PAGE | 2 | Dupaco continues to grow with its members PAGE | 6–7 | Community is our middle name: A chronology
PAGE | 3 | Financial literacy for kids helps empower more families PAGE | 8 | The Midwest Girl: Dupaco believes in us
PAGE | 4 | Your credit union continues putting you money ahead PAGE | 9 | What did you save for in 2019?
Member Luis Acosta, of Manchester, Iowa, visits with Dupaco’s Michelle Damme on PAGE PAGE | 5 | Dupaco represents voices of past, present and future Sept. 11 at the credit union’s Manchester branch. Acosta found financial relief with | 11 | MoneyMatch helps couple save to buy 1st home the help of Dupaco following his move from Puerto Rico. (M. Blondin/Dupaco photo)
ANNUAL REPORT 2019 EDITION DUPACO COMMUNITY CREDIT UNION
THE FINANCIAL HOME YOU OWN | ESTABLISHED 1948 | ACCOUNTS FEDERALLY INSURED BY NCUA Owners share more than $3.6 million in Thank Use WATERLOO, Iowa—Shortly after cares about its members.” lesson on credit cards. joining Dupaco Community In 2019, Young was among “I was totally opposed to Credit Union, ReShonda Young 58,665 Dupaco members who using credit cards before,” she started hearing talk of Thank Use. collected more than $3.6 million said. “I was excited to see that In the beginning, the Waterloo in Thank Use dividends. By using a simple credit card that’s not woman shrugged it off. Dupaco’s services, eligible costing me anything could help members shared in their boost my score even more.” financial cooperative’s success. Most recently, Young switched 16,529 Young made it her mission to to Dupaco Insurance Services, Number of members who joined Dupaco try Thank Use-eligible services saving her more than $200 a through organic growth in 2019 that she wasn’t yet using. Not year in auto insurance premiums. only did it earn her more than In 2020, Young hopes to earn “It wasn’t clicking with me at $80 in Thank Use, but it at least $100 in Thank Use. first, because no other financial helped her boost her financial She’ll continue encouraging institution I’ve worked with well-being. her friends to earn more, too. It offered something like this,” Getting an auto loan was a was, after all, one of Young’s Young said. smooth and fast process. Young friends who told her to check But then it hit her: The more also made purchases quickly out Dupaco when she grew she participated in her credit with her Dupaco MoneyCard. frustrated with her previous union, the more Thank Use she When she started using Shine financial institution. could earn. Online and Mobile Banking “My friend said, ‘You’ll be “Once I started to dig into it more, she saved time and gas surprised by how much easier further, I thought, this is amazing,” by making mobile deposits. And they are to work with,’ and SCENE IN: 2019 she said. “The Thank Use Bright Track helped her watch I really was,” Young said. Dupaco member ReShonda Young, of Waterloo, Iowa, put her Thank dupaco.com/CUDifference program shows Dupaco really her credit score climb after a “Everybody is so helpful.” Use cash dividend into her savings account. (B. Pollock photo) What your membership means Did you know? Direct financial value $3.6 million+ 31,449 45 minutes Dupaco is a not-for-profit credit union owned by its members. That In 2019, Dupaco provided its membership more Total Thank Use dividends paid to members Number of members who actively Average time staff spent with means you control your money and reap the benefits—with your money than $50 million in value—that’s an average of in 2019 for using their credit union’s services received free Bright Track credit each new member providing staying right here, helping your friends, neighbors and community. $461* per member! monitoring services as of Dec. 31 financial coaching
*These calculations are based on the sum of: a.) account rate and fee comparisons between Dupaco and local banks (for each particular product), and b.) actual promotions and dividends received by members. Business accounts were excluded. dupaco.com/YourMoneyForGood
Welcome to the financial home you own Credit union or bank: What’s the difference? On behalf of the Dupaco Board of Directors and staff, I’m delighted to Dupaco is a financial cooperative. The more we do for each member, the better all present your credit union’s 2019 Annual Report. It highlights Dupaco’s our members do! When we help our members save money—with a savings account, pursuit to improve the financial lives of our more than 125,000 lower loan rates, fewer service fees, low-cost insurance, financial education and members, each of whom is an more—we help grow the whole credit union. It’s people helping people, using owner of the credit union. your money for good. Joe Hearn, President and CEO Credit Union Bank Organization Not-for-profit cooperative For-profit corporation Primary objective Meet member/owner needs Maximize profit Ownership All members who are, by Stockholders who may or may not definition, users of services be customers or users of services Directors Volunteers Paid directors Decision-making Member controlled; one vote per Only stockholders vote; one vote member (each member/owner per share of stock (more stock has the same power) means more voting power) Distribution of Dividends issued to members Dividends issued to net income and used for capital development, stockholders only additional locations, equipment, etc. for members Community links Owners/leaders reside or have Owners/leaders may live an interest in the community anywhere in the world; headquarters could be anywhere in the U.S. Rates/products Offer better overall rates and Rates and fees may not be lower fees due to the nature favorable because of for- of the organization and its profit status of banks dividend distribution Generation of capital Generated only through Generated through income income stream stream and/or issuance of stock Who benefits Members/owners Stockholders Taxes Yes. Property, sales, employer- Yes. Property, sales, employer- related, monies and credits tax related and income on reserves in Iowa SCENE IN: 2019 Deposit insurance National Credit Union Federal Deposit Insurance Dupaco branch managers join President and CEO Joe Hearn for a selfie during a team-building event June 25 Administration (NCUA) Corporation (FDIC) at Franklin Street Brewery in Manchester, Iowa. (J. Hearn/Dupaco photo) 2 2019 ANNUAL REPORT Have you met your volunteer board of directors? 1 2 3 4 5 6 7 8 9
DUBUQUE, Iowa—Each member |2| Andy Schroeder |5| Denise Dolan, CCUV* |8| Ron Mussehl of Dupaco’s Board of Directors Vice Chair Our Vision Director Director serves voluntarily and is elected • Vice President, Prenger Solutions • County Auditor, Dubuque • Owner, Ron’s BP Convenience Group, Dubuque To be our members’ lifetime financial home. County, Dubuque Stores, Dubuque by the credit union’s members • Chair of Credit Union Service • Chair of Personnel Committee and • Chair of Business Lending during the Annual Meeting. Organization Board of Directors Our Mission Dupaco R.W. Hoefer Foundation Committee These nine directors contributed To improve our members’ financial |3| Steve Chapman |6| Jeff Gonner |9| Randy Skemp, CCUV*, CCUD** their time, talent and dedication Secretary position and build valued relationships Director Director to benefit the credit union and • Vice President and Chief by delivering personalized financial • Chief Financial Officer, Medical • Vice President, Sales, Active its members during 2019: Operating Officer, Auxiant, advice, products and services. Associates, Dubuque Network, LLC, Dallas, Texas |1| Bob Wethal Madison, Wis., and Cedar • Chair of Investment/Asset • Chair of Audit Committee Rapids, Iowa Liability Management Committee Chair of the Board Dupaco thanks them for • Vice President of Patient Care • Chair of Salary Savings Plan |4| Renee Poppe | | Oversight Committee 7 Ron Meyers their service. Services and Chief Nursing Treasurer Director * Certified Credit Union Volunteer Officer, MercyOne Medical • Vice President, Customer Service, • Principal, Wahlert Catholic High ** Certified Credit Union Director Center, Dubuque Medline Industries, Dubuque School, Dubuque • Chair of Marketing and • Chair of Credit/Delinquent Loan dupaco.com/board Nomination committees Committee Dupaco continues to grow with its members As more members join and use Dupaco, the financial cooperative continues to help its members get money ahead while creating new ways to enhance member benefits. In 2019, more than 16,500 members joined the Dupaco community, which now includes members from all 50 states and 26 other countries. Dupaco continues to grow, too. During 2019, Number of live video the credit union tellers Dupaco operates in Iowa and Illinois 19 kicked off construction at two locations, prepared to install more live video tellers and expanded its network of fee-free ATMs SCENE IN: 2019 Dupaco board members sign a wood pillar to commemorate the Dupaco Voices Building revival kickoff April 9 in Dubuque, Iowa. (DreamCatcher Productions photo) to serve its growing membership. Dupaco began transitioning its Carroll, Iowa, union’s operations center and include a mix of retail, branch into a full-service Dupaco Learning Lab. entertainment and community space. Designed to help members better understand money, Dupaco’s ATM network also grew in 2019. learning labs support the credit union’s mission to The credit union joined the CO-OP ATM improve each member’s financial position. network—a partnership that allows members to use Members can have more in-depth conversations their Dupaco MoneyCard surcharge free at ATMs of about their financial goals with branch employees, participating financial institutions. This is in addition while live video tellers help members make to Dupaco’s long-standing partnership with the transactions with Dupaco staff in real time. The Privileged Status ATM network. expanded branch prepared to open in early 2020. Members now have fee-free access at more than Dupaco also began revitalizing a vacant historic 30,000 ATMs nationwide. building in downtown Dubuque, Iowa—in the area That’s more than most of the biggest banks. And SCENE IN: 2019 where the credit union was founded. The Dupaco it’s one more way credit unions cooperate to serve Dupaco’s Dollar the Dog supervises construction July 22 at the site of the newly expanded Voices Building will become home to the credit members better. Dupaco Learning Lab in Carroll, Iowa. By the end of 2019, the building neared completion. (C. Helle/Dupaco photo) dupaco.com/locations Access your money wherever you are Shared Quick Picture Mobile Mobile Branch Balance Pay wallet deposit Make fee-free deposits, withdrawals ATM network Enjoy one-touch access to your account Pay bills once or on a recurring basis Make fast mobile payments with Make your deposits electronically and more at 5,600-plus CO-OP Shared Enjoy surcharge-free access at more balances without signing into Shine. from any device. your Dupaco cards. with photos of your checks. Branch locations nationwide. than 30,000 ATMs nationwide. 