As the 19th century approached its end, ten local businessmen recognized the need for another local financial institution to serve the needs of the growing community of Waterloo. Pooling their capital in the amount of $25,000, these ten individuals became the first shareholders of the State Bank of Waterloo.
The first ten shareholders who organized State Bank of Waterloo on January 6, 1894, were: Jacob Maeys, H. Kuenster, Jacob Koenigsmark, George Pinkel, Charles Grosse, Jacob Oldendorph, N. Soteriades, MD, A. J. Pinkel, Charles Morrison, and William H. Horine, Sr. Serving on the first Board of Directors were Kuenster, Maeys, Oldendorph, Koenigsmark, and Grosse. Many descendants of these first shareholders are still associated with the Bank.
The first official act of the Board was to purchase the "Bersche site" at 113 S. Main Street to construct a new bank building. The Bank temporarily opened for business in the Pinkel building on North Main and H. Kuenster became the first President.
By March, 1895, assets had reached the $100,000 mark and Jacob Oldendorph was elected President in 1897. After the turn of the century, the Bank purchased 18.5 feet of land on the north side of the bank building and constructed an addition which was leased to the U.S. Post Office for several years thereafter.
A.J. Koenigsmark was elected President in 1921. The Bank purchased the assets of the State Bank of Maeystown in 1933, a tumultuous time for the banking industry while the nation was in the throes of the Great Depression. Growth continued, however, and, as the country surfaced from the challenges of World War II, the Bank reached over $1-million in assets. In his 1945 report to shareholders, President Koenigsmark noted: "The Bank has been actively identified in all War Loan Drives and has given its full cooperation toward winning the war. With strong and liquid assets, it is well-prepared to meet the problems of postwar adjustment."
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| Photo of Board of Directors January 1960: (l-r) Morris Binder, M.A. Koenigsmark, William Grosse, Sr., Dr. E.F. Stallman, A.J. Koenigsmark, J.F. Schmidt, Russell Gregson |
In 1957, the Bank became the first bank in town to offer its customers an innovative service to better meet their needs: Friday evening banking. This tradition remains with all area banks today.
Russell Gregson, a long-time Bank officer, was elected President in 1973. A 30-foot addition to the back of the bank building was also constructed that year.
In 1974, Morris Binder was elected President. Further remodeling to the Bank's building continued. The Bank held an Open House on June 20, 1976, to showcase the newly renovated office.
In 1985, the Bank became one of the first investors in the new Independent Bankers Bank of Illinois, a correspondent bank serving community bankers.
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| 2004 Board of Directors: (l-r) David Wheat, Ross Mueller, Mark Altadonna, John Huetsch, Arthur Bald, Margaret Arns, Richard Binder |
Clyde Burkhardt was elected President of the Bank in 1986 and served until 1992, when John O. Huetsch was elected President.
A walk-up window was added to the Bank's main office in 1989, further extending the Bank's service hours. In 1991 the "Wedge" Branch opened for business at 501 N. Market St., offering drive-up as well as walk-in service.
In May 2004, the Bank's North Pointe branch opened for business, replacing the Main Street branch. The modern facility features drive-up banking, a 24-hour ATM, and an inviting lobby with a coffee bar.
State Bank has a long and distinguished history of service to all of Monroe County. The tradition continues today with the Bank's active participation in funding local bond issues, community involvement with civic organizations, and sponsorship of local athletic teams.
