When it comes to banking, Texas native Jeri Ann Penny believes that the industry chose her. While she didn’t intentionally set out to become a banker, her combined love for helping people, working with the community and, of course, crunching numbers made for the perfect fit.

Today, Penny works as the senior vice president and CFO at Citizens State Bank in Buffalo. Among her colleagues, she is a critical member of the bank’s management team and has quickly become a leader in the banking industry. 

Getting into Banking

Born and raised in Teague, Penny graduated as valedictorian from her high school with a full scholarship to attend Sam Houston State University in computer science and computer programming. That summer, she made the hard decision to forgo a college education and set her sights on the working world.

Penny went on to work various roles in food and beverage and cosmetology and, soon after, realized that it wasn’t the right fit. In 1996, she took a chance on banking and landed her first job, as many bankers do, as a part-time teller at Farmers State Bank — and the rest is history.

“After I got hired [at Farmers State Bank], I quickly fell in love. I couldn’t imagine doing anything else,” Penny said.

Penny grew a passion for banking and during her 20-year run at Farmers State Bank, she worked her way up through the ranks from proof operator and check sorter to loan processor and loan administrator. And after many years in the front-office, Penny later transitioned into the operations and finance department where she landed the role of senior vice president.

In 2017, Penny reunited with her former boss and accepted a job offer as senior vice president and CFO at Citizens State Bank. Staying true to her small-town bank upbringing, she enjoys working alongside the various departments and strives to keep the bank at the forefront when it comes to leading-edge technology and procedures.

“Whether it is to try to help solve operational problems, plan for the next strategic step or try to most effectively align people in their job functions, the challenge of putting all of the pieces together invigorates me,” said Penny. “I enjoy pressing to continually improve and make things better, so being a part of the management team allows me to help do that.”

In just over four years, Penny has restructured the accounting department, helped implement new software, assisted in coordinating a conversion and has worked with the team to improve the credit underwriting process, to name a few.

About Citizens State Bank

Founded in 1925, Citizens State Bank serves both individuals and businesses in 10 locations throughout Texas. A part of Industry Bancshares, a holding company established by local shareholders in the Industry community, Citizens State Bank values its customers and is committed to providing excellent customer service.

The community-inspired banking business is headquartered in Buffalo and is situated at the crossroads of Texas between Houston and Dallas. The bank is actively growing and recently surpassed $1 billion in deposits.

Commitment to the Community

Citizens State Bank prides itself on staying committed to its small-town bank roots and focuses on both its community relationships and involvement. As leaders in the rate market, the bank works to put real dollars back into the local economy from consumer to commercial accounts as well as public fund entities.

The bank works tirelessly to provide support for its community in addition to its customers. Citizens State Bank is heavily invested in local county fair programs and in 2019, contributed $120,000 to local fair projects for the youth. They also believe in the importance of financial literacy in which Penny leads the charge and works with various local school districts to promote the meaning of financial wellness. 

“We strive to be strategic partners in the communities we serve and we lead by example,” said Penny. “You will always find [Citizens State Bank] playing an active role in whatever is being done, whether it is serving at a local food bank, delivering school supplies to our schools or assisting in citywide cleanups.”

Leading the Industry

With over 24 years of banking experience, Penny continues to make a positive impact on the industry. This year, Penny was honored with an Emerging Leader Award from the Texas Bankers Foundation for her outstanding leadership abilities. 

A true community partner, Penny currently serves on TBA’s Government Relations Council as the vice-chair. She is also actively involved in organizations such as Cross Creek Meadows, the Groesbeck Study Club and Limestone County Republican Women’s Club and has previously served on various boards and committees including the Groesbeck Chamber of Commerce, Professional Women in Action and Groesbeck EDC, to name a few.

Outside of the Bank

Penny enjoys spending time with her husband, Michael, and their two children, Dallas and Shelby, as well as their seven grandchildren. 

With a love for travel, her favorite destinations include New England, Alaska, the mountains of Telluride and Disney. Penny also has a knack for being creative and spends a lot of time crafting and decorating when she’s not at the bank.