Joe Hearn, CUES Outstanding Chief Executive, Leads Dupaco Credit Union With a Combination of “Heart and Smart”

Joe Hearn’s equation for success in the credit union industry consists of equal parts of what he calls “heart and smart.” The “smart” component requires exceptional business judgment to produce strong financial results. Hearn clearly possesses this quality, as exhibited by his performance as president/CEO of Dupaco Credit Union. Under his leadership over the past 14 years, the Dubuque, Iowa-based institution has tripled its asset size to $3.6 billion and expanded its market area from 28 to 118 counties in Iowa and the neighboring states of Wisconsin and Illinois.

Just as important to Hearn’s equation is the “heart” component. Putting the focus on “heart” has been essential to Dupaco’s mission and vision of helping members build a life worth loving while creating brighter community for all.  

“We try to enhance and advance as many people as possible financially,” said Hearn. “They can have poor credit or no credit, or they can be on the other end and own a business with significant net worth and complex needs. Whoever graces us with their presence, we aspire to serve them all with heart and smart. I think this philosophy runs throughout the credit union movement. It’s about creating a culture of caring that puts members first and people before profits.”

Hearn’s dedication to the “heart and smart” philosophy has earned him recognition as the 2025 CUES Outstanding Chief Executive. Each year, CUES awards the Outstanding Chief Executive title to a credit union professional who has provided exceptional service and made outstanding contributions to their credit union and/or the industry. While Hearn is a worthy honoree, he stressed that the award would not have been possible without the support of an exemplary staff and board.

“I don’t view this as a Joe Hearn award,” he said. “I view it as a Team Dupaco award. I’ve had such phenomenal support and experiences here at Dupaco, and I consider this a tribute to our talented board and team.”

Team Dupaco excels because of its commitment to cores values in support of its mission and vision. “Our values are ‘rooted in trust, empathetic understanding, strengthening relationships, advocating for all and investing in you’ to support our mission and vision,” Hearn said. “Trust, empathy, and relationships are the foundation because if you can get people to open up about their finances, you can do amazing things for them.”

While Hearn is reluctant to sing his own praises, those who have worked closely with him have no such hesitation in affirming his positive impact on the credit union. “The first thing that comes across from Joe is his passion—his passion for Dupaco and his passion for the credit union industry, which relates to his passion for our members and his passion for Dupaco employees,” said board chair Randy Skemp.

As a board member for 24 years, Skemp was on the selection committee that chose Hearn as the successor of long-time Dupaco President/CEO Bob Hoefer. “What impressed us about Joe was his love and commitment to Dupaco, and the fact that he’s a people person,” Skemp explained. “He’s great with people and great in the community.”

Hoefer, who regarded Hearn as his right-hand man for 25-plus years, likewise is effusive about his successor’s talents. “Joe is a dynamic person. He loves the credit union movement and the cooperative spirit,” Hoefer said. “He’s a team leader who knows how to hire people and motivate them well. He is focused on getting results and achieving success through people. He has a strong cooperative culture of service and giving back to the employees and to the community.”

Celebrating 40 Years

Dupaco’s story began in 1948, when a small group of meatpacking employees formed the financial cooperative. Since then, the credit union has grown to serve 180,000 members throughout Iowa as well as in southwestern Wisconsin and northwestern Illinois.

Impressively, Hearn has worked at the credit union for over half of its history. He will mark his 40th anniversary with Dupaco later this year. Even before becoming employed, he served two years as an intern in the marketing department while he was a business student at Loras College pursuing a double major in business management and marketing.

Upon completion of his internship, Hearn planned to pursue his MBA, but in a case of remarkable timing, the marketing director who had supervised him left Dupaco to take a job elsewhere. “On the day I was supposed to enroll at the University of Iowa, Bob Hoefer called me into his office and offered me the job,” Hearn recalled.

Hearn initially declined the offer, but Hoefer was very persuasive. Hoefer stressed how much better it would be for Hearn to postpone his MBA to gain on-the-job experience.  Recognizing the merits of this argument, Hearn officially joined Dupaco in the fall of 1986 and never left. “It’s the only place I’ve ever worked, and I wouldn’t change a thing,” he said. “It’s a wonderful organization, and I’ve had a very fulfilling career.”

