Cook beans in boiling salted water 9 minutes or until crisp-tender; drain. Plunge into ice water to stop the cooking process; drain.
Cook chopped bacon in a large skillet until crisp; remove bacon, and drain on paper towels, reserving 1 Tbsp. drippings in skillet. Add 1 Tbsp. butter to hot drippings in skillet over medium heat; add chopped shallots, and sauté 4 minutes or until tender. Add beans; sauté 6 minutes or until thoroughly heated. Sprinkle evenly with salt, pepper, and bacon.