest nancial institutions.
Dupaco was named a 2022 Top
Workplaces USA based solely
on employee feedback gathered
through a third-party survey.
Employ Humanity recognized
Dupaco with the 2022 Employ
Humanity Excellence Award for
demonstrating servant leadership,
a positive workplace culture and
a better place for humanity.
The U.S. Department of the
Treasury again certied Dupaco
as a Community Development
Financial Institution. This helps
Dupaco with its efforts in
low-income and underserved
communities.
Dupaco received clean bills of
nancial health from independent
auditor RSM US LLP, the Iowa
Division of Credit Unions and
the National Credit Union
Administration.
Dupaco’s 675 employees
volunteered on 188 nonprofit
boards and committees
Launched a free Business
Resource Center at
dupaco.com/business/resources
NEW
Staff vigilance
prevented
in member
fraud losses
$6.8
million
+
Awarded
$60,000
in student scholarships through
the Dupaco R.W. Hoefer Foundation
Deposits exceed
$2.36 billion
An increase
of more than
6%
Assets exceed
$3.01 billion
An increase
of more than
11%
Loans outstanding
exceed $2.18 billion
An increase
of more than
25%
Dupaco’s regulatory
capital remains
extremely strong
Exceeding
12.2%
of assets
Homebuyer-assistance programs totaled
$146,000
265
Financially
supported
nonprofit and community
organizations—over 40% more
than the previous year!
Celebrated Thank
Use payout of
nearly
$3.7
million
Introduced Dupaco branches to the
Des Moines, Iowa, and Madison, Wis., metros
$7.1 million+
Helped 298 more
small businesses
receive
in Paycheck Protection Program
loan forgiveness
HERE ARE SOME OF OUR FAVORITE
HIGHLIGHTS FROM 2022:
Increased all savings and term-share
certificate rates to help you save even more
State and federal legislation can affect the benefits you receive as a member-owner of Dupaco. We’ll always let you know about issues that could impact how you save, borrow and manage your money.
The credit union movement is stronger when we work together on issues like financial well-being for all, inclusion, disaster response and affordable healthcare, housing and childcare.
SCENE IN: 2022
Dupaco staff meet with House Representative Lindsay James (D-Iowa) at the Dupaco
Voices Building in Dubuque, Iowa, on Jan. 7. Staff shared how the credit union is fulfilling
its purpose to enhance the economic and social well-being of members every day.
(C. Rodewald/Dupaco photo)
Dupaco staff enjoy a break together during the Dupaco Connect Conference. The event was a day of inspiration,
education and fun—reigniting staff about Dupaco’s mission to serve our members. (K. Curry/Dupaco photo)
2022 ANNUAL REPORT
7
Dupaco in 2022: A chronology
JANUARY
Partnered with the Rural Ideas
Network to offer Dupaco
members free business coaching.
FEBRUARY
Named a 2022 Top
Workplaces USA.
MARCH
AWARDED
$60,000
in student college scholarships
through the Dupaco R.W.
Hoefer Foundation.
MAY
Ocially welcomed customers of Home Savings Bank to
Dupaco. The acquisition brought two Dupaco branches to
Madison, Wis.—enhancing service to our growing membership.
JUNE
JULY
AUGUST
Received a 5-Star
Superior Rating from
BauerFinancial.
SEPTEMBER
Members saved year-round for
holiday purchases, saving an average
of $1,049.79
through Dupaco’s Holiday Club.
Dupaco Financial
Services offered a free
Social Security seminar.
OCTOBER
NOVEMBER
DECEMBER
Partnered with Credit Union Student
Choice to provide a free webinar on
repaying student loans.