65,625: Number of active Shine $59,478,078.05: Total amount in 2,605,614: Number of Dupaco $41,984,435 was deposited users as of Dec. 31 bills paid using Picture Pay in 2019 Visa credit card transactions in 2019 through 91,016 mobile deposit transactions in 2019 dupaco.com/connect Your senior leadership team | | 1 Joe Hearn, 1 2 3 4 President and Chief Executive Officer Dupaco Community Credit Union is a full-service financial cooperative headquartered in |2| Lisa Bowers, Senior Vice President, Dubuque, Iowa, USA. It serves residents of Iowa, southwest Wisconsin and northwest Illinois. Human Resources It has nearly $1.88 billion in assets and more than 125,000 members. |3| Matthew Dodds, Contact Information: Chief Operating Officer 5 6 7 3999 Pennsylvania Ave. • P.O. Box 179 |4| Steve Ervolino, Chief Information Officer Dubuque, IA 52004-0179 |5| Danielle Gratton, Chief Financial Officer (563) 557-7600 / 800-373-7600 • www.dupaco.com |6| David Klavitter, Chief Marketing Officer Dupaco, the Dupaco logo, Thank Use, Great Credit Race, Your Money For Good, Shine Online Banking and |7| Todd Link, Senior Vice President, Risk Shine Mobile Banking are registered trademarks of Dupaco Community Credit Union. All rights reserved. Management & Remote Delivery 2019 ANNUAL REPORT 3 Financial literacy for kids helps empower more families WATERLOO, Iowa—At an early age, kids can start people helping people to workplaces in the community. additional learning how money works. It gives employees access to financial education and $1,519 Number of workplace visits That’s why a three-way partnership aims to teach services where they work. through 1,955 the team made in 2019 3- and 4-year-olds the value of money and saving to Today, the children and families that Tri-County systematic put them on the path to financial wellness. serves also have access to this education. Financial saving and periodic deposits. The initiative kicked off in October. It focuses on literacy is key to helping families achieve their dreams “It’s working,” Beschorner said. “No matter the financial and break generational poverty, Berry said. dollar amount, they’re getting into the habit of saving Number of businesses served by literacy for So far, 65 Tri-County kids have established Dupaco and realizing ‘I can save for my child’s future.‘” Dupaco’s Community Outreach 200 kids in savings accounts. Their families have saved an and Education team in 2019 1,125 Waterloo Head Start classrooms. It also jump-starts the children’s savings accounts by providing their first deposits. “It starts with me!” is a joint endeavor between Dupaco, Tri-County Child and Family Development Council and the CUNA Mutual Group Foundation. Dupaco’s Becky Beschorner, assistant vice president, community outreach and education, leads a monthly series of money lessons. Each child received a Dupaco piggy bank and coins to put in it. As parents open their children’s Dupaco savings accounts, the CUNA Mutual Group Foundation seeds each one with their first $25. “Our collaboration with Dupaco and the CUNA Mutual Group Foundation is proving to be a powerful, transformative partnership, given the many complex challenges these children will face,” said John Berry, CEO and executive director of Tri-County. The partnership began three years ago when Dupaco’s community outreach and education team started working with Tri-County’s employees. The team brings the credit union philosophy of SCENE IN: 2019 Dupaco’s Becky Beschorner works with Vahni Bethea during a financial literacy lesson at Tri-County Head Start on Oct. 9 in Waterloo, Iowa. (M. Blondin/Dupaco photo) dupaco.com/MoneyMatters
Dupaco believes that when you know better, you do better. That’s why the credit union rolled out a revamped dupaco.com in May—offering Know better, do better even more ways to help you know and grow your money. dupaco.com/learn Guided content Dupaco Fighting Number Educational Interactive experience blog fraud crunching events touch screen Explore content on Dupaco’s home page Dupaco experts offer advice to help you Dupaco wants to help you fight fraud. Dupaco’s website offers a variety of Dupaco kicked off its first virtual Dupaco launched a giant interactive by answering questions about your tackle every stage of your financial life. Check out Dupaco’s webpages, blogs, calculators to help you weigh your Facebook event in November, sharing touch-screen experience at NewBo City goals. Learn how to boost your financial 46,035: Number of times blog videos, printable resources and financial options. holiday spending and saving tips. Market in Cedar Rapids, Iowa, in 2019. well-being, save and more. content was viewed in 2019 on-demand webinars to learn more 32,450: Number of times Dupaco’s 432: Number of times the The screen invites you to play fun and 9,907: Number of times visitors about protecting your identity. calculators were accessed in 2019 Facebook Live video event educational financial games. explored one of Dupaco’s 16 guided 80+: Number of fraud resources was viewed 9: Average number of people who content experiences available at dupaco.com used the screen each day in 2019 Family stays with Dupaco no matter where they go PEOSTA, Iowa—When the Benn family moved away out to Pergande to share the news. And they began from the tri-state area a couple of years ago, they working together again so the family could buy a weren’t sure how long they’d be in Arizona. home—back home—in Iowa. But longtime Dupaco members Cara and Jason “Tressa knew what I was looking for and what I Benn knew their financial home could remain the needed. And she was always quick to answer every same wherever they went. question I had along the way,” Cara said. “The credit union is friendly, communicates with The Benns purchased their house in Peosta last summer. you and is easygoing,” Cara said. “When we moved “I had only spoken with Tressa on the phone before to Arizona, we left our banking accounts with Dupaco, then,” Cara said. “It was very nice to get to meet her because we knew there was shared branching and in person.” online banking.” Now the family has another way to stay connected The CO-OP Shared Branch network gives Dupaco with their credit union as well. members fee-free access to their money at more Dupaco regularly visits Cara’s workplace, Kloeckner than 5,600 participating branches nationwide— Metals in Dubuque, to bring the credit union experience including locations in Arizona. to members where they are. Cara said she appreciates After living in the Grand Canyon State for several SCENE IN: 2019 Dupaco’s workplace visits, because it allows her to ask months, the family decided to buy a home with the Dupaco members Jason and Cara Benn, with sons Griffin (right) and Landin, settle into their quick money- and account-related questions during help of their credit union. They connected with Dupaco’s new home in Peosta, Iowa. (M. Blondin/Dupaco photo) her workday. Tressa Pergande, who guided them through the “I know Dupaco will be there for us whenever we homebuying journey from afar. said. In 2019, though, life brought Cara, Jason and need them,” she said. “The whole experience was great all around,” Cara their two sons back to the tri-state area. Cara reached dupaco.com/homes
As of Dec. 31, 2019, Dupaco members resided in all 50 states, plus the District of Columbia, Puerto Rico and 26 other countries: 10 | | | | 2 9 1 U.S. 15 Greece 8 13 |2| Canada |16| Turkey 12 14 16 |3| Mexico |17| Israel 1 11 15 20 23 |4| Guatemala |18| Saudi Arabia 17 |5| Aruba |19| India 18 19 22 3 |6| Venezuela |20| China 5 21 24 25 4 |7| Uruguay |21| Thailand 6 |8| Ireland |22| Vietnam |9| United Kingdom |23| Japan |10| Norway |24| Philippines |11| Spain |25| Marshall Islands Did you 26 |12| France |26| Australia 7 | | | | 27 13 Netherlands 27 New Zealand know? |14| Switzerland 4 2019 ANNUAL REPORT Your credit union continues putting you money ahead Report from the President & CEO – Joe Hearn Since our original 10 members ative, one of the best illustra- who collectively earned more founded Dupaco on the principles tions of our commitment to than $119,000 through Boost, of thrift, cooperation, education enhancing your credit union a new category created to encour- and mutual self-help, we con- benefits is through our Dupaco age and reward the habit of tinue to work hard staying true exclusive program, Thank Use. making regular savings deposits. to their ideals while bringing new In 2019, 58,665 Dupaco Since 2016, we have shared ideas and innovations to light. members collected more than more than $12.3 million This provides you with bene- $3.6 million in Thank Use bonus through Thank Use. fits you can use. dividends. This includes 4,769 Your financial cooperative As a member-owned cooper- of Dupaco’s youngest members, continues to put you money ahead. By using your credit union’s services—loans, savings, investment and insurance services and more—you’re boosting your financial well-being. 2019 HIGHLIGHTS This was quantified in our first- ever Member Benefit Summary, ranked Dupaco top-rated named Dupaco recipient Forbes credit union in Iowa Raddon of Crystal Performance Award showing you the value of your membership here at Dupaco. Des Moines Register ranked Received the Dubuque Area We continue to bring the Dupaco Top Workplace in Iowa Chamber of Commerce’s SCENE IN: 2019 Economic Impact Award Dupaco experience to you when and where you need it with During the Dubuque Area Chamber of Commerce Annual Meeting on June 20, Dupaco was recognized with the Economic Impact Award, accepted by Dupaco President and CEO Joe Hearn (left). Former Dupaco President Dupaco’s 520 employees Launched interactive touch- an updated dupaco.com; new and CEO Bob Hoefer was recognized with the Chairman’s Award. (B. Schweikert/Dupaco photo) volunteered their expertise screen experience at NewBo e-services like Savings Goal, by serving on 160 nonprofit NEW City Market in Cedar Rapids, Iowa boards and committees ChangeUp Savings and Mortgage Economic Impact Award. Thank you to the Dupaco Tracker; and surcharge-free Dupaco’s mission is to improve team, which continues to take Revamped dupaco.com access to more than 30,000 each member’s financial position. its role of service and impact to Launched Savings Goal tool NEW NEW CO-OP and Privileged Status This task is successfully achieved our valued members seriously. ATMs nationwide. Homebuyer assistance by a team of passionate and As a member-owned cooper- Staff vigilance more than in member programs total $663,390 The redevelopment of the engaged employees. We were ative, we remain passionate $2.7 prevented million fraud losses Dupaco Voices Building for the thrilled to be recognized once about investing in people, new Dupaco Operations Center again as one of Iowa’s “Top products and technologies Added two-step is full steam ahead. We have more than NEW verificationfeature in Shine Workplaces” by the Des that continue to meet your Celebrated Thank $3.6 been busy restoring life into this Use payout of million Moines Register. needs and enhance your
