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David McCoy Named President & Chief Executive Officer

Release date: 1/3/2020

Beloit, WI – First National Bank and Trust Company (FNBT) is pleased to announce that David N. McCoy, CPA, has been appointed to President and Chief Executive Officer (CEO) of First National Bank and Trust Company, as approved by the Board of Directors of Centre1 Bancorp, Inc., the holding company of FNBT. Steve Eldred will continue as Executive Chairman of the Board of FNBT, Chairman and CEO of Centre 1 Bancorp, Inc., and will remain active leading the strategic direction of the bank.

Photo of David McCoyAs President and CEO, McCoy is responsible for the day-to-day operations of the bank, providing oversight for the sales teams, wealth management, human resources, information technology, marketing, and the internal loan and deposit operations teams. He will continue to be responsible for aligning all performance goals with the bank’s strategic plan and strategic direction.

“During his time at First National, David has proven himself to be a valued member of the bank’s executive management team,” said Eldred. “He is a strong communicator who is focused on the family values that First National stands for. His vast experience in management, his leadership skills in financial and risk management, and his focus on business development and process improvement will help lead First National Bank and Trust into the future.” 

“I am honored that the Board of Directors has asked me to serve the bank as President and CEO, and to succeed Steve Eldred,” said McCoy. “As the first non-Eldred family President and CEO after four generations, I am humbled for the opportunity. The past year we have made significant investments in the future of the bank. We are looking forward to great things in 2020 for our customer family and our shareholder family, as well as the continued success of our independent and family-focused community bank. As President and CEO, I look forward to continuing the legacy of First National Bank and Trust that the Eldred family created. We remain committed to providing Sound Advice to meet the goals and needs of all the community families we serve.”

McCoy joined the company in October 2016 as EVP and CFO. He was promoted to President of FNBT and appointed to the FNBT and Centre 1 Bancorp boards in January 2018. With over 35 years of banking and executive leadership experience, McCoy came to FNBT from The National Bank & Trust Company headquartered in Sycamore, Illinois where he was senior vice president (SVP) and CFO. He was director of risk management services for RSM McGladrey from 2005 to 2006, and was on the executive management team as SVP, CFO and enterprise risk management officer for Fifth Third Bank from 1993 to 2004.

McCoy earned an associate’s degree from Ohio Valley College in Parkersburg, West Virginia, and earned his bachelor’s degree in business administration from Harding University in Searcy, Arkansas. He is licensed in Illinois as a certified public accountant (CPA), and belongs to the Illinois Society of CPAs and is a member of the American Institute of CPAs (AICPA). McCoy has completed many industry related courses, including the SNL Executive Program in Bank Financial Leadership through the University of Virginia.

McCoy and his wife, Kathy, reside in Beloit, Wisconsin, and have three grown children. In late 2019, McCoy joined the Board of Trustees of Beloit Health System. Currently, he is a member of Beloit 200 and active on the education committee. McCoy also serves on the advisory council for the Superintendent of Beloit Public Schools. Together with his family, he has volunteered his time at the Northern Illinois Food Bank and the Humanitarian Service Project in West Chicago. He is a former board member for the Northern Illinois College of Business, Belief Program for Building Ethical Leaders Using an Integrated Ethics Framework in Business and he frequently presented as a guest speaker. With an affinity for jazz music, McCoy also held several board-level positions for the non-profit group, St. Charles North Friends of Music.

Photo of Steve EldredWhile Steve Eldred’s title has changed, his commitment and involvement with the bank, our customers and our communities we serve remains as strong as ever. Eldred was born and raised in Beloit, Wisconsin and is the fourth generation of his family to lead the bank. He joined the company in 1981 and has served on the Board of Directors for Centre1 Bancorp since 1988. He was named President in 1998. As Executive Chairman of the Board, he will act as the main point of communication between the board and the bank.

First National Bank and Trust Company is a family-focused, community bank headquartered in Beloit, Wisconsin. Chartered in 1882, First National Bank and Trust has grown to be a leading financial services institution offering products and services for consumers and businesses, as well as trust, retirement services, investment management, brokerage and insurance. We now serve nearly 30,000 households in 13 communities and 16 locations in Southern Wisconsin and Northern Illinois with assets of approximately $1.2 billion. We treat our customers, employees, shareholders and communities like family, with a goal of helping all our families succeed. Providing Sound Advice and delivering an exceptional experience has positioned First National Bank and Trust as a Stateline leader in the industry. For additional information, visit

First National Bank and Trust: “Give us a try. We’ll treat you like family.”