However, the post office was not the first post office in the area called Deepwater. The township of Deepwater had been organized over forty years earlier, and a post office called Deepwater was established in 1850 about three miles east of where Germantown would later be located. This post office was moved to Germantown after that town was established in 1857. It was still called Deepwater Post Office even after the move, but it was discontinued some years after the Civil War.
The town of Deepwater grew and prospered during the first few decades of its existence, and it reached a peak population of almost 1,400 people in 1910. When a Springfield newspaperman visited Deepwater a couple of years later, the town was still in the midst of its glory days. At the time of the reporter's visit, Deepwater had the distinction of being home to the largest manufacturer of clay products in the world, the W. S. Dickey Clay Company. The firm employed about 300 workers in Deepwater and had other plants in various other locations.
Deepwater also had a weekly newspaper, two banking institutions, "an elegant school system" consisting of eight grades, and numerous stores and businesses. The town was home to several "good strong churches," including a Presbyterian, a Methodist Church South, a Methodist Episcopal, a Baptist, a Christian, and a Catholic.
After Deepwater's zenith around 1910, the town's population gradually dwindled throughout the remaining nine decades of the 20th century. That trend has continued into the 21st century, and Deepwater's population, as of the 2020 census, now stands at about 355 residents, which is at or near the town's lowest population since shortly after its founding.