An increase nearly century-old building, Forbes magazine once again member benefits. Thank you Deposits exceed of more than $1.52 billion which sat idle for several years. ranked Dupaco as a top credit for doing business with the 4,769 kids participated in 13% Thank Use through new We’re excited to bring our union in Iowa. And for the ninth financial home you own. NEW category called Boost An increase employees to Dubuque’s historic consecutive year, we earned It is our honor and privilege Assets total nearly of more than $1.88 billion 10% Millwork District, where they the Crystal Performance Award to serve you. Cheers to an Provided credit education can become even more involved as one of the top-performing exciting 2020! to 12 racers during the An increase with our community. The credit unions in the country Loans outstanding total of more than nearly $1.28 billion 12% Dubuque Area Chamber of based on the Raddon Performance Commerce recognized our Index achievement. Awarded $32,000 Dupaco capital Joe Hearn, President and CEO in student scholarships through Exceeding renovation work with the reserves remain 15.8% the Dupaco R.W. Hoefer Foundation extremely strong of assets
SCENE IN: 2019 Iowa Sen. Chuck Grassley received The Dupaco Times at his Iowa family farm and brought it to Washington, D.C., in March to share with CUNA Governmental Affairs Conference attendees, including Dupaco staff and board members. (D. Klavitter/Dupaco photo) dupaco.com/PoliticalAction Audits find Dupaco in good financial health DUBUQUE, Iowa—Dupaco again received clean bills of financial health from an independent auditor and state and federal examiners. “It’s a hallmark of a well-managed organization,” said Dupaco Chief Financial Officer Danielle Gratton. The accounting firm CliftonLarsonAllen LLP performed the independent Certified Public Accountant audit of: Dupaco’s 2018 financial statements Management practices The State of Iowa Division of Credit Unions and the National Credit Union Administration audits reviewed Dupaco’s: Adherence to rules, policies and procedures Compliance with federal regulations Financial statements Security standards Dupaco also received a 5-Star Superior rating from BauerFinancial, which recognizes the credit union as one of the strongest financial institutions in the country. SCENE IN: 2019 Dupaco’s Erin Engler teaches a personal financial wellness course to fellow staff as part of an employee benefit training opportunity May 22 at the Pennsylvania Avenue branch in Dubuque, Iowa. Employees had the opportunity to improve their own financial health. (J. Wille/Dupaco photo) 2019 ANNUAL REPORT 5 Dupaco represents voices of past, present and future Report from the Chair of the Board – Bob Wethal
STATEMENTS OF FINANCIAL CONDITION
DEC. 31, 2019 AND 2018
ASSETS 2019* 2018 Loans to members, net of allowance for loan losses (2019—$13,086,000; 2018—$12,071,000) $1,263,508,745 $1,121,845,968 Cash 8,776,368 9,071,857 Interest-bearing deposits in financial institutions 95,242,817 64,047,079 Investments Securities available-for-sale 378,010,543 400,848,099 Accrued interest receivable 5,228,616 4,519,468 Property and equipment, at depreciated cost 37,462,948 34,876,586 Other assets Deposit—National Credit Union Share Insurance Fund (NCUSIF) 12,965,961 11,784,406 Other 78,013,586 50,454,476
TOTAL ASSETS $1,879,209,584 $1,697,447,939
LIABILITIES AND MEMBERS’ EQUITY 2019* 2018 Liabilities SCENE IN: 2019 Savings accounts $747,006,071 $746,415,837 Dupaco Chair of the Board Bob Wethal presents the Chairman’s Report during the credit union’s Share draft accounts 224,103,498 207,718,822 2019 annual meeting of the membership. (M. Jungers/Dupaco photo) Term share certificates 552,170,191 388,372,148 Notes payable 50,000,000 97,000,000 Accrued expenses and other liabilities 7,539,338 6,156,265 Dupaco continues to pursue and fulfill its mission to serve Total liabilities $1,580,819,098 $1,445,663,072 and enrich the lives of our members. Total members’ equity $298,390,486 $251,784,867 This ideal is as true today as it was in 1948, when 10 TOTAL LIABILITIES AND MEMBERS’ EQUITY $1,879,209,584 $1,697,447,939 Dubuque Packing Company employees founded the credit union on the philosophy of cooperation and mutual self-help. STATEMENTS OF INCOME In January 2019, Dupaco took a significant step in an exhaustive two-year search for a new operations center by FOR THE YEARS ENDED DEC. 31, 2019 AND 2018 investing in the Dupaco Voices Building, a nearly century- 2019* 2018 old building in Dubuque, Iowa’s historic Millwork District, Interest income Loans $63,278,209 $52,737,320 to serve as the Dupaco Operations Center. Investments 14,574,547 16,627,938 We left no stone unturned in our analysis, which Total interest income 77,852,756 69,365,258 Interest and dividend expense 18,949,511 13,215,741 considered a multitude of factors. Net interest income 58,903,245 56,149,517 We determined the Dupaco Voices Building ultimately will Provision for loan losses 6,112,151 7,825,414 provide the most economic value to our member-owners, Net interest income after provision for loan losses 52,791,094 48,324,103 offer the best experience for current and future employees, Other income 35,002,640 28,564,765 and have the greatest positive impact on our community. Operating expenses 63,470,115 53,682,462 ** As an advocacy organization, Dupaco is the voice NET INCOME $24,323,619 $23,206,406
** Beginning January 1, 2019, a new Financial Accounting Standards Board pronouncement required the credit union to recognize $7,684,000 in unrealized gain on equity investments in for members’ economic and social well-being. As a addition to the above 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. cooperative union of member-owners, Dupaco unites *Unaudited. and amplifies the voices of more than 125,000 people. The Dupaco Voices Building is rooted in the downtown HOW INCOME DOLLARS ARE SPENT neighborhood where the credit union began. Dupaco MEMBER BENEFITS* EXPENSES D B represents the voices of the past—as it’s the very C A Dividends paid to members 15.3% E Loan losses 5.4% neighborhood where hardworking meatpackers lived, A E played and raised families. B Member giveback 4.4% F Operating expenses 20.3% H C Community growth/enrichment 1.0% G Salaries and benefits 28.4% It’s the place where, in 1962, sawdusted millworkers F D H who were members of Quality-Bilt Credit Union joined G Reserves 21.1% Occupancy 4.3% the swelling ranks of Dupaco Employees Credit Union. *42¢ of every $1 earned went toward member benefits during 2019. Dupaco represents the voices of the present as we work in lockstep every day with our members and partners to OTHER STATISTICS make a positive difference in the lives of people and the communities we serve. We are the voice of community Equity/Asset Ratio: 15.88% Membership: 125,321 partnerships and initiatives, which align and support the % Increase $ Increase % Increase $ Increase credit union mission. Assets 10.71% $181,761,645 Loans 12.58% $141,662,777 As a member-owned, democratically controlled cooper- Deposits 13.47% $180,772,953 Membership 9.99% — ative, Dupaco has no profit motive to sell and leave our community. The credit union represents the voices of the future as we continuously innovate to meet the evolving ASSETS* DEPOSITS* needs of our membership. $1,800,000,000 $1,400,000,000
Dupaco reinvests in the cooperative and the communities $1,600,000,000 $1,300,000,000 it serves to sustain its positive impact. $1,400,000,000 $1,200,000,000 By leaning on the lessons of our founders and working $1,200,000,000 $1,100,000,000 with our current member-owners, we are establishing a $1,000,000,000 $900,000,000 $800,000,000 stronger tomorrow for your credit union. $700,000,000 $600,000,000 When renovations are complete and the Dupaco $500,000,000 $400,000,000 Operations Center opens in late 2020, the first and $300,000,000 second floors will feature a mix of retail, entertainment 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 and community space—allowing us to align the building’s MEMBERS* LOANS* use with other community priorities. 120,000 Thank you to our hardworking, volunteer board of $1,200,000,000 100,000 directors for its continued leadership and guidance, $1,000,000,000 always keeping the best interest of members top of mind. 80,000 $800,000,000 We are excited about this next chapter, and I look forward 60,000 $600,000,000 to continuing to work with you. 40,000 Thank you for your ongoing membership and for 20,000 $400,000,000 trusting Dupaco to be your financial home. Cooperatively yours, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
*Through December 2019. 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.
Bob Wethal, Chair of the Board 6 7
JUNE JULY
• Partnered with First • Forbes ranked Dupaco a At Dupaco, one of our guiding principles is to maintain a high level of social responsibility, community involvement and good corporate citizenship. dupaco.com/events Community isCommunity our Trust to top credit union in America.middle name Dupaco’s 520 employees volunteered more than 6,700 hours to support 830-plus area nonprofit organizations—and donated more than $209,000 facebook.com/dupaco sponsor a free seminar • Sponsored Meet Me at to nonprofits in 2019. They also volunteered their expertise by serving on 160 nonprofit boards and committees. on estate planning for the Market at NewBo City twitter.com/dupaco members in Waterloo. Market in Cedar Rapids. • Sponsored CycleFest • Hosted DoPACK member MAY at NewBo City Market pool parties at the Aquatic in Cedar Rapids. Center in Dyersville, Flora • Kicked off the Dupaco • Sponsored Dupaco Night Pool in Dubuque, Marion Great Credit Race for with the Cedar Valley Pool in Marion and Carroll young participants to build CourtKings, a Minor League Aquatic Center in Carroll. APRIL their credit scores from 0 basketball team in Waterloo. • Sponsored Dupaco to as high as possible in • Coordinated Community- DoSPACE at the Dubuque • Dupaco staff visited the six months. Iowa State Capitol in Des Wide Garage Sales in County Fairgrounds, a Moines to join hundreds of • Launched Dupaco’s new Waterloo and Carroll, Iowa. hands-on, interactive space Iowa credit union members website, with a simplified • Sponsored the Jackson for children to play, create advocating for credit design, enhanced navigation County Pro Rodeo in and explore. unions during discussion and new features to offer Bellevue, Iowa, offering • Sponsored Dock Dogs OCTOBER of the legislative tax issue. even more ways to know members discounted tickets. at the Cedar Rapids and grow your money. • Participated in Money • Sponsored a performance Freedom Festival. • Dupaco employees and JANUARY Smart Week, with staff • Partnered with First of Music in the Gardens, a • Invited members to their families joined in the volunteering at Scout Night Community Trust to free event held on Sundays branches for ice cream annual Halloween parades • Kicked off Thank Use to in Dubuque, Cedar Rapids sponsor a free retirement at the Dubuque Arboretum sandwiches for an annual in Asbury, Dubuque and reward members for their FEBRUARY and Waterloo to promote planning seminar for & Botanical Gardens. member