APRIL
Dupaco receives the 2022 Employ Humanity Excellence Award at the financial cooperative’s
headquarters in Dubuque, Iowa. From left: Katie McClain, Dupaco vice president, human
resources; Lisa Bowers, chief people officer; Bill Marklein, Employ Humanity founder; and
Joe Hearn, Dupaco president and CEO. (C. Rodewald/Dupaco photo)
Dupaco staff celebrate the credit union’s Thank Use payout with members at the Edgewood Road branch
in Cedar Rapids, Iowa, on Oct. 20—International Credit Union Day. (B. Kaplan photo)
Dupaco’s data team, including Jamie Schuster (left) and Kathryn Kolck, make tie
blankets to donate with gifts purchased for Opening Doors in Dubuque, Iowa. Dupaco
employees also sponsored 63 area families experiencing hardships by donating gift
cards to purchase Christmas gifts. (M. Halverson/Dupaco photo)
Dupaco’s board members take the oath of office at the Dupaco Voices Building in Dubuque, Iowa, following the 2022
Annual Membership Meeting and election. For the first time, members could vote electronically for their volunteer
directors. Members re-elected Steve Chapman, Ron Meyers and Renee Poppe, and elected Ellen Goodmann Miller
to serve the unexpired term of the late Ron Mussehl. (D. Klavitter/Dupaco photo)
Former Dupaco President and CEO Bob Hoefer shows fellow Dubuque Chamber Ambassadors historic artifacts on display
at the corporate headquarters at the Dupaco Voices Building following a ribbon-cutting ceremony. The renovation project
received five honors, including the Main Street Iowa Development Award, in 2022. (M. Burley photo)
Dupaco Chief Marketing Officer Dave Klavitter talks about the financial cooperative’s partnership
with the Creative Adventure Lab at the March 29 grand opening of the Innovation Lab in
Monticello, Iowa. The space supports entrepreneurs and small businesses. (R. Dilling photo)
KICKED OFF
Staff participated in the Iowa
Credit Union League’s Hike the Hill
to advocate for credit unions.
Staff attended the Credit
Union National Association
Governmental Affairs
Conference.
Dupaco’s Chris Helle shows Bob Mullenbach, of Grimes, Iowa, a live video
teller during the credit union’s ribbon-cutting celebration at the new learning
lab in Grimes. (S. Morgan photo)
Launched a free Business Resource Center at
dupaco.com/business/resources.
Staff increased their annual giving to the
Dupaco R.W. Hoefer Foundation by more
than $11,000. The foundation
supports Dupaco’s mission to help
members build a life worth loving.
Awarded two complimentary annual
memberships to KCCC in Dubuque
and announced a member discount
for KCCC memberships.
Celebrated the completion
of a new learning lab branch in
Cedar Falls, Iowa.
#DupacoCrew impact
At Dupaco, one of our guiding principles is to maintain a high level of social responsibility.
Dupaco’s 675 employees volunteered 6,028 hours and donated $271,841 to support 1,050 nonprofit
and community organizations in 2022. Staff also served on 188 nonprofit boards and committees.
#DupacoDifference
2022 ANNUAL REPORT
8
Meet your #DupacoCrew:
Staff stories
‘I can’t wait to see
what the future holds
for me here’
Staff:
Serena Frenning |
Teller service associate
My family is from Samos, Greece. I moved to Iowa when I was about 3 years old.
My favorite memories are the food, the beautiful water and my grandmother. She was the
backbone of the family and was one of the strongest women I knew.
She passed in 2010. I missed six months of middle school at the time to be with her in
the hospital in Greece until she took her last breath. I remember learning the violin and never
being able to read the notes because I had missed so many classes. So I played by ear until
I graduated high school!
I feel like the rules, morals and expectations are high for me being the only child and only
female grandchild.
I went to college in Des Moines. And I moved back to the Cedar Valley area in 2022. My mom
became ill and needed me. My mom has been a single mother my whole life. She’s done the
best she can for me and raised me to be independent and to strive for my dreams. I wouldn’t
be the woman I am today without her.
At the time, I didn’t know my purpose, but I knew she needed my help.
One day I went to a trail and was sad because I had just moved back, my mother was sick
and I wasn’t sure what I was going to do. I saw a couple of rocks around this beautiful lake, and
I went home and painted messages on them: “You got this.” “Don’t give up.” “Keep going.”
Now I like to write nice quotes on rocks for people and leave them on the trails. I feel like
words of encouragement can go a long way.
I put in my application at Dupaco when I got settled. I had an interview, and I got the job!
I have never been so happy with a job. I feel like the people I work with and the members I help
are an extension of my family, and it’s a beautiful feeling.
I am proud to work at Dupaco. And I want to make a positive impact with compassion and
help our members gain nancial independence.
I can’t wait to see what the future holds for me here!