After putting his MBA on hold, Hearn eventually earned the degree in 2010 from nearby University of Dubuque. In the interim, he progressed from marketing director to vice president, senior vice president, and finally executive VP of marketing. As Hoefer approached retirement, Hearn was offered the position of chief operating officer as a possible stepping-stone to the top executive role. After two years as COO, Hearn was prepped and ready to step into Hoefer’s shoes.

Over the years, Hoefer invested in Hearn’s professional development by sending him to the CUES Marketing Conference and later to CUES CEO Institute, where he earned his Certified Chief Executive designation. Hearn has followed Hoefer’s example by sending his own top people to such life-changing educational events as CEO Institute.

“Bob has had a profound impact on my life,” Hearn said. “I’ll be forever indebted to him. He was a mentor, a friend, and a coach. He molded and shaped me and advocated for me. He got me involved in the community and helped me form relationships. When he announced his retirement, I was honored that the board had enough confidence in me to have me succeed him as CEO.”

In retirement, Hoefer continues to have an impact with his involvement in his namesake organization, the Dupaco R.W. Hoefer Foundation. Established in 2011, the foundation upholds the tenets that are near and dear to Hoefer’s heart, such as homeownership, upskilling, small business development, and helping members navigate life’s unforeseen events through a hardship relief grant program.

Notable Achievements

Hearn’s tenure as CEO has been filled with challenges and opportunities. One of the greatest challenges was weathering the disruptions caused by COVID-19, but Dupaco emerged on the other side of the crisis stronger than before.

“During COVID and since that time, Dupaco has significantly elevated its game on the digital side,” Hearn said. “We’ve got more work to do, but our technology today is very similar to what you get at the large financials. I see a bright future for credit unions that can deliver on the digital side. You need great technology, but you also need phenomenal people to pull that off.”

Equally important to Dupaco’s growth has been an aggressive strategy for expanding its branch presence into new markets. In recent years, this strategy has included a mix of credit union mergers, de novo market entries, and even a bank acquisition.

“We acquired Home Savings Bank, a former savings and loan, in Madison, Wisconsin, about 90 miles from Dubuque,” Hearn reported. “We already had a long-standing branch in Platteville, but this acquisition allowed us to add two branch locations to enhance service to the thousands of Dupaco members who live and work in southwest Wisconsin.”

Dupaco also expanded into Des Moines, Iowa, where many of its members had moved in recent years. “We didn’t have a physical location there, and members were clamoring for it,” Hearn explained. “So, at about the same time we acquired the bank in Madison, we built a couple branches in Des Moines.”

With these latest expansions, Dupaco now has 22 branches and 600-plus employees. In addition to its three branches in Wisconsin, Dupaco has a branch in Galena, Illinois, and in locations spanning many communities in Iowa.

“We strive to give Dupaco a physical presence in key community hubs throughout our charter area,” Hearn said. “A lot of people won’t come into a branch, but there is still comfort for them in knowing that there is a physical location in their area. We never lose sight of the importance of interacting with the member who is sitting in front of us or connecting with them digitally wherever they may be.”

Another notable achievement under Hearn’s leadership was relocation of Dupaco’s operation center to a renovated vacant manufacturing facility in Dubuque’s Historic Millwork District, just blocks away from the credit union’s original downtown location. The project transformed a 180,000-square-foot, five-story building, sufficient space to accommodate not only the credit union’s operations on the top three floors but also a mix of retail, commercial, and community tenants on the bottom floors.

Dupaco used state and federal historic tax credits to make this ambitious project extremely cost-effective. “It was an amazing experience that allowed us to return to where the credit union started,” Hearn said.

As a board member, Skemp was impressed with how effectively Hearn spearheaded the restoration project. “Joe led the charge to move Dupaco back to this area because it was closer to our roots,” he said. “We worked with a local vendor known for refurbishing and remodeling older buildings to maintain their look and character, but we also ‘Dupaco-ized’ it to make it our own. It was in keeping with the vision of who we are and allowed us to fulfill our commitment of investing in the community.”

Hearn acknowledged that the accomplishments of the last few years required the Dupaco team to go above and beyond their normal duties. “I take pride in how our team rallied around these projects that have been so impactful to our growth and success,” he said. “None of it was easy, but I find that when times are tough, credit unions tend to shine brightest and step it up in service to members. It all comes back to heart and smart.”

Leadership Essentials

In his leadership role, Hearn follows several tenets that he believes are essential to organizational success. One of them is to practice what you preach so that employees have a model to follow in achieving strategic goals.