appreciation as Galena. NOVEMBER active participation in the financial education. members in Dubuque. Dupaco celebrated 71 years • Sponsored the Kids credit union. • Offered members reduced • Several employees • The Great Credit Race ticket prices for Dupaco • Promoted community • Sponsored Union Dubuque participated in the annual of serving members. Fall Festival in Galena, ended with a first-place • Sponsored a discount Nights during the Cowbell and thrift by coordinating Football Club, a men’s soccer Run4Troops marathon relay, • Hosted a free family providing kids’ activities winner and a two-way tie ski day for members at Cup rivalries of United MARCH Community-Wide Garage club affiliated with the a charity supporting area fun area at the Delaware before the Halloween for second. Chestnut Mountain Resort United Premier Soccer Parade. States Hockey League Sales in Dubuque and military, at Heritage Trail County Fair in Manchester, • Partnered with First in Galena, Ill. games between the Cedar • Sponsored a skate party Manchester, Iowa. League. Members received in Dubuque County, Iowa. treating families to • Partnered with First for DoPACK members and 20% off ticket purchases Community Trust to • Partnered with the Rapids RoughRiders, the Participants could register • Supported the Cedar complimentary water, SEPTEMBER Community Trust to sponsor a free seminar Grout Museum District in Waterloo Black Hawks and their families at Skate sale locations and search and 10% off merchandise. balloons and kids’ activities. sponsor a free estate- Country in Asbury, Iowa. Rapids Farmer’s Market • Brewpaco returned to on retirement planning Waterloo, Iowa, to offer the Dubuque Fighting listings at no charge. • Coordinated Community- by partnering with iHeart • Sponsored the annual and retirement-planning for members in Dubuque. members free admission Saints in Cedar Rapids, • Sponsored a special Wide Garage Sales in the tap at 7Hills Brewing seminar in Cedar Falls. • Dupaco received a Media and providing Music in the Park festival Co. The seasonal Belgian • Sponsored the “Arthur January through May. Waterloo and Dubuque. screening of the documentary CUNA Human Resources & Platteville and Cedar Rapids. reusable shopping bags in Asbury, a free family • A record 58,665 “Broke, Busted & Disgusted” Whitbier honors the credit Geisert Tall and Not-So- • Partnered with the • Partnered with First Organizational Development • Some ambitious to attendees. event featuring a variety union’s upcoming move to members received more Tall Tales” exhibit at the Creative Adventure Lab Community Trust to sponsor at Kirkwood Community Council Excellence Award employees participated in of music, entertainment, than $3.6 million in Thank College in Cedar Rapids. • Sponsored Dupaco Race Dubuque’s Millwork District. Dubuque Museum of Art, in Dubuque, Iowa, to offer free seminars on estate for its new employee- National Bike to Work Week. Night at Hawkeye Downs food, children’s games Use dividends—and were offering free admission members free Discovery Lab planning for members in • Offered members onboarding program. and family activities. • Partnered with First treated to cookies at • Sponsored annual in Cedar Rapids with KKRQ Community Trust to sponsor for members. admission the first Sunday Dubuque and Waterloo. discounted tickets to • Dupaco was presented Safety Rules Bike Rodeo 100.7 Studios, supplying • Sponsored two branches on International of every month. “Stuart Little” at the a free estate-planning Credit Union Day. • Offered members • Dupaco Financial Services the Stop the Stigma award to promote bike safety to free tickets to members at performances of “The AUGUST seminar in Dubuque. discounted tickets to • Offered members a $15 presented “Social Security: University of Dubuque’s as part of Lutheran Services children in Dubuque. the Manchester and Cedar Wind in the Willows” for • Offered free on-site Heritage Center. • Sponsored “Lion King Jr.” • Partnered with Town “The Jungle Book” at the discount for trips booked Know Your Options. in Iowa’s annual Changing • Sponsored the Boy Rapids branches. members and their families healthcare assessments University of Dubuque’s with Midwest Bus Trips. Maximize Your Benefits,” • Sponsored BestFest, Minds Mental Health at the Bell Tower Theater. at the Grand Opera House Square Media, Operation: for Dupaco staff and their Scouts Annual Mother’s • Sponsored two in Dubuque, including a New View Community Heritage Center. • Offered members a free seminar for an annual fundraiser Resource Fair. Day Pancake Breakfast in performances of “RENT • Partnered with First spouses. members, in Dubuque. for Hospice of Dubuque. $5-per-ticket discount Action Agency and Courtesy • Offered a poster contest DECEMBER discounted tickets to • Partnered with First Dubuque, serving as an School Edition” for members Community Trust to to members. Cleaners & Coin Laundry • Teamed up with for DoPACK members, “Snow White and the • During Dupaco’s 70th • Dupaco staff and Community Trust to offer official ticket outlet. and their families at the Bell sponsor a free estate- Bloomsbury Farm in Atkins, • Offered members • Sponsored Dupaco Night to provide more than 1,000 encouraging them to Seven Dwarfs” at the Annual Membership families participated in Legacy Planning one-on-one • Adventures with Tower Theater in Dubuque. and retirement-planning donated winter garments Iowa, and Deal’s Orchard illustrate how they give discounted tickets to “A University of Dubuque’s Meeting, Steve Chapman, the Dyersville, Iowa, sessions at these branches: seminar in Galena. with the Bucks baseball in Jefferson, Iowa, to Christmas Carol” at the #FlatDollar contest began • Held Dupaco Voices game in Waterloo. to tri-state area children in back and help others. Heritage Center. Ron Meyers and Renee St. Patrick’s Day Parade. Cedar Rapids Williams for DoPACK Kids Club Archway Opening to • Dupaco staff announced need as part of the annual offer members admission Winners were invited to the University of Dubuque’s • Partnered with First Poppe were reelected to • Sponsored Everyday Boulevard, Dyersville and members. Participants celebrate the power of art the annual Great Cardboard • Sponsored Family Fun Coats for Kids program. specials during the month. National Philanthropy Day Heritage Center. serve three-year terms on Marion, Iowa; Platteville, Days at Chestnut Mountain Community Trust to offer Heroes in Dubuque, an shared photos of their to transform and connect Boat Race to benefit the • Sponsored Bloktoberfest • Dupaco Financial Services luncheon at the Grand River • Partnered with First Legacy Planning one-on- the credit union’s volunteer American Red Cross event Wis; and Galena. adventures with a cutout community at Dupaco’s Four Mounds Foundation’s Resort in Galena. presented “Social Security: Center in Dubuque. Community Trust to offer board of directors. in Dubuque’s Millwork one sessions at the Cedar that recognizes area citizens • Partnered with First of Dollar on Facebook for future operations center in Housing Education and • Sponsored Market District, presented by Be Know Your Options. • Selected student artwork Legacy Planning one-on- Falls, Iowa, and Waterloo • Sponsored the Iowa who display acts of heroism. Community Trust to a chance to win prizes. Dubuque’s Millwork District. Rehabilitation Training After Dark in downtown a Decent Human and 7Hills Maximize Your Benefits,” to be used in Dupaco’s one sessions at the San Marnan branches. Public Radio Party at the • Dupaco received three sponsor a free retirement • Awarded Dupaco R.W. • Received the Economic program in Dubuque. Cedar Rapids. Brewing Co. Attendees a free seminar for members corporate Thanksgiving Dyersville, Galena and • Offered members 35% off Park at the Electric Park Diamond Awards from planning seminar for Hoefer Foundation college Impact Award for reinvesting • Recognized as one of the • Dupaco employees and enjoyed craft and domestic in Dubuque. card. Artwork was Platteville branches. admission to the National Ballroom in Waterloo. the Credit Union National members in Waterloo. scholarships to recognize in Dupaco’s downtown 10 “Top Performing” credit their families converged at beers, live music, food • A record-setting $5.2 submitted by students of • Employees and their Mississippi River Museum • Offered members Association Marketing • Offered members 16 high school students roots with the revitalization unions in the United States Eagle Point Park in Dubuque vendors, adult games, million saved throughout Hoover Elementary School families made holiday & Aquarium in Dubuque discounted tickets to the & Business Development discounted tickets to “The for their scholastic standing, of the historic building with the Crystal Performance for a picnic. kid-friendly activities and the year with Dupaco’s in Dubuque, Dupaco’s cards to be distributed on the second Sundays of Coors Banquet Bull Riding Council in recognition of Magic School Bus: Lost in extracurricular activities, formerly known as Voices Award, presented by • U.S. Rep. Abby Finkenauer a skateboard tournament Holiday Club accounts partner in education. while caroling at Dubuque- January through April and Classic at the McElroy creative excellence and the Solar System” at the personal essays and during the Dubuque Area Raddon Financial Group. and former U.S. Rep. with Olliewood Action Sports. was paid out to 5,193 • Awarded two compli- area nursing homes during November and December. Auditorium in Waterloo. outstanding results in University of Dubuque’s financial need. Chamber of Commerce • Joined the CO-OP ATM and current Credit Union • Named one of Iowa’s participating members. mentary memberships to a card-creation workshop. • Dupaco Insurance • Sponsored Venture credit union marketing. Heritage Center. • Offered discounted tickets annual meeting. Network. Members can now National Association Top Workplaces by The • Sponsored Venture Key City Creative Center in • Employees sponsored Services was listed as a School at Dubuque’s • Dupaco R.W. Hoefer • Hosted BizMix with to Adventureland Park in • Sponsored Cock-a- use their Dupaco MoneyCards President/CEO Jim Nussle Des Moines Register, School at Dubuque’s Dubuque and announced a several area families Top 50 producing agency in Creative Adventure Lab to Foundation provided the Marion Chamber of Altoona, Iowa, and Lost Doodle Zoo & Sandbox fee free at 30,000-plus joined Dupaco for a tour of ranking among the top 10 Creative Adventure Lab to Dupaco member discount experiencing hardships by the United States by Auto- help entrepreneurs pursue $45,000 in first-time home- Commerce at Dupaco’s Island Water Park in at the Linn County Fair ATMs at participating the historic Dupaco Voices companies in the midsize help entrepreneurs pursue of 20% off KCCC donating and purchasing AOwners Insurance Group. their dreams. chronologybuyer grants to members. Marion Learning Lab. Waterloo to members. in Central City, Iowa. financials nationwide. Building in Dubuque. employer category. their dreams. memberships. Christmas gifts for them.