2022 EMPLOYEE MILESTONES
Please join us in celebrating these employees, who reached career milestones at Dupaco in 2022:
5-year employees
Sailu Aryal
Jordan Benson
Chad Breitsprecker
Vanessa Douglas
Tom Draus
Steph Engler
Chris Gierut
Trish Goodwin
Kaylee Johnston
Crystal Kirk
Marissa Kluesner
Emily Kress
Mariko Kurobe
Katie McClain
Martina McMahon
Tina Medley
Lisa Mueller
Pete Murphy
Kayla Myers
Lexi Newman
Nate Roling
Tungula Sartin
Cheyanne Schmitt
Scott Schuster
Latoya Schwartz
Brad Schweikert
Britini Slaght
Jarod Thornton
Makenna Timmerman
Katie Vander Velden
Tracy Weiler
Rachel Westerhoff
Alisea Wilcox
10-year employees
Adam Cook
Carrie Crane
BJ Duehr
Eric Gilmour
Andrew Houy
Rachel Keeler
Nick Koos
Brittany Krap
Tressa Pergande
Megan Redmond
Kelly Ruegnitz
Katie Schueller
Spencer Smith
Pete Weber
15-year employees
Joe Ervolino
Krystal Frederick
Julie Gansen
Chelsey Kephart
Jill Knepper
Brad Langan
Abbi LaPage
Suzan Martin-Hallahan
Sarah Michels
Aaron Plein
Mike Poppen
Leigh Ann Reisner
20-year employees
Judy Folken
Tonya McGlaughlin
Lisa Mescher
Stacey Weber
25-year-plus employees
Kathy Anderson (28)
Laurie Bell (34)
Jennifer Breitbach (25)
Dawn Davis (31)
Donna Digman (32)
Jeann Digman (35)
Deb Digmann (31)
Chris Hearden (29)
Joe Hearn (36)
Deb Herbst (37)
Diane Kieffer (34)
Kelly Klein (29)
Jim Klostermann (27)
Dawn Kress (28)
Matt Loesche (26)
Linda Maas (31)
Donna Olberding (29)
Georgia Slade (29)
Pat Slattery (42)
Diane Sloman (30)
Dan Smith (25)
Kurt Wuertzer (29)
Retirements
Brenda Atkinson (12)
Mike Felderman (4)
Diann Mozena (33)
Lori Oberhoffer (6)
Deb Schroeder (29)
Sherry Yonda (7)
SCENE IN: 2022
Dupaco staff from across the credit union come together to collaboratively participate in a weeklong process-improvement workshop in late summer at the Dupaco Voices Building in Dubuque, Iowa. Staff development is an important part of the #DupacoDifference. (S. Kloft/Dupaco photo)
Helping members build a life worth loving
Explore our opportunities
at dupaco.com/careers
248
Number of employees promoted in 2022
1in5
Number of new Dupaco hires referred
by employees in 2022
178
Number of employees hired in 2022
26,100
Record number of hours Dupaco invested in
employee training in 2022
HINT
That’s about 39 hours per employee in formal
learning experiences!
We’re an inclusive crew of caring, passionate and fun-loving people who work together toward a higher purpose—to always look out for our members’ best interests. That promise is at the center of everything we do.
But we’re always learning. And we regularly seek out opportunities to Know. Show. Grow. to help you build a life worth loving.
Let’s get down to business!
At Dupaco, it’s our business to help you succeed in yours. Here’s how
we served business owners and entrepreneurs in 2022:
9,443 business members
$104,130: Median business loan amount
Launched a free Business Resource Center at
dupaco.com/business/resources
Debuted new Shine Online and Mobile Banking
services for business members
Helped 298 small businesses receive $7.1 million
+
in Paycheck Protection Program loan forgiveness
Provided two winners with one-year memberships to the
Key City Creative Center makerspace in Dubuque, Iowa
Provided office space for small business owners at two
Dupaco-sponsored BizHub locations: Inside the Key City Creative
Center in Dubuque and The Innovation Lab in Dyersville, Iowa
Partnered with the Rural Ideas Network to offer
business coaching, education, networking and more
MADISON, Wis.—Chris Gantz grew up watching his
family breathe new life into older properties.
As the Dubuque, Iowa, native got older, he started
helping with the renovation projects while attending the
University of Wisconsin-Madison.
So, of course, when he and his wife, McKenna, bought
their rst house, they xed it up—and turned it into an Airbnb.
“I always knew growing up that I wanted to be involved
in this business in some way,” Chris said. “There’s a lot of
freedom, but it’s a lot of work.”
About ve years ago, Chris and McKenna started
their Waunakee-based property management business,
Patriot Properties.
