O. E. Lofthus (July 7, 1868 – January 16, 1960) was a teacher, banker, and politician who served as the North Dakota state bank examiner from 1919 to 1921.

In both of these elections, due to a state law restricting the use of the word "Socialist" on ballots, he was listed under the "Public Ownership Party.

Many members of the North Dakota Socialist Party left to join the NPL, Lofthus among them.

The NPL had great appeal to many residents of North Dakota, and its membership and influence grew quickly.

[1][6] He replaced the outgoing James R. Waters, who became the first manager of the newly established Bank of North Dakota.

[11] Only a few months after his appointment, Lofthus, as State Examiner, became engrossed with the issue over the Scandinavian American Bank in Fargo, which was one of the many controversies facing the NPL.

[18] Toward the end of September 1919, Lofthus was sent by the State Banking Board to Florida to investigate the U.S. Sisal Trust Company, which was a business venture with ties to the NPL.

[19] Also at the end of September 1919, coincidentally when Lofthus was temporary out of the state, Halldorson and Assistant Attorney General Albert E. Sheets arrived in Fargo to conduct another review of the bank.

[26] Lofthus and other allies of the NPL disregarded the report from Halldorson and Sheets and conducted their own investigation.

It was largely assumed that Lofthus resigned before the newly elected governor, R. A. Nestos could remove him from office.

[44][45] On April 5, 1893, O. E. Lofthus married Christine (or Christena) Evenson in Big Stone County, Minnesota.