Dupaco received the Stop the Stigma Employer Award on April 16 during Lutheran Services in Iowa’s annual Changing Minds Mental Health Resource Fair in Dubuque, Iowa. The award recognizes an area business that takes proactive efforts to support its employees’ physical and mental Dupaco staff hand out balloons at the credit Dupaco staff compete in a Minute to Win It challenge during the Dupaco Family Key City Creative Center owner Tim Hitzler gives Matthew Kane, of Dyersville, Dupaco staff help with the credit union’s prize wheel during Dupaco well-being. union’s free Family Fun Zone at the Delaware Dupaco’s #FlatDollar contest winners Liam, 10, and Evan, 7, took their Picnic on Aug. 11 at Eagle Point Park in Dubuque, Iowa. More than 500 staff and Iowa, and Samantha Schultz, of Dubuque, Iowa, a tour. Kane and Schultz Night at the Waterloo Bucks versus Eau Claire Express baseball County Fair in Manchester, Iowa, on July 10. Flat Dollar to Yosemite National Park in California while vacationing. In their family members attended. (M. Jungers/Dupaco photo) were awarded memberships to the center to develop skills and training, game Aug. 10 in Waterloo, Iowa. From left: Derek Koppes, Kelsey (M. Jungers/Dupaco photo) September, the family used the free tickets they won and enjoyed a trip thanks to a partnership between the Dupaco R.W. Hoefer Foundation, Dupaco Nilges, Katey Hackett, Nicole Erickson and Majda Karajic. to Adventureland Park in Altoona, Iowa. (S. Paruch photo) and the Dubuque makerspace. (E. Kress/Dupaco photo)
Dupaco member Clancy Herrington, of Cedar Rapids, Iowa, hosts a sale during Dupaco’s Community-Wide Garage Sale in Cedar Dupaco President and CEO Joe Hearn (left) and Chief Marketing Officer Dave Bike Safety Rodeo participants take a break with Dupaco’s Dollar the Dog during Rapids on May 11. Dupaco sponsored six Community-Wide Garage Klavitter bike to a meeting in Dubuque’s historic Millwork District. Dupaco staff the May 18 event in Dubuque, Iowa. Rainy weather moved activities indoors—but The Dupaco board of directors takes its annual oath of office following the 70th Annual Meeting of didn’t stop the fun! (M. Vize/Dupaco photo) Dupaco member Carter Brant, 12, of Dubuque, Sales in 2019, with more than 900 sales listed for free publicity have learned that a bicycle is often the most efficient and economical way to a Iowa, put his Thank Use cash toward his the Membership on Feb. 24 at the Peosta (Iowa) Community Centre. (D. Klavitter/Dupaco photo) both online and in printed directories. (B. Kaplan photo) meeting, especially in downtown Dubuque. (D. Klavitter/Dupaco photo) college fund. (M. Blondin/Dupaco photo)
From left: Dupaco’s Philanthropy Day coloring contest winners Tucker, Nora Dupaco’s Lori Oberhoffer and scholarship Dupaco’s Vanessa Douglas tests the expanded fee-free CO-OP ATM Jessica Pfohl Paisley, owner of PS Styling and participant in Iowa Venture and Evangeline were recognized Nov. 14 during the National Philanthropy Day recipient Chelsea Davis, of Dubuque, Iowa, network at Dupaco’s live video teller in Galena, Ill. (A. Houy/Dupaco photo) School, presents her idea to expand an existing business into commercial style luncheon at the Grand River Center in Dubuque, Iowa. Their artwork illustrated connect May 20 after an awards ceremony Members of Dupaco, the credit union’s board of directors and staff join the community June 13 to Dupaco staff enjoy the DoPack pool party July 14 at the Carroll Aquatic services on Nov. 21 in Dubuque, Iowa. Venture School is an endeavor supported how they give back and help others. (E. Kress/Dupaco photo) at Hempstead High School in Dubuque, Iowa. celebrate the reveal of the Dupaco Voices Archway in Dubuque, Iowa. (DreamCatcher Productions photo) Center in Carroll, Iowa. by the Creative Adventure Lab and Dupaco. (J. Hanniford/Dupaco photo) 8 2019 ANNUAL REPORT
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Your Dupaco branch guide |1| Aaron Plein @ Hillcrest Rd. |5| Leslie Biver @ Key West |9| John Heavens @ Williams Blvd. SW |12| Megan Redmond @ Cedar Falls |16| Kelly Ruegnitz @ Manchester 3299 Hillcrest Rd. | Dubuque, IA | (563) 557-7600 2245 Flint Hill Dr. | Dubuque | (563) 557-7600 3131 Williams Blvd. SW | Cedar Rapids | (319) 366-8231 3301 Cedar Heights Dr. | Cedar Falls, IA | (319) 277-3940 1200 W. Main St. | Manchester, IA | (563) 927-6187 |2| Abby Scherrman @ Pennsylvania Ave. |6| David Schick @ Inside Hy-Vee |10| Tonya McGlaughlin @ |13| Kathy Steffes @ Carroll Learning Lab |17| Jo Roling @ Platteville 3999 Pennsylvania Ave. | Dubuque | (563) 557-7600 400 S. Locust St. | Dubuque | (563) 557-7600 San Marnan Learning Lab 503 W. Hwy. 30 | Carroll, IA | (712) 792-1735 1100 E. Business Hwy. 151 | Platteville, WI | (608) 348-4499 1946 Schukei Rd. | Waterloo, IA | (319) 234-0381 |3| Luke Wilkerson @ Asbury |7| Eric Gilmour @ Marion Learning Lab |14| Jim Klostermann @ Dyersville |18| Spencer Smith @ Peosta Learning Lab 5865 Saratoga Rd. | Asbury, IA | (563) 557-7600 5970 Carlson Way | Marion, IA | (319) 366-8231 |11| Scott Mangin @ W. Mullan Ave. 807 9th St. SE | Dyersville, IA | (563) 875-2795 185 Peosta St. | Peosta, IA | (563) 582-2805 218 W. Mullan Ave. | Waterloo | (319) 235-0381 |4| Kevin Weber @ Sycamore St. |8| Jim Doyle @ First Ave. |15| Andrew Houy @ Galena Toll Free: 800-373-7600 1465 Sycamore St. | Dubuque | (563) 557-7600 110 35th St. Dr. SE | Cedar Rapids, IA | (319) 366-8231 11375 Oldenburg Ln. | Galena, IL | (815) 777-1800 dupaco.com/locations The Midwest Girl: Dupaco believes in us DUBUQUE, Iowa—Sisters Marissa Hoffmann and Marah And they knew they wanted Dupaco by their side as “You just don’t forget kindness, and that’s always Odgers have always been proud of their Midwest roots. they continued to grow. shown to us at Dupaco,” Hoffmann said. “They It’s home. And through their Dubuque business, “I have banked with Dupaco since getting my first job,” believe in us and our big dreams and have never The Midwest Girl, they’ve learned how much others Hoffmann said. “It’s always a friendly atmosphere.” treated us small.” love calling it home, too. The Wisconsin natives sell The sisters turned to Dupaco’s Tanya Moore, who The store sells apparel for newborns through size t-shirts, helped them establish a line of credit. From the 3X in women’s, carrying something for every Midwest sweatshirts beginning, Moore has believed in their business, Girl. Hoffmann, of Dubuque, manages the retail and Number of Dupaco and more— provided financial guidance when needed and, like social media, while business members in 2019 5,246 all paying other Dupaco employees, patronized their store. Odgers oversees Median business loan homage to product develop- $60,000 amount as of Dec. 31 the Heartland. ment from Mt. “It truly feels like the pride runs so deep here Horeb, Wis. compared to anywhere else,” Hoffmann said. “We Consistency and resourcefulness have allowed them don’t just sell t-shirts. We share our story, and we hope to grow their brand steadily. Today, stores across the that by sharing our experiences, others can relate Midwest sell their apparel. And to keep up with the and feel their story being honored and celebrated.” growth, the sisters are moving their business to a The sisters launched their business as a boutique on bigger location in the historic Millwork District this spring. wheels about five years ago. It was a low-investment, “Being able to grow our brand and support ourselves low-risk way to test the waters, selling Midwest Girl has been one of the best moments in owning our shirts and boutique clothing at pop-up locations. business,” Hoffmann said. “And I absolutely see us By the next year, they were ready to trade their 6- SCENE IN: 2019 growing with Dupaco. The credit union has our best by-12 travel trailer for a storefront on Fourth Street, Dupaco’s Tanya Moore (left) visits with sisters Marah Odgers and Marissa Hoffmann, interest in mind always.” co-owners of The Midwest Girl, on Jan. 22 as they check out their new store location in Dubuque, dupaco.com/business furnishing their space with thrifted and gifted decor. Iowa. The store will open in the Millwork District in spring 2020. (M. Blondin/Dupaco photo)
Dupaco makes it easy for parents to teach kids the importance dupaco.com/parenting Save. Spend. Share. of saving, spending and sharing for a bright financial future. Dupaco members ages 12 and younger are automatically Kids younger than 18 years old could earn $25 by regularly Dupaco experts serve up in the DoPACK Kids’ Club, which rewards kids for saving. growing their savings in 2019 through a new Thank Use financial guidance to parents, 7,399: Number of DoPACK members, with an average category called Boost. 4,769: Number of young members tailor-made for their children’s savings balance of $895 per account who shared more than $119,000 in Thank Use financial learning journeys.
