James Polk Stone Community Bank Invests in the Residents of Roswell

James Polk Stone Community Bank (JP Stone) is the oldest family-owned bank in New Mexico and one of the oldest in the country. The first bank owned by James Polk Stone opened in 1906, and there have only been seven presidents in its 119 years of history that followed. However, the bank's history isn’t the only reason to work with JP Stone. The employees at each location are committed to their communities and want to see them thrive.

“We have generational relationships with the people of Roswell,” says Richard Bradfute, Executive Vice President at JP Stone. “Our customers bring their kids and grandkids to bank with us.”

The executive leadership at JP Stone does not plan to expand the bank out of Eastern New Mexico. Instead, it will continue to serve its communities and invest in the future of cities like Roswell and Greater Chaves County. Learn why quality customer service and dedication to the region make JP Stone a great place to do business. 

Banking Locally Lets Residents Meet With Decision-Makers

When Chaves County residents need personal or business financing and other bank services, they can meet directly with the bank's leaders and loan officers. This is one of the top reasons to choose a community bank instead of a national chain.

“National banks might have local representatives, but they still have to follow corporate procedures and gain approval from executives in other parts of the country,” says Bradfute. “Community banks offer personal customer service every day of the year.”

Bradfute shares his personal cell number on his business cards and freely answers his phone during evenings and weekends. He knows that most Chaves County residents can’t navigate traditional bank hours and need flexibility when talking to loan officers or seeking financial help.

“There’s certainly room for big banks in the American economy, but community banks directly serve residents,” says Bradfute. “Some banks are only interested in attracting big customers, but our bread and butter comes from serving regular folks.” 

JP Stone Supports Roswell’s Growth

JP Stone stands to grow when the residents and business owners of Chaves County increase their financial stability. As residents grow their savings and transition from renters to owners, they can contact JP Stone for home loans. If residents feel secure enough in their finances to become entrepreneurs, their new businesses can increase the community's amenities while creating jobs in the region.

“We care about the people of Chaves County and every county where we’re present,” says Bradfute. “We don’t just want to issue loans that our customers pay back; we want them to do better because of the financing we offered.”

Bradfute uses the example of a loan issued to open a business. JP Stone wants to see that same company take its next steps in the future, whether that means expanding to a second location or hiring new team members to scale production. The same ideology applies to home loans. The goal isn’t just homeownership, it’s building equity that leads to financial stability.  

“If our customers succeed, we succeed,” he says. “It’s so exciting to drive down the road in Roswell and see all the businesses that we’ve helped make successful.”  

Bradfute says one of JP Stone's core values is shopping at local businesses. Instead of buying from Amazon and visiting big chains, employees are encouraged to head to Main Street and build up companies in the community. 

Community Banks Are Important for Economic Development

Small banks play an essential role in supporting local businesses. In 2022, 82% of small business applicants were at least partially approved for their loans at small banks, compared to 68% at larger banks. Smaller banks invest in their communities through lending, volunteer work, and involvement in economic development initiatives.

“There’s a difference between a big bank and a community bank,” says Bradfute. “Our employees coach your kids at baseball and live next to you. We want to see you succeed.”

He adds that other community institutions in the area, like Pioneer Bank, aren’t competitors to JP Stone. They are allies invested in the growth of Chaves County.

JP Stone is a member of the Roswell-Chaves County Economic Development Corporation (RCCEDC) and is actively involved in its work. As Chaves County works to attract new businesses and residents to Roswell, the team at JP Stone is ready to offer support where it’s needed.

“I’m super excited for the economic development here,” says Bradfute. “The growth in Roswell right now will exist long after we’re gone. There’s so much potential in Chaves County and so much potential in New Mexico.”

Bradfute mentions the upcoming National Championship Air Races as a great example of new economic initiatives that will support the community for decades to come. One new organization in Roswell can send ripple effects through the community.

“We’re proud to stand alongside JP Stone Community Bank in building a stronger, more resilient economy,” says Mike Espiritu, President and CEO of the RCCEDC. “Together, we empower local entrepreneurs, attract new investment, and champion the kind of growth that keeps Roswell thriving – not just today, but for generations to come. We are privileged to have them as a key partner with our organization.”

JP Stone Helps Students Develop Healthy Money Habits

Residents of Chaves County can see JP Stone employees across the community, sponsoring local sports teams and participating in parades. However, Bradfute is particularly excited about the bank's involvement with middle and high school students and its programs that teach financial literacy.

Employees at JP Stone meet with students in sixth grade and offer programs through their senior year of high school. They provide guidance on how students can manage their money and discuss concepts like interest and escrow to demystify the world of personal finance.

“Whether they bank with us or not, we want kids to learn how to manage their money,” says Bradfute. “We want them to have an emergency fund so they don’t fall into debt if there’s a surprise expense. We don’t want them to take on credit cards with expensive interest rates or fall into a cycle of payday lending fees.”

Good financial literacy in the next generation of Chaves County residents also supports economic development. Less money will go toward high interest fees, freeing up spending power for local businesses. Residents can act from a place of financial stability, rather than fighting against looming debt. 

Learn More About the Organizations Supporting Chaves County

Roswell thrives because of its community involvement. Companies across a variety of industries support job creation and work with local vendors to build each other up. Explore the business environment in Chaves County and discover why companies feel supported here. Get to know the RCCEDC members and why they see a bright future for Chaves County.

Roswell is entering a growth stage, and now is the time to buy into the community. See your future in Southeast New Mexico.