The Gelfand-Naimark theorem says that if $A$ is a commutative unital $C^*$-algebra, then $C(Spec(A))=A$, where $Spec(A)$ is the set of all characters on $A$.
Does the theorem fail for commutative unital Banach algebras?
To be clear, is there a counter-example to see that $C^*$ part is indeed important?