And since then, they’ve brought about 50 investors
along with them and their sister company, Patriot
Builders—buying, renovating and managing properties
of all sizes in Wisconsin.
It’s a business that requires a nancial partner. And
early on, Chris’ dad pointed the couple to Dupaco.
The Gantzes rst used the nancial cooperative to
renance some of their loans so they could take out
cash to put toward other property investments.
“That let us supercharge our growth,” Chris said. “We
had worked with other lenders. But it was quickly obvious
that Dupaco was always willing to do more—better terms
and more in-depth discussions about our goals and plans.”
The couple’s most recent purchase was a $12-million,
129-unit apartment complex just down the road from one
of Dupaco’s new Madison branches.
“We take a lot of pride in everything we have,” Chris said.
“We’ll get calls from homeowners in these neighborhoods,
thanking us for what we’re doing. Their property values are
going up. It’s a great motivator to keep going.”
Chris hopes to continue bringing new property investors
along, helping them learn and grow too.
“A lot of what we have been able to achieve is because
of Dupaco,” he said. “Dupaco understands our vision. And
they have believed in us.”
2022 ANNUAL REPORT
9
Family business builds on a vision
Saving toward greater financial well-being
SCENE IN: 2022
Jose and his son, also Jose (center), open an account at Dupaco’s Cedar Rapids Edgewood branch May 20. Dupaco Insurance
Service’s Derek Wood, who speaks Spanish, helps translate for the Spanish-speaking members and Dupaco’s Julia Michalec.
(T. Freese/Dupaco photo)
We feel more financially secure when our savings can cover an unexpected expense. At Dupaco, 39% of members have at least $400 tucked away in Dupaco savings accounts. And we’re on a mission
to keep growing that number, one member at a time. As interest rates continued to climb in 2022, we increased all savings and term-share certificate rates to help you save even more!
Automatic saving
Members made saving look easy by using 13,969 accounts to
automatically transfer money to savings accounts.
Health expenses
Members had $4.5 million+ in their Health Savings Accounts
to cover health expenses as of Dec. 31.
Holiday savings
5,638 members saved $6 million for holiday spending through
the Holiday Club.
Loose change
20,615 members saved $2,453,784.21 through ChangeUp Savings,
proving that every penny adds up. The tool automatically rounds up
your debit card purchases to the next dollar and deposits the
difference in savings.
Name your goals
Create a customized plan to reach your goals with Savings Goal
in Shine Online or Mobile Banking. And with You-Name-It Savings
accounts, you can name your accounts whatever you’d like! The
top three names for these accounts in 2022? Vacation, House and
Escrow. You’ve got this, savers!
Term-share certificates
Choose from a variety of xed-rate certicates to save your
money for a set period.
Start your business
at dupaco.com/business
Start saving
at dupaco.com/save
Chris Gantz,
Dupaco member from Waunakee, Wis.
“A lot of what we have been able to
achieve is because of Dupaco.”
April: Increased special term-share
certificate rates and added 39-month
certificate special
August: Increased
standard and special
certificate rates
October: Increased rates for
Savings, Holiday Club, Launchpad
and High-Yield Savings accounts
December: Increased special certificate rates
and rates on Investor’s Choice, High-Yield
Savings and Health Savings Accounts
May: Increased special
certificate rates
June: Increased special
certificate rates
September: Increased special certificate rates
and rates on Investor’s Choice, High-Yield
Savings and Health Savings Accounts
November: Increased special
certificate rates and added
11-month certificate special
Giving you a raise in 2022
SCENE IN: 2022
Chris and McKenna Gantz own Patriot Properties in
Waunakee, Wis. McKenna shares her time between their
business and caring for their two children, Cecilia, 7 months,
and Jackson, 20 months. (K. Wolf photo)
2022 ANNUAL REPORT
10
Let’s make your education dreams a reality
College resources
Education-related costs add up
fast! Get help figuring out how
to pay for your education at
dupaco.com/ExploreYourOptions.
Scholarships
30 students were each awarded a $2,000
scholarship through the Dupaco R.W.
Hoefer Foundation in 2022 to help pay
for their education.
Education can lead to greater levels of nancial well-being,
according to a 2022 Federal Reserve study. Dupaco is a proud
supporter of education. And we’d love to help you succeed in yours!
Student loans
Whether you’d like help covering the costs of college or
refinancing your existing student loans, Dupaco is here
for you. Learn more at dupaco.com/StudentLoan.
