With the population not more than 5,000 in 1882, Beloit was a typical small-town-America hometown. During the 1880s the downtown stores were shabby; many of them were of wooden construction. Fires gradually eliminated the old wooden buildings which were replaced by better built, more impressive structures. During this period, even the streets were unpaved. They were either all mud or all dust; in fact sidewalks all over town were made of wooden planks laid on stringers. The first streets paved were Grand Avenue (then Bridge Street) and State Street. It was on one of those two paved streets that Charles H. Parker opened The Second National Bank in the midsummer of 1882. From the beginning headed by Charles H. Parker, the Second National Bank was a success. On November 7, 1912, after many years of service Burdette P. Eldred was named President.

The new administration under B.P. Eldred started well. By the outbreak of the First World War, the Second National Bank was one of the most stable institutions in Beloit.

Despite the collapse of the stock market in October of 1929, the fortunes of the bank continued to prosper. Wise investments in municipal bonds and loans remained seemingly stable and profitable into the early 1930s. But, by January 1933, the impact of the Depression was being felt at the bank; the amount of interest on savings accounts had fallen by almost 50%, and unemployment in the community was mounting, causing people to draw on their savings to live. By mid 1935 the severity of the Depression was abating, the community was recovering, and the bank operation again had a net profit annually.

Having joined the Second National Bank in 1919, by the early 1940s B.P. Eldred, Jr. had been promoted to Vice President and was becoming well versed in the aspects of successful banking. In November & December of 1947 the Board of Directors held its monthly meetings at the home of B.P. Eldred, Sr. Mr. Eldred was then 81 years old, and while he was vigorous and alert he had been ill for several weeks. Because B.P. Eldred Sr.'s Board of Directors were eager to accommodate his state of health, they felt it best that they meet in his home rather than having him venture out into the rugged Wisconsin winter weather. By January 1948 B.P. Eldred was feeling well enough to be back at his desk at the bank. The New Year of 1950 found President Eldred again ill, so B.P. Eldred, Jr. presided over the 1950 annual meeting of stockholders. Again B.P. Eldred, Sr. recovered well enough to return to work and he was present at the stockholders' and directors' meetings the next January. B.P. Eldred, Sr. died suddenly on March 11, 1951.

During the March 22, 1951 Directors' meeting, only 11 days after his father's death, B.P. Eldred, Jr., was elected president of the bank. Born to the bank, raised in the bank, it was logical and natural that Burdette Eldred, Jr. would succeed his father as President. While changes were made to the outward appearance of the Second National Bank during B.P. Eldred, Jr.'s presidency, the underlying principles of sound conservative management did not change.

By the end of 1955, Lt. John M. Eldred had returned to the bank after many months of military service in the Far East in field artillery. In 1957, the 75th anniversary of the Second National Bank was observed and it was in 1958 that John M. Eldred was added to the Board of Directors. In 1960, the Second National Bank changed its name to First National Bank and Trust Company.

His family, employees and customers were shocked when B.P. Eldred, Jr. died suddenly in June 1961. News of his death greatly saddened his community. When the Board of Directors assembled five days after Burdette Eldred's death, they assured the community that the leadership of the bank would remain in the family. Acting with faith in youth coupled with experience, the Directors chose Burdette and Gladys Eldred's son, John M. Eldred, as the new President.

Assuming the presidency of The First National Bank in 1961, President Eldred began to present himself in even more important community roles. An active volunteer, John Eldred has maintained the tradition of community service established by both his grandfather and father. John Eldred has played an important part in banking circles in the state as well.

In 1998, Steven M. Eldred, son of John Eldred, became President of First National Bank and Trust Company. First National Bank and Trust Company acquired Macktown State Bank with offices in Roscoe and Rockton, Illinois in February 2001.

In 2002, First National celebrated its 120th year in business. In August, a celebratory event held in the parking lot of the main branch parking lot attracted more than 1000 customers and community members.

In March of 2003 First National Bank & Trust successfully finalized the purchase of three Amcore offices in the communities of Clinton and Darien. This acquisition increased First National Bank & Trust's offices to ten full service locations.

Today, John Eldred remains active in the bank as well as holding his current position of Chief Executive Officer of First National Bank's holding company, Centre One Bancorp, Inc.