Our History


Serving Waterloo Since 1897

Farmers & Merchants State Bank began in 1897 when AJ Roach and Fred A. Seeber formed their own private bank, called Roach and Seeber Bank. Originally located on Monroe Street in Waterloo, Mr. Roach served as the bank’s first president while Mr. Seeber served as the cashier, overseeing a capital stock of $2,000.

The bank became Farmers & Merchants State Bank in 1903 when it received a state bank charter, which brought the bank’s capital to $27,000. In 1912, the Bank’s capital was increased to $50,000. By 1933, the bank merged with Waterloo’s other bank, Waterloo State Bank, and the two banks operated under the Farmers & Merchants State Bank name under the leadership of president E.H. Fischer.

The bank expanded its operations to Marshall on February 7, 1937 when it opened a branch office in the Lindsey Building. Open just three hours a day, the Marshall bank shared the space with John Lindsey’s general merchandise store, Art Schleisner and Walter Kim’s grocery store.

Both banks expanded to their current locations in the 1950s.  The Marshall office expanded into a new building at 218 West Main Street in 1954, while the Waterloo office moved into a newly-constructed building at 210 West Madison Street in 1958 under president O.M. Boock. Both offices have had several remodels over the years, and the Marshall office currently serves as the town’s Visitor Center.

Farmers & Merchants State Bank celebrated its 100th anniversary in 1997 with a commemorative newsletter that featured old photographs of the bank and staff. There have been many service additions and technology updates over the years to ensure our customers are receiving the best and most up-to-date banking services.

Farmers & Merchants State Bank currently employs 40 staff members and banking officers, many of whom live in or around the communities we serve. William (Bill) Campbell has served as the bank’s president since 2006. 

Farmers & Merchants State Bank is a wholly-owned subsidiary of Maunesha Bancshares, Inc. To learn more about Maunesha Bancshares, Inc., visit About Maunesha Bancshares.

Farmers & Merchants State Bank Presidents

  • Fred A. Seeber: 1897-1931
  • E.H. Fischer: 1931-1949
  • Frank Motl: 1949-1955
  • O.M. Boock: 1955-1965
  • Viola Biehle: 1965-1972
  • Francis A. Krause: 1972-1980
  • Willam C. Jensen: 1980-2000
  • Thomas M. Wierschem: 2000-2006
  • William Campbell: 2006-Present