I have a PHP code which collect data from user´s input based on a range of given options (Banks).
*Piece of code:
$domElement = $domDocument->createElement('attribute', $posted_data['bank']);
Conversion table:
Thus, if user select CITIBANK, it should return "001" into my code and not CITIBNAK itself. This should be applied for all the others choices.
What would be the best way to do it?
By using array or "if statement conditions" or even other solution?

valueattribute and the name in the text.<option value="001">Citibank</option>array('CITIBANK' => '001', 'BANK BOSTON' => '002', ...)