outreach and education representative. Bruce Carr was appointed member representative. Kahlan Curry was appointed service representative II. Emily Hill joined as Number of employees who were community outreach and education Erik Chaston was appointed system a CUSO accounting representative. analyst. specialist. promoted during 2019 Michelle Damme was appointed Peggy Christ was appointed lead Bill Hinton joined as a 123 member service representative II. contact center representative. systems analyst. STAFFAnnouncements from 2019 Christy Decker joined as a community Jacki Clasen was appointed lead Matthew Hostert outreach and education representative. outreach service representative. joined as a recruiting specialist. Riley Rausch joined as a financial Katey Hackett was appointed Kylie Close was appointed member TJ Houselog was appointed consumer analyst. Carroll, Iowa member service representative. service representative. lending consultant. Kendall Roemer was appointed help Jamie Svoboda was appointed Majda Karajic was appointed member Jason Davis joined as an insurance Tanner Jansen was appointed desk representative. member service representative II. service/lending consultant/operations service agent. member service representative II. Michelle Runde was appointed post assistant. Kim Digman was appointed senior Brandon Johnson was appointed closing specialist. Cedar Rapids, Iowa Cynthia Kuykendall joined as a asset recovery specialist. quality assurance specialist. Megan Rung joined as a relationship Dorothy Back was appointed member member service representative. Dan Dimitroff was appointed member Angie Jones joined as a consumer development representative. service representative II. Travis Morehouse was appointed service representative. lending representative. Marlie Russell was appointed senior Amanda Brade joined as a member member service representative. Ashlee Dirkse joined as a contact Angie Kafer was appointed virtual card services representative. service/lending consultant/operations Emily Ovel joined as a member service center representative. lending consultant. Abby Scherrman was appointed assistant. representative II. Libby Donovan was appointed senior Quincy Kalkbrenner was appointed assistant vice president, branch manager. Victor Coria was appointed Morgan Phelps was appointed lead post closing specialist. member service representative. Lynn Schmitt was appointed IRA community outreach and education training specialist. Ed Dorantes-Ortiz was appointed Mark Kaydo joined as senior vice manager. representative. Sarah Scarbrough joined as a member service representative. president, business lending. Hannah Schmitz was appointed Carrie Crane was appointed member member service representative II. Vanessa Douglas was appointed Rachel Keeler was appointed training training representative I. service/lending consultant. Tyler Schroeder rejoined as a member service representative. representative III. Scott Schuster was appointed Chris Gierut was appointed member member service representative II. Tom Draus was appointed relationship Hailee Kelleher was appointed lead member service representative II. service/lending consultant/operations Shay Simpson joined as a member development representative. live video teller. Jason Skemp rejoined as vice assistant. service representative. Jennifer Ehlinger was appointed Emily Kittle joined as a president, enterprise compliance. Michelle Wilfer joined member service representative. communication specialist. Nicolette Slaght joined as member as assistant vice president, Erin Engler was appointed assistant Marissa Kluesner was appointed service processing representative. Number of hours Dupaco invested community outreach and vice president, community outreach and member service processing Spencer Smith was appointed branch education. education manager. representative. manager. in employee training in 2019 25,371 Steph Engler was appointed member Dawn Kress was appointed senior Stacey Smith was appointed Tri-States service processing representative. member service/lending consultant. consumer lending underwriter II. Logan Airaudi was Desi English joined as a member Lisa Kruser was appointed member Yesica Soria was appointed consumer Jillane Gilmour rejoined as a appointed member service service representative. service representative II. lending representative. consumer lending underwriter. representative. Tara Ernst was appointed fraud Mariko Kurobe was appointed Alex Stedwell joined as a support Morgan Guns was appointed member Chayce Alexander was appointed services representative. member service/lending consultant/ specialist. service representative. IT support specialist. Ryan Fitch was appointed member operations assistant. Johnathon Stevens was appointed Jill Kunde was appointed member Morgan Anstoetter joined as a service/lending consultant/operations Jessica LaBee joined as a contact systems analyst supervisor. service representative. member service representative. assistant. center representative. Caitlyn Tekippe was appointed Traci Nichols was appointed IRA Nick Baal was appointed assistant vice Ellie Flores joined as a consumer Kaylee Larsen was appointed member consumer lending consultant. representative. president, credit administration. lending representative. service representative. Joy Thompson joined as a contact Jennifer Olmsted joined as a member Sam Bartholomew was appointed Liz Francomb joined as a consumer Miles Launspach joined as a contact center representative. service representative II. teller service supervisor. lending consultant. center representative. Jeff Tschiggfrie was appointed BSA Alex Pluemer was appointed member Matt Bell was appointed software Schavone Frommelt joined as a Sean Loberg joined as a marketing compliance specialist. service representative II. developer II. contact center representative. analyst. Zoe Vaassen joined as a member Jalyse Schwahl was appointed Mysti Bennett joined as a contact Jake Gerber was appointed member Tyler Loucks was appointed support service representative. member service representative. center representative. service representative. specialist. Nicole Vandendriessche was appointed Katie Stocker was appointed member Brooke Bergfeld was appointed Jeffery Glass joined as a member Melissa Maas was appointed member service representative II. service representative. junior credit analyst. service/lending consultant/operations senior financial services registered Jenna Veach was appointed indirect Sarah Tadych was appointed member Alaina Bigler was appointed insurance assistant. administrative assistant. lending specialist. service representative. services representative. Jill Gogel was appointed assistant Katie McClain was appointed human Tony Viertel was appointed Nolan Timp joined as a member Leslie Biver relocated as an assistant vice president, fraud services. resources manager. community outreach and education service representative. vice president, branch manager. Trish Goodwin was appointed Tim Newman was appointed IRA representative. Andrea Vogel was appointed member Mallory Blondin was appointed lead member solutions consultant. representative. Kevin Weber relocated as an assistant service representative II. content developer. Anthony Gutierrez joined as a Kyle Niensteadt joined as a vice president, branch manager. Steve Wallace was appointed virtual Kari Booth was appointed post closing contact center representative. relationship development specialist. Tracy Weiler was appointed contact lending consultant. representative. Cam Hall was appointed outreach Shannon Oliver was appointed center representative. Sam Weese joined as a member Jess Bradford was appointed service representative. member service processing Justin Widmyer joined as a mortgage service representative. accounting representative. Natalie Hayes joined as a mortgage representative. servicing representative. Hannah Brehm was appointed lending processor. Shelby Papenthien was appointed Luke Wilkerson was appointed branch Cedar Valley, Iowa member service representative II. Natasha Heeren was appointed training specialist. manager. Megan Andermann was appointed Jennifer Breitbach was appointed member service representative. Sarah Paulson was appointed Jamie Wille was appointed human member service representative II. training manager. Catlin Heiar was appointed mortgage consumer underwriting supervisor. resources specialist. Kathy Anderson was appointed Olivia Burger was appointed business servicing representative. Samantha Plummer was appointed senior accounting specialist. lending consultant. Barb Hellmann joined as a workflow member service representative. Becky Beschorner was appointed Emma Burkart joined as a member design specialist. Jasko Porcic joined as a relationship assistant vice president, community service representative. Brandi Henneke joined as a closing development specialist. dupaco.com/StaffUpdates 2019 ANNUAL REPORT 9 What did you save for in 2019? Dupaco continues to help you save for what matters most Save on, members! to you—and pay you more in interest along the way. $202 As prime interest rates steadily Average savings per deposit product at declined in 2019, your credit Dupaco compared to area banks union continued to have your best interest in mind. Deposit 9,178 rates on Dupaco’s savings Number of members enrolled in accounts held steady as ChangeUp savings in 2019 many financial institutions lowered theirs. $1,258,297.65 By using direct deposit or Total saved through ChangeUp automatic transfers, you can transfers in 2019 save even more toward your goals with a variety of tools: Money market 8,104 Number of Dupaco accounts with accounts: Make money on automatic savings transfers in 2019 your saved money with one SCENE IN: 2019 of Dupaco’s money market Dupaco’s Majda Karajic (left) visits with member Porcha Fields, of Cedar Falls, Iowa, on Sept. 12 at Dupaco’s Mullan Avenue branch in Waterloo, Iowa. Karajic helped Fields open a Launchpad savings account to establish and grow her retirement savings. (B. Pollock photo) accounts, Investor’s Choice $5.2 million and High-Yield Savings. Account Record amount saved by 5,193 members through Holiday Club accounts in 2019 balances are tiered, which which launched in 2019. into your savings account. $1,000, you can move your means the more you save, Holiday Club: Save Term-share certificates: savings into an Individual the more you earn. 5,684 year-round for holiday gift Earn above-average rates when Retirement Account. You-Name-It Savings Number of Dupaco IRA plans as of Dec. 31 purchases. you commit to saving for a few Ready to review your accounts: Create as many ChangeUp Savings: months or a few years. savings strategy? Call Dupaco as you’d like—for expenses, Have your “loose change” Launchpad: Establish and at 800-373-7600, ext. 206. projects, you name it! customized plan to reach from debited purchases grow retirement savings at Savings Goal: Create a your goals with Savings Goal, automatically deposited your pace. Once you’ve saved dupaco.com/save Navigating cost of college every step of the way Education Scholarships Extra Credit Student Loan Student loan refinance Dupaco’s online resources show you how to create a plan to pay for In 2019, the Dupaco R.W. Hoefer Foundation College Scholarship This loan provides college students with funding to Eligible borrowers can refinance existing private college. In March, the credit union sponsored a screening of the Program awarded $32,000 in student scholarships. cover gaps left by other types of aid. or federal student loans. documentary “Broke, Busted & Disgusted” in Cedar Rapids, Iowa. dupaco.com/ExploreYourOptions
Helping members stop fraud in its tracks As a Dupaco member, you have a variety of tools to keep your financial information safe:
eNotifier alerts help you stay on top of Card Security lets you disable your your account activity. Dupaco cards in Shine Online and Mobile Bright Track gives you free access to your Banking if they’re lost, stolen or compromised. full credit report and score. Two-step verification helps prevent fraud- Dupaco’s credit and debit cards help sters from accessing your account in Shine— reduce counterfeit-card production and provide even if they manage to get your password. another layer of protection when used with Family ID Restoration helps you and SCENE IN: 2019 mobile wallets. your family recover from identity theft. Dupaco member Sue Olsen, of Dubuque, Iowa, said Dupaco’s fraud services team listened to her concerns about buying a campervan she had agreed to purchase sight unseen—and offered her a way out of the sale. Ultimately, Olsen bought the vehicle, but is grateful for a credit union that always has her back. Also pictured: Olsen’s dog, BB. (M. Blondin/Dupaco photo) Notes bearing interest |1| Leslie Alvarez, lead community |4| Claire Cook, senior deposit |9| Katie McClain, human resources from Iowa to create new ways to improve award recognizes and honors an area outreach and education representative, operations representative, received her manager, graduated from the Dubuque how credit unions provide financial business that takes proactive efforts to was elected board president of the Cedar Accredited Automated Clearing House Area Chamber of Commerce’s Leadership well-being to their members. support its employees’ physical and Valley Chapter of Credit Unions. Credit Professional certification. Dubuque program. She completed the |14| Karan Sieverding, graphic mental well-being. unions in the chapter offer members |5| Michelle Damme, member 10-month program to enhance her designer, was chosen to “Crash” the |16| During the Dubuque Area monthly meetings on education, political service representative II, was awarded leadership skills, build relationships and Credit Union National Association Chamber of Commerce annual meeting, advocacy and networking opportunities. the Dupaco Donald R. Meyers Advocacy learn more about the impact of economic Marketing & Business Development Dupaco received the Economic Impact |2| Brenda Atkinson, IRA specialist; Award and earned a scholarship to development in the community. Council Conference. Trudy Vokac, Award for its revitalization of a historic Sam Bartholomew, teller service participate in the Credit Union National |10| RJ Montes, vice president, senior accounting specialist, was building slated to become the credit supervisor; Amanda Brade, member Association Government Affairs regional branch services, attended the chosen to “Crash” the CUNA CFO union’s new operations center. Former service/lending consultant/operations Conference in Washington, D.C. international John Maxwell Certification Council Conference. The program allows Dupaco president and CEO Bob assistant; Mara Coomes, member |6| Joe Hearn, president and CEO, training program to become a certified young credit union professionals to Hoefer received the Chairman’s Award. service representative II; Tara Ernst, was inducted into the Credit Union leadership coach, trainer and speaker. also participate