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The Farmers & Merchants State Bank can trace its beginning back to 1897 when A. J. Roach and Fred A. Seeber formed a private bank, known as the Roach and Seeber Bank. The bank was located on North Monroe Street initially and later accommodations were built just to the south of the first building. Mr. Roach was the first president and Mr. Seeber served as the bank’s cashier. Its capital stock was $2,000.00.

In 1903, the Roach and Seeber Bank was reorganized and received a state bank charter under the name Farmers & Merchants State Bank. Capital of the bank was $27,000.00, which was increased to $50,000.00 in 1912.

From 1905 until 1912, Farmers & Merchants State Bank was Waterloo’s only financial institution. In that year, the Waterloo State Bank was organized.

In 1933, Waterloo’s two banks merged and bank operations were consolidated to the Waterloo State Bank building under the Farmers & Merchants State Bank name. E.H. Fischer, president of Farmers & Merchants State Bank at the time of the merger, continued as president of the bank.

As the bank continued to grow, both in terms of total assets and number of customers served, a new bank building was constructed at 210 West Madison Street. When the new building opened in 1958, O.M. Boock was president. A Grand Opening ceremony for the public was held on December 13, 1958.
An extensive remodeling and expansion of the Waterloo bank began in 1981 with completion in 1983.
The bank celebrated its’ 100th Anniversary in 1997 and produced a commemorative newsletter “Celebrating a Century of Service” that featured old photos of the bank and staff.
As banking evolved so did the organizational structure of the bank. Changes in technology, financial products and Saturday hours led to new positions of personal banker, private banking officer, certified financial planner/retirement specialist, and credit analyst, etc.

Service continues to remain a core value of the bank. Your Partner For Life succinctly became our core purpose in 2004. All facets of our lives were recognized in the enhanced version “Your Partner…School~Work~Home~Play…For Life” in 2006.

Farmers & Merchants State Bank currently employs 40 staff members and bank officers who primarily live in the surrounding communities. William (Bill) Campbell became President in 2006.


On February 7, 1937, the Farmers & Merchants State Bank of Waterloo opened a branch office in Marshall in The Lindsey Building. The bank, which was open just three hours a day, shared the location with John Lindsey’s general merchandise store and Art Schleisner and Walter Kim’s grocery store

The bank expanded its hours and range of financial services to accommodate the growing number of customers in the Marshall area. In 1953, construction was begun on a new location for the bank at 218 West Main Street. Hundreds of people attended the Grand Opening on April 24, 1954. Over the years, the Marshall office has continued its growth and expansion with an extensive remodeling program in 1967 and again in 1976-1977.

In April of 2004, the bank celebrated the completion of yet another major remodeling project. The "new" prairie look features a fireplace in the lobby, beautiful wood and tile floors and stained glass. It is currently the Visitor Center for the town of Marshall. Many meetings and events like the annual Marshall Area Business Association Silent Auction are held in the bank lobby and community room.

Farmers & Merchants State Bank Presidents:
  • Fred A. Seeber
  • E.H. Fischer
  • Frank Motl
  • O.M. Boock
  • Viola Biehle
  • Francis A. Krause
  • William C. Jensen
  • Thomas M. Wierschem
  • William Campbell

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Farmers & Merchants State Bank
Waterloo - Marshall Wisconsin

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