05/17/2026
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The history of banking in Beloit, Wisconsin, was initially a volatile one, characterized by "starts, short-lived experiments, and frequently of failures" throughout the mid-19th century. It was not until the founding of The Second National Bankโthe direct predecessor of the First National Bank & Trust Companyโin 1882 that the community found lasting financial stability.
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๐ฌ๐๐๐๐ ๐๐๐๐๐ (1882โ1900)
On April 13, 1882, seven local businessmen collectively subscribed $50,000 to secure a charter for a new bank. Led by Charles H. Parker, a prominent manufacturer who had come to Beloit in the 1850s, the group included David S. Foster, August Zilley, and L. Holden Parker. The bank officially opened for business on July 1, 1882, in the Parker Block at 350-354 Bridge Street. On its opening day, depositors brought in $14,000.
Despite the "hard times" and financial crises that gripped Beloit in 1883โcausing several major local industries to failโthe bank remained solvent and profitable through conservative management. By 1890, the bank underwent a leadership transition following the death of Charles Parker. Albert N. Bort assumed the presidency, and a young man named Burdette P. Eldred (B.P. Eldred) joined the staff as a clerk.
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B.P. Eldredโs arrival marked the beginning of a 92-year family association with the bank. Eldred rose quickly through the ranks, becoming President in 1912, a position he would hold for nearly 40 years.
Under his leadership, the bank navigated significant changes:
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๐๐๐๐ ๐น๐๐๐๐๐๐ ๐จ๐๐ (๐๐๐๐): The Second National Bank acted with dispatch to join the new Federal Reserve System, subscribing to 60 shares of the Federal Reserve Bank of Chicago.
โข ๐ป๐๐ ๐ฎ๐๐๐๐ ๐ซ๐๐๐๐๐๐๐๐๐: Unlike many institutions, the bank remained liquid and stable through the 1930s. To protect depositors, the bank joined the Federal Deposit Insurance Corporation (FDIC) in 1934.
โข ๐ป๐๐ ๐๐๐๐ ๐น๐๐๐๐๐๐: On August 18, 1932, seven gunmen armed with submachine guns entered the bank, slugging B.P. Eldred and stealing approximately $70,000. In a dramatic escape, the bandits used six female employees as human shields, forcing them to stand on the running boards of their getaway car before releasing them unharmed.
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Following B.P. Eldredโs death in 1951, his son, Burdette Eldred, Jr., was elected President. He oversaw a major modernization of the bank's facilities, including a complete remodeling of the Parker Block's facade from elaborate Victorian stonework to dark marble and light stone.
In 1960, a significant historical shift occurred. Because the original "First National Bank" of Beloit had surrendered its charter in 1887, the Second National was the city's only remaining national bank. Consequently, the Directors voted to change the name to The First National Bank and Trust Company of Beloit.
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The third generation of the family took the helm in 1961 when John M. Eldred was elected President. His tenure was marked by rapid expansion and technological advancement:
โข ๐ฉ๐๐๐๐๐ ๐ฉ๐๐๐๐๐๐: The bank opened its first branch on Prairie Avenue in 1969, followed by another on Lathers Road in 1970.
Financial Centre One:
โข ๐๐ง ๐๐๐๐, the bank moved from its original 1882 location into a sophisticated new headquarters, Financial Centre One, at the crossroads of State and Grand.
โข ๐ป๐๐๐๐๐๐๐๐๐๐๐๐ ๐บ๐๐๐๐: By the bank's centennial in 1982, it had transitioned from manual bookkeeping to a sophisticated electronic system, introducing online teller machines and ATMs through the Wisconsin TYME network.
By its 100th anniversary in 1982, the bank had grown from an initial assets of $58,000 to over $90 million by the end of 1981. Throughout a century of service, the institution remained rooted in the conservative banking practices and family leadership that transformed Beloit's early financial uncertainty into enduring community prosperity.
Steven (Steve) M. Eldred succeeded his father as president in 1998, officially marking 116 years of family leadership. Steve capitalized on deregulation to shift FNBT from a standalone community bank into an aggressive regional holding entity under Centre 1 Bancorp, Inc.. He orchestrated strategic bank acquisitionsโsuch as buying Macktown State Bank in 2001 and acquiring multiple regional Amcore offices in 2003โwhich ultimately pushed total corporate assets past $1.5 billion.
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Steve Eldred transitioned out of day-to-day operations to focus on long-term strategy as Executive Chairman. Recognizing the consolidation pressures of modern digital banking, he successfully brokered the historic 2026 merger with Manitowoc-based Bank First Corporation.
To protect the interests of the Stateline region and preserve his family's legacy, Steve Eldred was appointed to a three-year term on the Bank First Board of Directors, ensuring localized representation remains at the highest corporate tier.