Helping kids save, spend and share
Join the DoPACK
at dupaco.com/kids
Get started
at dupaco.com/ExploreYourOptions
What does your dream retirement look like?
It’s never too early to start planning and saving for your dream retirement.
And we have the resources to help you every step of the way.
We make it fun for kids to learn smart money habits like saving, spending and sharing. Members ages 12 and younger are automatically in a club that rewards kids
for saving. In 2022, our DoPACK membership grew by 29% to 11,267 members! And these young savers mean business—they had an average savings balance of
nearly $1,331. Whether it’s learning from our newsletter just for kids or getting one-on-one guidance from our money experts, we want to help set your kids up for
financial success at an early age.
From helping you with your first investment to retirement
planning, DFS is here for you.
Start investing
at dupaco.com/invest
Individual Retirement Accounts
Members saved $157 million
+
for retirement through
5,097 Dupaco IRA plans as of Dec. 31.
Get started
at dupaco.com/ira
Launchpad
Establish and grow retirement savings at your pace.
Once you’ve saved $1,000, you can move your savings to
an IRA. Open your account by calling 800-373-7600.
Scan this QR code
to calculate how long your
retirement savings will last.
SCENE IN: 2022
After lots of gigs walking dogs, babysitting, shoveling snow
and plant sitting, Dupaco member Lucy graduated from
a Dupaco savings account and opened a checking
account—complete with a debit card. She used Shine
Mobile Banking to track her spending and saving goals.
(D. Klavitter/Dupaco photo)
SCENE IN: 2022
Philanthropy Day coloring contest winner Karlee shares how she gives back and helps others next to her artwork display at the Grand River Center in Dubuque, Iowa, on Nov. 15. Karlee was one of three Dupaco-sponsored coloring contest winners recognized at
the National Philanthropy Day luncheon. (C. Rodewald/Dupaco photo)
FREE TOOL
Credit monitoring
51,881 members enjoyed free access to their credit score and report through
Dupaco’s Bright Track credit monitoring in 2022. And nearly 82% of our
yearlong Bright Track users improved or maintained their credit-score range!
Credit-building loan
796 members opened a Credit
Coach loan in 2022 to help
establish or repair their credit.
2022 ANNUAL REPORT
11
At Dupaco, you’re not just a credit score. You’re a person with a
real story. And your character is worth more than collateral. So,
in addition to offering a variety of personalized loan solutions—for
auto, home, education and more—Dupaco also offers lower loan
rates, fewer service fees and low-cost insurance on your
purchases. Our competitive rates and flexible terms make it
easy to stay within your budget.
We’re here to put your goals and dreams within reach
Be the boss of your credit score
1-on-1 guidance
9,755 members learned how to
improve their credit, consolidate
debt and pay less with a free
Credit History Lesson in 2022.
Apply today
at dupaco.com/loans
Get started
at dupaco.com/CreditHistory
Your credit score is an important part of your financial well-being. It’s easier to reach your goals (own a home, buy a car and even get a job) when you have good credit.
The higher your score, the better. But many people aren’t sure how to improve their scores, according to the Consumer Financial Protection Bureau. That’s why Dupaco
gives you the tools to learn what makes up your score, build solid credit and keep tabs on it along the way so you can focus on what matters most to you.
Explore our resources
at dupaco.com/learn
Dupaco features a giant interactive touch-screen
experience at 4 locations. The screens invite you to play
fun and educational financial games. People played the
games 9,904 times in 2022.
Interactive touch screen
Explore content on Dupaco’s homepage by answering
questions about your goals. Visitors explored one of
Dupaco’s 16 guided content experiences 29,000
+
times
in 2022—more than double the previous year!
Guided content experience
Dupaco experts offer advice to help you tackle every stage
of your financial life in our blog posts. Readers turned to
our blog content 113,911 times in 2022—about 51%
more than the previous year!
Read up
Calculate your budget, determine how much you need
to save to reach a goal and more. Kudos to all the
planners out there: Our free calculators were used
nearly 84,000 times in 2022—almost 40% more than
the previous year!