“I always tell the team I’m developing to ‘lead as your genuine, authentic self. Don’t try to be something you’re not,’” Hearn said. “I’m a passionate and enthusiastic leader. That’s who I am. It’s how I present myself. And I believe it aligns well with who we are at Dupaco.”

Hearn stressed that authenticity comes from being consistent and staying true to one’s values. One way to exhibit such consistency is throughout storytelling.  “I think there’s power in telling the real, authentic stories that highlight the outcomes of what we do,” he said. “We get so much tremendous feedback from our members, and it’s good to pass along the stories of how our staff is helping them as it energizes our team. In this day and age, there’s a lot of strife and consternation, but there’s goodness in what credit unions do and in the stories we tell and the positive impact we have on members’ lives.”

No matter how much Dupaco grows, Hearn stressed the importance of “thinking small” to ensure a personal connection with members. “Organizations want to be large for scale, but they still want to come across as small because connections matter,” Hearn said. “How we treat people matters. How we take care of our communities matters. You have to have a digital presence, but the basic tenets of serving the member still apply.”

Skemp observed that Hearn’s leadership has helped make Dupaco a desirable place to work, as evidenced by the credit union’s multiple appearances on the Des Moines Register’s list of Top Workplaces and its recognition as a top-rated credit union by Forbes, USA Today, and Newsweek. “Employees want to work for Dupaco, and a lot of that comes from what Joe does to make them feel welcomed,” Skemp said.

Impact Beyond Dupaco

Hearn also shows his leadership by being active in organizations that have an impact on the industry. On the state level, he has served on the boards and as chair for the Iowa Credit Union League and the Iowa Credit Union Foundation. On the national level, he served on the CUES Board of Directors, including a term as chair.

“CUES has been with me throughout my entire credit union journey,” Hearn said. “I’m a huge advocate of the organization.”

That makes it even more fitting that he has been recognized by CUES as Outstanding Chief Executive. “I think it’s a very deserving honor,” Hoefer said. “An award coming from CUES means a lot to Joe because he has been involved in the organization for so many years.”

Another meaningful honor was Hearn’s induction into the CUES Hall of Fame in 2019. Hoefer was inducted into the Hall of Fame 14 years earlier. “I think it’s noteworthy that two CEOs from the same credit union were chosen for this honor,” Hoefer observed.

Hearn also has contributed his time to civic organizations, such as serving on the board and as chair, of the Greater Dubuque Development Corp. and being active in Steeple Square, a nonprofit community development organization. Hearn’s commitment to community is a shared trait among the team members at Dupaco. Collectively, they devote thousands of volunteer hours each year to worthwhile community organizations.

In addition, Dupaco has a community outreach and education team that provides a free financial wellness program to thousands of businesses throughout its market area. The team offers financial education, coaching, and resources to employees of these businesses, regardless of whether they are a member. Dupaco team members also serve on scores of nonprofit boards and committees, furthering the efforts of organizations to lift people out of poverty and provide workforce development.

Hearn stressed that he’s proud of the Dupaco team’s outreach and advocacy efforts, noting that this type of service is imbedded in the credit union’s identity. “Included in our logo is a sunburst,” he said. “That conveys our commitment to being a bright spot in the lives of our members and the communities we serve.”

While Hearn has maintained a commitment to his work, industry, and community, he also is devoted to family. He values his wife, Trisha, as his indispensable life partner. “She’s the love of my life, and without her, I couldn’t have accomplished what I’ve done in the industry,” he said. “She is amazing and has supported me every step of the way.”

The Hearns have two college-age children—Ryan, a senior at University of Iowa, and Chloe, a sophomore at Loyola University in Chicago. In addition to enjoying time with family, Hearn spends leisure time playing golf, working out in the yard, and rooting on his favorite sports teams. He is a lifelong Cubs fan, sticking with them through their highs and their lows.

A Continuing Evolution

As Hearn prepares to start his 41st year at Dupaco, he and his team will stay focused on keeping pace with a changing industry. “Our members’ needs are evolving, and we’ve done a good job of evolving right along with them,” he said.

No matter how much the industry changes, however, Dupaco will stay committed to its mission of helping members build a life worth loving. “We intentionally put the word ‘loving’ in there because heart is an essential part of the credit union movement,” Hearn said. “That heart also exists within Team Dupaco.”

Based in Missouri, Diane Franklin is a longtime contributor to CU Management.