O. E. Lofthus was born in 1868 in Nicollet County, Minnesota, and later moved to North Dakota. He established the First State Bank of Kloten in 1907 and pursued various political roles, including running for Lieutenant Governor and Governor of Minnesota under the Socialist banner. Lofthus held the position of North Dakota State Examiner, during which he investigated multiple financial institutions, including the Scandinavian American Bank. His career highlights his expertise in banking and regulatory oversight, as well as his commitment to socialist principles.

O. E. Lofthus’s political career is marked by a steadfast commitment to socialist principles, tempered by a pragmatic approach to economic regulation. His advocacy for thorough banking investigations, even when it conflicted with prevailing opinions, highlights a unique blend of ideological rigidity and calculated pragmatism. Lofthus's dual affiliation with the Socialist Party and the Nonpartisan League suggests an ability to navigate and influence multiple political landscapes. His controversial involvement with the Scandinavian American Bank reveals a willingness to challenge established norms, raising questions about his balancing of principle and practicality.