Heat water and butter to 125°-130°. In a large bowl, combine with remaining ingredients except oil to form a stiff batter. Place in a greased bowl; oil top of dough. Cover and let rise in a warm place until doubled, about 30-45 minutes.
Punch dough down. On a lightly floured surface, knead dough until smooth and elastic, about 4-6 minutes. Divide dough into three portions. Shape into loaves and place in greased 8x4-in. loaf pans; oil tops of loaves. Cover and let rise until doubled, about 30 minutes.
Bake at 350° until bread sounds hollow when tapped, about 30-35 minutes. Remove from pans and cool on wire racks.