City Directories and History: Bank of Waterloo and General Store. The bank closed its doors in 1932.
The community of Waterloo located in the lower part of the county. County court records of the exchange or sale of land indicate the settlement’of this area during the last quarter of the eighteenth century. Especially important to the development of the community was the Anderson family that came originally from Scotland. Among the early settlers were Quakers who were in the area in numbers sufficient to warrant a visit in 1800 by a prominent leader of that faith. Because of their opposition to the institution of slavery, which was then expanding throughout the south as a result of the spread of short staple cotton, the Quakers of Waterloo migrated to Indiana in 1822. According to tradition, a man traveling through the area stopped at a well and asked permission to water his horse, Loo. This suggested to some of the people a name for the settlement and it came to be known as Waterloo.
(Information from: Names in South Carolina by C.H. Neuffer, Published by the S.C. Dept. of English, USC)
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