The State Bank of Waterloo

The State Bank of Waterloo. 113 South Main Street. , Records dating back to 1837 tell us that David Ditch, an early pioneer of Waterloo, was the original owner of this property. David Ditch is known for operating Waterloo’s first hotel and bar, called Ditch Tavern, which was about 2 blocks north of here., In November of 1870, 113 South Main was purchased by Louis Bersche Jr. who then opened Bersche’s Jewelry Store. Twenty-two years later Bersche Jr. filed bankruptcy and in 1892 the building was auctioned off by the state., State Bank of Waterloo purchased the property, known as the “Bersche Site” for four-thousand dollars from William H. Horine on February 1, 1894. The State Bank of Waterloo was organized January 6, 1894, and was chartered January 31, 1894. Charter Officers were: Hubert Kuenster, President; George Pinkel, Vice-President; Albert H. Pinkel, Cashier., That same year, State Bank tore down the existing building, and built the present building. While waiting for the completion of the new building, State Bank of Waterloo began operations in the Pinkel building in Waterloo. The new building was completed in November 1894 at a final cost of $10,360 for land, building and fixtures. The architect was St. Louisan J.L. Weiss and the contractor was Edward Distelkamp., Bersche Jewelry Store leased the southern portion of the bank’s first floor., On June 7, 1912, State Bank purchased an additional 18.5 feet of land on the north side of the building from Theodore Ruch and built an addition. At the time, State Bank did not need the space, so they leased it to the U.S. Post Office for $350 per year., In July 1920, the bank underwent an extensive remodel, which included removing the divider wall from the lobby, and the bank expanded to the entire first floor. Bersche Jewelers moved to the Masonic building next door., Many others rented space from State Bank, including Dr. E.F. Stallman and Attorney Charles Morrison., Always looking at ways to better serve its customers, in June 1957, State Bank became the first bank in Waterloo to offer “Friday Night Banking,” extending office hours late on Friday evenings., In 1973, the bank completed another remodel that also included a 30-foot addition, which was added to the rear of the building. The addition provided computer space and a board room. In 1989, the bank installed a walk-up window where people could do their banking after hours., Currently, the building is the home of engineering firm Thouvenot, Wade, and Moerchen, more popularly known as TWM. It is also home to Stifel, Nicolaus and Company, Incorporated, Member SIPC and NYSE, a financial services firm. TWM purchased the property from State Bank in June of 2004, when the bank began building a new location along Route 3.