Crunch the numbers
LOAN ACTIVITY
2022 2021
Total outstanding loans $2,183,055,181 $1,737,485,438
Outstanding loans as % of member savings 92% 78%
Total loans disbursed $1,256,926,000 $1,330,901,000
Real estate loans disbursed
Nearly $
327.9
Million Exceeded $528.2 Million
Consumer loans/lines of credit disbursed
Exceeded $
624.5
Million Exceeded $538.2 Million
Business loans disbursed
Nearly $
304.6
Million Exceeded $264.6 Million
Total number of loans disbursed 74,747 73,108
Number of real estate loans disbursed
6,539
7,395
Number of consumer loans/lines of credit disbursed 62,635 58,740
Number of business loans disbursed
5,573
6,973
Loan delinquencies as % of loans outstanding 0.59% 0.48%
Net loss from charge-offs and member bankruptcies
$2,838,463 $2,880,450
Delinquencies and losses (compared to national averages) In line with national averages In line with national averages
SMALL DOLLAR LOAN SNAPSHOT
LOANS $2,500 AND LESS LOANS $500 AND LESS
Number of loans made 6,276 1,370
Average loan balance $1,207 $438
Loan fees charged $0 $0
Repayment terms Flexible Flexible
We believe that when you know better, you do better. And as a not-for-profit financial cooperative, we’re
committed to providing you free guidance and tools to help you get ahead in your financial life.
For the love of learning:
Free financial tools and resources
Our staff spends an average of 45 minutes with
each new Dupaco member, providing free financial
coaching to help them reach their goals.
Proper introductions 1-on-1 guidance
6,966 members learned how to improve
their financial well-being with a free Money
Makeover in 2022. Based on your personalized
review, we’ll offer custom tips to help you pay
less and save more.
HINT
Scan the QR code above to request your
free Money Makeover!
Scan this QR code or go to
dupaco.com/makeover to request
your free Money Makeover.
1in4
Number of Dupaco consumer loans for $2,500 or less
Johnson
DUBUQUE, Iowa—As a mom, Jessica Klein has many
hopes and dreams for her family. But she needed a little
help seeing some of them through.
She’d heard about Dupaco from her daughter Nicole,
who works at the nancial cooperative. And she wondered
whether Dupaco could help her too.
Through one-on-one guidance, Klein started learning how to
build her credit—the key to reaching some of her dreams. She
stuck to the plan and started to see the results.
“It’s amazing what can happen when you put your mind to
it and you have someone to tell you the right steps to take,”
Klein said.
In time, she was able to buy a house—on her own—for her
family. She even bought her rst-ever brand-new car.
But her insurance rates were going to skyrocket with her
new vehicle.
Klein’s daughter encouraged her to reach out to Dupaco
Insurance Services. And DIS’ Kelsie Mason helped Klein
cut her premiums by more than half, while adding more
coverage that she’s already taken advantage of.
“It was absolutely the best experience,” Klein said. “I
turned around and referred my son, and he was able to cut
his insurance in half. It’s a whole family affair now.”
Between building her credit and her savings—and nding
new ways to save on insurance—Klein is seeing more of her
dreams become a reality. Like taking her family on not one,
but two vacations in 2022.
It’s something she hasn’t always been able to do with
her kids and grandkids.
“Seeing the kids light up the rst time we stepped into
Disney World was amazing. Just spending all that time
together, uninterrupted, was wonderful family time,” Klein said.
She says that working with her nancial cooperative has
been life-changing. And it’s allowed her to start working toward
new goals.
“Everything that Dupaco has been able to help me do has
been amazing,” she said. “I just feel the weight of the world
was lifted off my shoulders.”
‘The weight of the world was lifted off my shoulders’
SCENE IN: 2022
Dupaco Insurance Services’ Kelsie Mason (left) reconnects with Dupaco member Jessica Klein at the Pennsylvania Avenue branch in Dubuque, Iowa. Klein saved money—while adding
protection—when she moved her insurance to Dupaco. (M. Blondin/Dupaco photo)
2022 ANNUAL REPORT
12
Peace-of-mind protection
*
Dupaco Insurance Services is licensed in the states of Iowa, Illinois, Wisconsin, Minnesota, Missouri and Arizona.
Insurance discounts
Membership has its perks! Dupaco members saved an
average of $373 in annual insurance premiums in 2022
when they switched to DIS.
Easy quotes
Explore rates on your own time at dupaco.com/insure.
In 2022, 1,083 people accessed 2,048 free
insurance quotes! You can adjust coverage options
to see the effect on your payments.
Coverage for every need
You have access to coverage for your
vehicles, home, business, life and more!
