BELOIT — David McCoy has been named president and Chief Financial Officer (CFO) of First National Bank and Trust Company.
Steve Eldred, who was president and Chief Executive Officer of First National Bank and Trust, will continue as CEO and chairman of the board of directors of Centrel Bancorp, the holding company for First National Bank and Trust. McCoy also was named the newest member of the board of directors.
McCoy is responsible for the day-to-day operations of the bank, providing oversight for the sales teams, information technology, marketing, and the internal loan and deposit operations teams.
“During his time at First National, David has proven himself to be a valued member of my executive management team,” Eldred said. “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 excited and honored that the Eldred family and the Board of Directors has asked me to serve the bank as President, and to succeed Steve Eldred, who served as President for 20 years,” McCoy said. “As the first non-Eldred family President after four generations, I am humbled for the opportunity to serve as President alongside Steve as he continues to provide leadership and strategic direction as Chairman and CEO.”
McCoy joined the company in October 2016 as EVP and CFO. With over 30 years of banking and executive leadership experience, McCoy had worked at the National Bank & Trust Company headquartered in Sycamore, Illinois, where he was senior vice president 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 and his wife, Kathy, are relocating to Beloit and have three grown children.
While Steve Eldred’s title has changed, his commitment and involvement with the bank, our customers and our communities we serve remains as strong ever. Eldred was born and raised in Beloit 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. He will continue to develop high-level strategies, make major corporate decisions, and as Chairman of the Board will act as the main point of communication between the board and the bank.
First National Bank and Trust Company is a family-owned, community bank headquartered in Beloit.
Chartered in 1882, First National Bank and Trust Company now serves nearly 30,000 households in 13 communities and 16 locations in southern Wisconsin and northern Illinois with assets of approximately $1.2 billion.