in separate growth |17| Dupaco Insurance Services fraud services representative; Morgan Executive Society Hall of Fame at the He will share the knowledge he gained by opportunities. Dupaco teams received was listed as a Top 50 producing agency Guns, member service representative; society’s CEO/Executive Team Network. holding workshops for Dupaco employees. these CUNA awards: Marketing in the United States by Auto-Owners Ali Hunzeker, lead member service The Hall of Fame recognizes a lifetime of |11| Montes and Dupaco board received three Diamond Awards from the Insurance Group. CUNA Marketing & Business Development representative; Lisa Mueller, contact achievement and dedication to the credit member Andy Schroeder were dupaco.com/StaffUpdates center quality assurance specialist; Lexi union movement. named 2019 Rising Stars by the Council Conference. The awards recognize | | Newman, lead member solutions 7 David Klavitter, chief Dubuque, Iowa, Telegraph Herald. creative excellence and outstanding DID YOU KNOW? consultant; and Andrea Vogel, marketing officer, was named a Principal They were among 12 local young results in credit union marketing. member service representative II, Key Contact for Congresswoman Abby professionals honored in the community. Human resources and training The Des Moines Register | | received a CUNA HR & Organizational graduated from Dale Carnegie Training. Finkenauer by the Iowa Credit Union 12 Stacy Rissman, mortgage named Dupaco a Top Mueller was awarded the Human League. Principal Key Contacts build lending consultant, was selected to Development Council Excellence Award Workplace in 2019. Relations Award, and Coomes received relationships with members of Congress “crash” the Iowa Mortgage Association for the “Welcome Aboard—Dupaco Employees feel empowered the Highest Achievement Award. and staff, and travel to Washington, D.C., Conference. The program allows crashers Onboarding Experience” new employee |3| Becky Beschorner, assistant at least annually to lobby on issues to network, share ideas and broaden program. The award honors credit unions to make a difference and vice president, community outreach and important to the industry. their knowledge of the mortgage that exemplify excellence in human believe the credit union education, graduated from the Cedar |8| Chris Maiers, project portfolio industry. resources and training. operates by strong values, Valley Leadership Institute. The eight- manager, was recognized with the Bronze |13| Sarah Scherrman, training |15| Dupaco received the Stop encourages new ideas month program helps develop leader- Leadership Award from Junior Achievement. coordinator, was selected to the Iowa the Stigma award as part of Lutheran and informs staff about ship and community involvement for The award honors his volunteer service in Credit Union League’s 2019 Iowa Services in Iowa’s annual Changing important decisions. emerging leaders. the Dubuque community. Innovation Group. She joined innovators Minds Mental Health Resource Fair. The
2019 EMPLOYEE MILESTONES The following employees reached career milestones at Dupaco in 2019: 5-Year Employees Kathryn Fisher 10-Year Employees 20-Year Employees Donna Digman (29) Laurie Leibold (39) Retirements Erin Ambrosy Ali Hunzker Meghan Hurst Leo Costello Deb Digmann (28) Linda Maas (28) John Casel (11) Jacob Bemis Sara Meyer Angie Kafer Carrie Culbertson Chris Hearden (26) Diann Mozena (30) Patti Meyer (36) Nacole Carlyle Traci Nichols David Klavitter Steve Ervolino Joe Hearn (33) Donna Olberding (26) Lynne Millman (20) Bruce Carr Cydney Porter Jenna Mausser Melissa King Angie Heim (29) Deb Schroeder (27) Bob Nicks (21) Chris Clasen Angie Ries Amanda Willard Deb Herbst (34) Georgia Slade (26) Chris Schlosser (32) Kellie Cook Cole Schmelzer Tammy Wood 25-Year-Plus Employees Diane Kieffer (31) Pat Slattery (39) Vicky Vondran (19) Robert Daughters Kellie Schmitt Kathy Anderson (25) Kelly Klein (26) Diane Sloman (27) JoJean Decker Jason Sheehy 15-Year Employees Laurie Bell (31) John Koppes (33) Nancy Tekippe (41) Kimberly Digman Terri Smentek Carrie Kraus Julie Brehm (25) Dawn Kress (25) Kurt Wuertzer (26) Nikole Eudaley Tony Welsh Jill Rothenberger Dawn Davis (28) Nancy Laugesen (37) 10 2019 ANNUAL REPORT You can benefit from a chorus Who can benefit: Members interested in retirement-planning services. of retirement income options Who to contact: For a no-obligation consultation, contact DFS at 800-373-7600, ext. 2305, or visit dupaco.com/invest. Music can prompt the most primal responses companies usually carry a higher yield than of emotion. The same can be said of traditional CDs. Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Dupaco Community Credit Union and Dupaco investment and retirement or income planning. Single premium income annuities: Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Dupaco Financial Services, and may also be employees of Dupaco Community Credit Union. These products and services are being In some cases, relying too heavily on These provide a guarantee of specified income offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Dupaco Community Credit Union or Dupaco emotions or a favorite investment tool hinders for identified financial objectives. Be sure to Financial Services. Securities and insurance offered through LPL or its affiliates are: or restricts plans. Objectives are certainly review all aspects of these instruments. Not insured by NCUA or any other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value personal. But in order to achieve them, you Stocks, bonds and mutual funds: sometimes must step away from where you A properly diversified portfolio historically feel the most secure. provides the potential ability to draw around 4% If the objective is to provide retirement of the principal without depleting the account. income based on your needs, there are several Variable annuities with income opportunities. All of them can be held as IRA, rider: Adding a rider to an annuity might Roth IRA and nonretirement vehicles: provide a guaranteed income draw. But watch CDs: Certificates of deposit are commonly for potential fees associated with it. used as a foundation for short- to mid-term Every plan or retirement objective is unique. safety of principal with a higher yield than From helping you get started with your first typical savings accounts. investment to making decisions about your Fixed annuities: Guaranteed interest retirement, Dupaco Financial Services can help and principal investments issued by insurance you every step of the way. SCENE IN: 2019 Dupaco Financial Services’ Mike Poppen (left) and Mike Schroeder talk at Dupaco’s Pennsylvania Avenue branch in Dubuque, Iowa. (M. Blondin/Dupaco photo) DIS provides savings, Number of free insurance quotes members accessed on their own 900+ through dupaco.com/insure education to new member Average amount Dupaco members saved in annual insurance premiums in 2019 when they switched to Dupaco Insurance Services JOHNSTON, Iowa—It was Parker Dougherty’s But his appreciation for Rogers goes beyond $390 friend who encouraged him to join Dupaco last the savings she uncovered. year. The referral earned both friends $50— “Chris took the time to break everything down and kicked off a series of savings opportunities and reassure me that I was still getting every- for Dougherty. thing covered while saving money,” Dougherty Moving an auto loan to the credit union cut said. “She was very responsive and helpful.” the Johnston man’s interest rate and boosted It was the latest way his financial cooperative his monthly budget. And the automatic loan has helped him. It also earned him a bigger payments saved him time. Thank Use dividend during his first year of Then Dougherty wondered whether he could membership. save even more with Dupaco Insurance Services. While Dougherty lives 80 miles from the He connected with DIS senior insurance agent closest Dupaco branch, he remains connected Chris Rogers, who reviewed his coverage and with his credit union through Shine Online looked at multiple carriers. and Mobile Banking. The savings were significant. “Dupaco has been really easy to work with,” By moving Dougherty’s auto and motorcycle he said. insurance to Dupaco, he saved nearly $1,500 in To receive a free, no-obligation insurance quote, call the annual premiums. Not only that, but he learned Dupaco Insurance Services team at 800-373-7600, ext. 210; how a renter’s insurance policy would help email [email protected]; or visit dupaco.com/insure. him protect his possessions. SCENE IN: 2019 The savings allowed Dougherty to pay off his Dupaco Insurance Services is licensed in the states of Iowa, Illinois, Wisconsin, Minnesota, Missouri Dupaco Insurance Services’ Chris Rogers visits with coworker Jason Davis at Dupaco’s Pennsylvania Avenue branch and Arizona. Dupaco auto loan even sooner. in Dubuque, Iowa. (M. Blondin/Dupaco photo) Couple puts trust in First Community Trust PLATTEVILLE, Wis.—When Marsha Stewart partners with FCT to bring members a full retired, she had to decide which pension plan line of trust, investment, retirement and Who can benefit: Members interested in investment or estate- was right for her and her husband, Mike. wealth-management services. planning services. Without knowing what their future would bring, The Stewarts immediately felt comfortable with Contact: Call FCT at (563) 690-0029 or (319) 859-3461. the decision weighed heavily on the Platteville Liddle and have put their trust in him ever since. woman. So the afternoon before Marsha needed “We never feel like we’re taking up his time. to choose, she made an impromptu phone call. He’s very dedicated and knowledgeable, and And the conversation that followed put all we can rely on him to help us make the right of her worries at ease. decisions,” Marsha said. “He spent over an hour talking to me,” Marsha Dupaco’s partnership with FCT is one more said of her financial advisor, First Community way the Stewarts feel their financial cooperative Trust’s Jim Liddle. working for them. “Jim didn’t tell me what to do, but with his Marsha said she appreciates Dupaco’s helpful advisement, I made a sound decision on what staff, services like Shine Online Banking and to do the next day. When I got done talking to programs like Thank Use, which encourage him, I felt like a burden had literally come off them to strive to be proactive and save more. my shoulders. I’ll never forget that.” “I’ve always been pleased to be part of a The Stewarts, longtime Dupaco members, credit union,” Marsha said. “They are geared SCENE IN: 2019 first turned to FCT in 2015, when they were toward the individual, and you can feel that.” Dupaco members Mike and Marsha Stewart meet with First Community Trust’s looking for a new financial advisor. Dupaco Jim Liddle on Jan. 17 at Dupaco’s branch in Platteville, Wis. (ByWendy photo) dupaco.com/trust
SCENE IN: 2019 Dupaco member Anna Grimm, of Washburn, Iowa, and her son, Cooper, visit with Dupaco’s Jake Bemis on May 28 at the San Marnan Learning Lab in Waterloo, Iowa. After losing her husband, Grimm continued to pursue her family’s dream of homeownership. With the help of Dupaco, she did just that. (B. Pollock photo)
dupaco.com/homes 2019 ANNUAL REPORT 11 Trying to build your credit? Dupaco can help Your credit score impacts your Credit by the numbers ability to obtain financing, rent an apartment, get a cell phone and even get a job. 12 Unfortunately, understanding Number of participants in how to build and maintain that Great Credit Race in 2019 credit can seem mysterious. That’s where Dupaco’s Great 1,002 Credit Race comes in. Number of Credit Coach loans The 2019 competition helped opened in 2019 12 racers, their Dupaco coaches and observers gain a better 11,493 understanding of how credit Number of free Credit History Lessons works. And it complemented provided in 2019 Dupaco’s other credit-focused services, including Credit Coach 31,449 loans, free Credit History Lessons Number of members who received free and free Bright Track credit Bright Track credit monitoring in 2019 monitoring. SCENE IN: 2019 The six-month race ended 82% Emily, first-place winner of the Dupaco Great Credit Race, visits with her race coach, Noah Kachelski, at the Pennsylvania Avenue branch in Dubuque, Iowa. (M. Blondin/Dupaco photo) with Emily in first place with Percentage of members enrolled in Bright a credit score of 725. For her Track for 12 months who improved or efforts, she won $1,000. Second- maintained their credit score range shows that you can do it, too, Visa credit card and one-on-one card the same way since it’s place finishers Chuck and and we’re here to help,” said credit and budget coaching. been working for me so far.” Sophia both raised their scores Dupaco’s Noah Kachelski, who “It was a fun but informative to 721 and received $500. to credit or have had some coached Emily. competition,” Emily said. “I’m dupaco.com/CreditHistoryLesson “Whether you’re brand new bumps in the road, the race Each racer received a Dupaco going to keep using my credit MoneyMatch helps couple save to buy 1st home CEDAR RAPIDS, Iowa—Tired of renting, Ryan Bubenyak multiple You-Name-It Savings accounts so they could They did so in September. and Heather Staton dreamed of buying their first automatically and systematically set aside money for “Honestly, without MoneyMatch, we probably house. They wanted a home they could call their own. their expenses and saving goals. wouldn’t have been able to buy a house yet,” “I’ve never been a very good budgeter per se, and Bubenyak said. “The credit union has done a ton Number of nonprofit and community it has helped tremendously to be able to separate for us that I never thought they’d be able to do, 322 our bills into different accounts,” Bubenyak said. especially with the MoneyMatch. With any service organizations Dupaco supported in 2019 Once the couple got a handle on their budget, we use, they help as much as they can.” Douglass told them about a unique partnership But homeownership was always out of reach. opportunity to help them save for their down payment. “We had been renting for what seemed like forever,” Through the credit union’s MoneyMatch program, Bubenyak said. “We knew what we had to do, but a grant from the Dupaco R.W. Hoefer Foundation we’d never been very good at it.” matches the savings of a participant. The program When the couple moved to Cedar Rapids and helps participants purchase a wealth-building asset, joined Dupaco about two years ago, they learned an such as a home. encouraging lesson: Homeownership was possible— Once again, the couple systematically saved, with a and sooner than they imagined. predetermined amount coming out of every paycheck Dupaco’s Erin Douglass, who is Bubenyak’s sister, to fund their MoneyMatch account. After two years helped them create a budget to brush up on bill of saving—and receiving matching funds from the management. She also helped the couple create Foundation—they were ready to buy their first house.
