Petit Jean State Bank*

As a locally owned financial institution, the identity and welfare of Petit Jean State Bank are closely tied to its surrounding community of Morrilton.

When the bank was organized in 1998, it raised $5 million in just 60 days from 300 stockholders, 85 percent of whom were residents of Conway County.

Petit Jean opened its doors in February 1999 and immediately began giving back to its community through the “Give Me Five Program.” Every time a customer opened a new account during the first year, $5 was donated to the local school or nonprofit organization of the customer’s choice. Through that program alone, the bank gave out $16,000.

Petit Jean also continues to waive service charges and cashier’s checks for churches and nonprofit organizations and offer discounted interest rates on loans to those same clients.

President and CEO Charles Penick said he tries to never turn down a local organization that needs his support.

“Being a bank and being a corporate citizen isn’t just a matter of making loans and taking deposits,” he said. “Our responsibility is to give back to the community. We stand by the phrase that a bank can only be as good as its community and a community can only be as good as its local bank.”

Taking a cue from Murphy Oil Corp. of El Dorado, Petit Jean has committed $100,000 to the local School Counts Program, which hopes to cover the cost of two years at the University of Arkansas Community College at Morrilton for every graduating senior of Morrilton High School.

Penick said the bank also tries to emphasize to its employees daily the importance of community involvement and to give employees time to pursue those interests. As a result, all bank employees enlist in some type of volunteer work every year.