Insuring yourself, your family and your belongings helps you feel condent that you’ll be OK no matter what life throws at you.
And Dupaco Insurance Services* is here to help you every step of the way.
Get your quote
at dupaco.com/insure
Dupaco Community Credit Union is a full-service financial
cooperative headquartered in Dubuque, Iowa, USA. It serves
residents of the states of Iowa, southwest and south central
Wisconsin and northwest Illinois. It has more than $3.01 billion
in assets and 155,000-plus members.
Dupaco, the Dupaco logo, Thank Use, Great Credit
Race, Your Money For Good, Shine Online Banking and
Shine Mobile Banking are registered trademarks of
Dupaco Community Credit Union. All rights reserved.
Contact information:
1000 Jackson St. • P.O. Box 179
Dubuque, IA 52004-0179
(563) 557-7600 / 800-373-7600 • www.dupaco.com
Ryan Fitch
@
Hillcrest Rd.
3299 Hillcrest Rd. | Dubuque, IA | (563) 557-7600
Abby Scherrman
@
Pennsylvania Ave.
3999 Pennsylvania Ave. | Dubuque | (563) 557-7600
Mariko Kurobe
@
Asbury
5865 Saratoga Rd. | Asbury, IA | (563) 557-7600
Kevin Weber
@
Sycamore St.
1465 Sycamore St. | Dubuque | (563) 557-7600
Leslie Biver
@
Key West
2245 Flint Hill Dr. | Dubuque | (563) 557-7600
David Schick
@
Inside Hy-Vee
400 S. Locust St. | Dubuque | (563) 557-7600
Sam Weese
@
Marion Learning Lab
5970 Carlson Way | Marion, IA | (319) 366-8231
Cydney Porter
@
First Ave.
110 35th St. Dr. SE | Cedar Rapids, IA | (319) 366-8231
John Heavens
@
Williams Blvd. SW
3131 Williams Blvd. SW | Cedar Rapids | (319) 366-8231
Torri Freese
@
Edgewood Learning Lab
4615 Cross Pointe Blvd. NE | Cedar Rapids | (319) 366-8231
Collin Olson
@
San Marnan Learning Lab
1946 Schukei Rd. | Waterloo, IA | (319) 234-0381
Majda Karajic
@
W. Mullan Ave.
218 W. Mullan Ave. | Waterloo | (319) 235-0381
Megan Redmond
@
Cedar Falls
126 Brandilynn Blvd. | Cedar Falls, IA | (319) 277-3940
Kathy Steffes
@
Carroll Learning Lab
503 W. Hwy. 30 | Carroll, IA | (712) 792-1735
Eric Gilmour
@
Grimes Learning Lab
1701 E. First St.| Grimes, IA | (515) 320-7108
Jim Klostermann
@
Dyersville
807 9th St. SE | Dyersville, IA | (563) 875-2795
Tiffany Brandt
@
Galena
11375 Oldenburg Ln. | Galena, IL | (815) 777-1800
Jim Doyle
@
Manchester
1200 W. Main St. | Manchester, IA | (563) 927-6187
Jo Roling
@
Platteville
1100 E. Business Hwy. 151 | Platteville, WI | (608) 348-4499
Tim Fosdick
@
East Washington Ave.
3762 E. Washington Ave. | Madison, WI | (608) 282-6000
Jon Nugent
@
Mineral Point Road
7701 Mineral Point Rd. | Madison, WI | (608) 282-6000
Spencer Smith
@
Peosta Learning Lab
185 Peosta St. | Peosta, IA | (563) 582-2805
Your Dupaco branch guide
Charter area
You’re eligible to join if you live or work in
one of the counties in Dupaco’s charter area,
are related to an existing member or work
at a Dupaco Employee Group.
Dupaco branch and/or live video
teller locations.
COMING SOON!
COMING SOON!
Let’s talk!
Call us toll free: 800-373-7600
Scan this QR code or visit us at
dupaco.com/locations to find your
closest location.
Join: Ext. 206
Credit cards and home equity, auto, personal
and student loans: Ext. 202
Business loans: Ext. 203
Business services: Ext. 234
Home loans: Ext. 204
Insurance: Ext. 210
Investments and retirement planning: Ext. 211
Savings, checking, money market
and certificates: Ext. 206
Individual Retirement Accounts and
Health Savings Accounts: Ext. 218