Dupaco is certified by the U.S. Department of the Treasury as aCommunity Development SCENE IN: 2019 Did you Financial Institution. The certification provides additional tools to enhance the credit Dupaco members Heather Staton and Ryan Bubenyak, of Cedar Rapids, Iowa, play a game with their son, Declan, at their new home. (B. Kaplan photo) know? union’s long-standing efforts in low-income and underserved communities. dupaco.com/YourMoneyForGood Your home can be a powerful asset As you pay down your mortgage balance, Both types of loans are considered a you should begin to build equity in your second mortgage on your house. With both, S Which is right for you? home. It’s the part of the house that you borrow against your equity. Home Equity Loan Home Equity Line of Credit belongs to you, not your lender. Because you’re using your home as Lump-sum disbursement Withdraw funds as needed You can tap into the equity you’ve built collateral, these loans typically offer much FUND ACCESS Monthly payment stays Pay on the balance you owe; to help you: lower interest rates than personal loans or REPAYMENT Consolidate debt credit cards. the same monthly payment can fluctuate. Fund home-improvement projects Depending on your needs, one loan will TERM OF LOAN 60 months* 10-year draw period; repaid over 15 years* Pay for any other expenses. likely work better for you than the other. Fixed interest rate; Dupaco’s Variable interest rate; Dupaco’s INTEREST RATE Dupaco members have two ways to use A Dupaco expert can help you determine cooperative giveback rates apply cooperative giveback rates don’t apply their equity—through a home equity line of which one is right for you. CLOSING COSTS Homeowner pays costs Dupaco pays first $350 credit or, as of 2019, a home equity loan. dupaco.com/HomeEquity *No early payoff penalty. Dupaco is a thrifty refuge SMALL DOLLAR LOAN SNAPSHOT Dupaco helps members in a short-term pinch and coaches them to the goal LOANS $2,500 AND LESS LOANS $500 AND LESS of financial independence. That’s because the credit union is a not-for-profit Number of Loans Made 8,016 2,167 cooperative, where people are worth more than money. Average Loan Balance $1,133 $438 More than one out of four consumer loans made by Dupaco is a small-dollar Average Interest Rate 13.25% APR 11.42% APR loan of $2,500 or less. In 2019, Dupaco made 8,016 loans that were for Loan Fees Charged $0 $0 $2,500 or less. Repayment Terms Flexible Flexible Pay less when you borrow LOAN ACTIVITY In the cooperative spirit of giving back to its members, Dupaco continues to offer 2019 2018 products and services geared toward improving your financial position. Total Outstanding Loans $1,276,594,745 $1,133,916,968 Loan preapproval: Before shopping for your new or used vehicle, get preapproved Outstanding Loans as % of Member Savings 84% 84% for a loan at Dupaco so you can find a vehicle that fits both your needs and your budget. Total Loans Disbursed $916,500,000 $778,400,000 Rate reductions: To reward you for the depth of your relationship with Dupaco, a Real Estate Loans Disbursed Exceeded $348.4 million Exceeded $228.0 million bonus rate discount* is available when you apply for a new consumer loan. If your loan Consumer Loans/Lines of Credit Disbursed Exceeded $407.3 million Exceeded $372.9 million is less than 75% of the value of the vehicle or motorcycle you’re purchasing, we’ll knock even more off your loan rate! (Not applicable to boat and RV loans.) Business Loans Disbursed Exceeded $160.8 million Exceeded $177.4 million Biweekly payments: Pay off your loan sooner and save on interest charges with Total Number of Loans Disbursed 68,593 64,217 Dupaco’s free biweekly payment option. There’s no penalty for early payoff. Number of Real Estate Loans Disbursed 7,226 6,328 Dealership financing: Dupaco has partnered with dozens of auto dealerships so Number of Consumer Loans/Lines of Credit Disbursed 56,275 52,947 you can obtain Dupaco financing at the dealership**. Number of Business Loans Disbursed 5,092 4,942 Loan Delinquencies as % of Loans Outstanding 1.01% 1.17% Net Loss from Charge-offs and Member Bankruptcies $4,015,550 $5,476,446 *Rate discount is based on credit union account relationships and is subject to credit qualification. ** Subject to credit qualification and member eligibility. Delinquencies and Losses (compared to national averages) In line with national averages In line with national averages Cooperative helps member help others DUBUQUE, Iowa—Temwa Phiri has made it his lowered his monthly payments and saved him turned to Eppler for a free Dupaco Money Makeover. mission to help others. thousands of dollars in interest. The experience was empowering. “Growing up, I always had people supporting me to “It was kind of jaw-dropping,” he said. “James “Meeting with James opened my eyes to see it encourage me to do better,” the Dubuque man said. was able to help give my budget breathing room. wasn’t as bad as I thought it was. He showed me “It’s only right for me to do the same for others so they Not only did it make me feel more comfortable and where I was doing really well, and we created a plan can have the same confident with my payments, but now I can use the to continue helping me move forward,” Phiri said. opportunities I’ve extra money to invest in my business and my family.” “It’s nice having someone check in on me and make Number of free Dupaco had and more.” Most recently, feeling stuck in a financial rut, Phiri sure I’m being taken care of. I’m glad I have Dupaco.” Money Makeovers Phiri serves as a provided in 2019 4,399 community engage- ment coordinator for the city of Dubuque, connecting residents with their community. Before that, he helped at-risk youth complete their high school diplomas or GEDs. He also serves as a health coach at the business he co- owns, Mindset Nutrition, where he empowers others to live healthier, more active lifestyles. Along the way, though, Phiri realized he needed a coach, too. And he’s found one in Dupaco. “When you’re taking care of other people, you forget about yourself,” he said. “So, it’s nice to have somebody willing to take care of you, and Dupaco does a great job of that.” The financial cooperative has helped Phiri learn how to save more for not only himself but for his 1-year-old child. The father hopes to impart those same financial lessons to his son—how to save, manage his money and make his money work for him. With the help of Dupaco’s James Eppler, Phiri has saved even more by refinancing a couple of auto loans over the years. Both times, it significantly SCENE IN: 2019 Member Temwa Phiri (right), of Dubuque, Iowa, meets with Dupaco’s James Eppler during his Money Makeover at the credit union’s Hy-Vee branch in Dubuque. (M. Blondin/Dupaco photo) My impact: Real stories
A simple auto loan application turned into a deeper conversation about money One of Dupaco’s newest members now has a game plan to rebuild his Angie Ries, consumer/mortgage lending consultant at Dupaco’s with Amy Meyer, member service representative II at Dupaco’s Carroll Learning Lab. credit, thanks to his coach, Nick Neyens, member service representative Dyersville branch, had these members’ best interest in mind when II at Dupaco’s Galena branch. she created a plan to help them pay down their debt faster. CARROLL, IOWA A father and daughter stopped GALENA, ILL. DYERSVILLE, IOWA in for an auto loan after their When a new member joined Unhappy with their bank, a dealership recommended Dupaco. Dupaco, he wanted help creating couple came to me to ask about While going through the application, a plan to turn his credit around. refinancing their mortgage and I noticed the father had about $20,000 in credit card debt. His credit took a hit when life paying off some credit card debt. After talking with him about his home, I realized he might happened—family health issues, financial struggles and Refinancing would have helped, but they weren’t sure that benefit from a home equity line of credit to pay off his credit more. He’s working hard to get back on track and is extremely was the right fit for them. I told them the financial cooperative card debt. The next day, he emailed me and wanted to learn engaged in the process. offered other options. more about it. While reviewing his credit, we dug into some older trade- A Dupaco Mini-Mortgage would require them to pay a little I ran the numbers. The HELOC would help him pay off his lines, and I told him how to get those off of his report. We also more each month but help them pay off their home within cards and take his monthly payment from $560 to $150—and looked at an opportunity to pay off a collection. 10 years. And a home equity line of credit could help them save him a ton in interest. We also looked at a Dupaco To build his credit further, I helped him sign up for a Credit consolidate their credit card debt. They were thrilled to know Mini-Mortgage, which would save him more than $7,000 in Coach Loan, and we’re working on getting him approved for there was a solution that was right for them. interest and pay off his mortgage six years sooner. a Dupaco Visa credit card. The Mini-Mortgage alone will save them $23,000 in interest— Throughout the discussion, he kept asking, “What’s the The entire time he was here, he called me Coach. He is and is in their best interest. And by consolidating their credit catch?” He wondered why nobody had sent him to Dupaco invested in the process. And I fully believe that he is well on card debt with a HELOC, they’ll have more cash flow and sooner. Our new member is going forward with a HELOC and his way to repairing his credit. increase their credit scores along the way. Results may vary. Mini-Mortgage—and a brighter financial future.
Curious whether we can positively impact your financial future? Stop in to any branch, call us at 800-373-7600 or [email protected] . dupaco.com/makeover
Dupaco strives to be your lifetime financial home. Call 800-373-7600 to learn more about these services:
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Lucas Monroe Wapello Jefferson Henry Charter area Mills Montgomery Adams Union Clarke Des Moines You’re eligible to join if you live or work in one of the counties in Dupaco’s charter area, Van Buren are related to an existing member or work at Appanoose Davis Fremont Page Taylor Ringgold Decatur Wayne Lee a Dupaco Employee Group. Dupaco branch and/or live video teller locations. dupaco.com/locations