Commercial State Bank

Commercial State Bank. 101 South Main. This building as it stands today sits on combined lots, which were originally the sites of a rock residence and a butcher shop, Theodore Ruch's meat market. The meat market was a family operated business in the 1880's ran by prominent butchers Theodore, George and Anthony Ruch.

The Commercial State Bank of Waterloo organized as private bank in 1882 and was originally quartered in the Ruch building (now Gallagher's Restaurant) on Mill Street. When Theodore Ruch passed away, his son Thomas sold the building to Hugh Murphy, a co-founder and vice president of the Commercial State Bank, in 1919.

The Commercial State Bank became chartered as a State Bank in July 1920 when the State of Illinois abolished private banks. Shortly after, on October 1,1920, the bank purchased this property for $5,100.00 from Mr, Murphy. The rock residence was torn down and construction of a new building, which is the building that still stands today, was completed in 1929.

Commercial State Bank moved all operations to this location. The original two-story building featured five east windows and six north windows on the top floor. Although this building has been remodeled several times over the years, a constant has always been the eagle on the top of the building facing the east. At one time, the main bank building had second floor offices used by a doctor, Dr.Werth, a dentist, Dr.Holtz, and an attorney.

Before the bank expanded west to the alley (which occurred in 1989) that section along Mill Street was similar to what we now call a strip mall, and was home to many different shops during the mid-1900's. Closest to the corner of Main and Mill was Orrell's Barber Shop. Next to the barbershop was the Twin Shop and Kipping's Dairy Bar, which later was lone's Dairy Bar (also known as Sealtest Ice Cream). At the end was Gem Dry Cleaners. There was also Clara and Tillie Siegel's Ladies wear, The Waterloo Times, Tony Floerke's Shoe Repair and others as the businesses changed hands throughout the years.

In 1966, a natural gas leak on the north side of Mill street caused a major explosion, burning down three buildings and doing damage to many others. The glass windows of all of the buildings on Mill Street were shattered. Destruction was also caused by the fire, which was created by the explosion. Luckily, not much of the ice cream shops or neighboring businesses on the South side of Mill were destroyed and business was able to resume the next month.

The commercial State bank continued to thrive for almost 200 years until the bank was bought out by Midland States Bank in 2008. Midland States Bank closed this location in March of 2017. In July 2018, Thor Lohrberg purchased this property. After some remodeling. The Vaults Workplace, a co-working center opened in 2019.