Industry News

One of Arkansas’s most admired bankers and business leaders was recognized recently for his enduring impact on the state’s economy and education system. Kenneth Pat Wilson of Jacksonville, along with the late Governor Winthrop Rockefeller and Mike Wilson, posthumously received the 2016 Leadership in Free Enterprise (LIFE) Award during a gala luncheon in Little Rock on April 12 hosted by Economics Arkansas. The three men were honored for serving as champions of economic education and for advancing the economic development of Arkansas through the expansion of free enterprise. Delivering the tribute to Wilson, Bob Hamilton of Digital Benefit Advisors praised the honoree as “a man of vision.” It was Wilson’s vision that prompted him to establish his home town’s first bank, aptly named First Jacksonville Bank & Trust, known today as First Arkansas Bank & Trust. Currently, the bank owns almost 1 billion dollars in total assets. Wilson also had the foresight to push for industrial and economic growth in Jacksonville. In 1947, he organized its Chamber of Commerce and served as LIFE Award Presented to Economics Arkansas Legacy Leader, Kenneth Pat Wilson its first president. A few years later, he successfully spearheaded local efforts to promote Jacksonville as the site for the Little Rock Air Force Base. Today, the base ranks as the state’s fourth-largest employer, with a total impact on the regional economy of $813 million in 2015. Last, but not least, Wilson realized the connection between an economically literate population and a thriving economy. Students who mastered a solid understanding of economics and personal finance in grades K-12 would as adults know how to navigate and thrive in a free-market society; would understand the importance of investing in themselves through education and continued learning—what economists call “investing in human capital”—and would understand the rewards of earned success. That, in turn, would attract new industries to the state, bringing new jobs and opportunities to raise the overall quality of life of all. Consequently, in 1963, he joined the Economics Arkansas board when the organization was only in its second year and assumed the role of board chairman in 1964. As a tribute to his lasting impact as a visionary business leader, his family established the

Kenneth Pat Wilson Center for Economic Education at UALR in 2006. At the luncheon, there was living testimony to prove Wilson right. A group of first-graders from the Fort Smith School District and their teacher, Sheila Humphrey, spoke knowledgeably and in rhyme (!) about such economic terms as “specialist,” “resource extender,” “interdependence,” “public goods and services” and more. Their presentation quickly enlightened anybody who might mistakenly believe that economics was for high school students only. What a way to master economics, which is defined as “the science of decision making.” Wilson’s son Larry, currently the CEO and chairman of First Arkansas Bank & Trust, accepted the LIFE award on behalf of the family. Sidebar: One of the most important legacies Kenneth Pat Wilson left Economics Arkansas was his role in facilitating a strong partnership with the Arkansas Bankers Association, which has meant more than $2 million dollars in contributions to the organization in 54 years.