After graduating with an electrical engineering degree from Arkansas State University, he came to Dumas in April of 1939 to operate a service station his father had bought. In November of that year, he was married to Deloris Ellegood, and together they built a successful Ford automobile business. 

When Mr. Peterson volunteered for the Army Air Force in 1942, he rose to captain and served overseas three years with a bomber squadron in Africa and Italy. His wife kept the business operating during those years. After selling the Ford dealership in 1976, they continued their business and farming operations through Peterson Enterprises and jointly led in service and philanthropic endeavors for over 64 years. 

After World War II, Mr. Peterson realized that Dumas faced major economic challenges in order to prosper. With other Dumas leaders, he worked to establish an industrial foundation and organized a drive to buy land for development as an industrial park. 

Mr. Peterson founded Dumas State Bank, now Simmons First, and was its board chairman. His financial acumen led him to serve on the boards of the Arkansas Development Finance Authority, State Chamber of Commerce, and Economic Development Fund of Arkansas. 

Fully devoted to his church, First United Methodist of Dumas, he was active in the Methodist Men's Class, chaired the administrative board and many committees, and served in important roles in the Little Rock Conference. 
A mainstay of the Chamber of Commerce and the Lions Club, he was chosen Citizen of the Year in 1952, and 50 years later was still working with enthusiasm for projects to benefit Dumas. An early supporter of Arkansas Community Foundation, he was a founding board member of Dumas Area Community Foundation. He and his wife established scholarships at the University of Arkansas at Monticello and Dumas High School. 

A loyal Democrat, he served as a state senator from 1960 through 1966, was chairman of the County Committee for 10 years, and was a volunteer staff member for Governor Bill Clinton for 12 years. He was a leader in the Clinton gubernatorial and presidential campaigns, and was named to the U.S. Electoral College in 1996. He received the Arkansas Democrats' top award in 1994. 
Many state leadership and service accolades were bestowed on Mr. Peterson, but he always credited the people of Dumas for their support. He served for the betterment of many and leaves a huge legacy to fill.