On April 25, 2006, the Annual Meeting of Shareholders of Centre 1 Bancorp, Inc. was held in Beloit, Wisconsin.  Steven M. Eldred, Chairman, reported a 3.7% increase in earnings to extend the overall growth streak to six consecutive years.  Stockholder equity grew by 7.2%.  Dividends increased, enhancing shareholder's return by 4.4% over the previous year.

Total assets for First National Bank and Trust Company grew by $24 million to $594 million, an increase of 4.3%.  The expansion of the loan portfolio by $28 million and deposits by $29 million contributed to this growth.  The increase in short-term interest rates, with long-term rates remaining relatively flat, resulted in a negative impact on the net interest margin.  Nonetheless, the stable economic environment bolstered the year's positive results overall.

In 2005 John M. Eldred concluded 50 years of service at First National Bank and Trust Company, continuing a tradition of family commitment established by his grandfather in 1890 and carried on by his father beginning in 1919.  Mr. Eldred served as Chairman of the Board for Centre 1 Bancorp, Inc. through 2005.  Though retiring as an employee and as Chairman, he will continue to provide leadership as a member of the Board of Directors.  The family tradition continues to thrive as fourth generation, Steven M. Eldred, replaced his father as Chairman of the Board of Directors of Centre 1 Bancorp, Inc.

John A. McKay retired from the Board of Directors of Centre 1 Bancorp, Inc.  Mr. McKay joined the Board of Directors in November of 1987.  Throughout his tenure, he served on the Trust committee at First National Bank and Trust Company.  During the more than 18 years that Mr. McKay served, his strength and vision helped Centre 1 Bancorp, Inc. become the financial leader it is today.

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