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Waterloo suffered in the agricultural recession of the 1980s; its major employers at the time were heavily rooted in agriculture.
The town was later called the same, and Mullan served as the first postmaster from December 29, 1851 until August 11, 1854.
In 1948, a black strikebreaker accidentally killed a white union member as he tried to escape the striker's ire.
Instead of a race riot, a strike ensued against the Rath Company.
Since the signed petition did not include the name of the proposed post office location, Mullan was charged with selecting the name when he submitted the petition.
Tradition has it that as he flipped through a list of other post offices in the United States, he came upon the name Waterloo.
Protests were mostly organized by black youths aged 16–25.