In 1880, the Loosen Family, pioneers from Germany, came to Oklahoma, after settling for some time in Nebraska. The opening of the Oklahoma Territory afforded opportunities for many people who wanted to work hard and make a new life. In recognition of this time of opportunity, Julius Loosen, eager to be on the lending side of the banking business, established the First Bank of Okarche on October 28, 1892. Since its origin, the First Bank of Okarche has been under the control and administration of the Loosen Family.
The original organizers of the bank, as listed on the Patent issued by the Territory of Oklahoma, were Mr. Julius Loosen, who died on a return visit to Germany in 1896, his wife Adele, son Franz H. Loosen and Mr. B.F. Buffington. This document is still displayed at the Bank. Mr. Buffington stayed in Oklahoma only one year and at his departure, Mr. Franz Loosen assumed Mr. Buffington's position as Cashier. Franz retained this position until his untimely death in 1929.
Emil C. Loosen served as President from 1896 to 1942. He was succeeded by Mr. J. Paul Loosen, who was president of the bank from 1942 until his death in 1968. His wife, Kathleen, succeeded him as President until their son, Francis H. (Mike) Loosen, assumed the position in 1980. Francis H. (Mike) served until his death in 1987. Mike's wife, Susan, served as President from 1987 until 2009. In 2010, David J. Krittenbrink was named President and Mike and Susan Loosen's daughter, Lisa Loosen Mullen, was named as Chairperson of the Board. Their three daughters, the fifth generation, are active members of the Board of Directors.
The First Bank was represented at the original meeting of the Oklahoma Bankers Association by Franz H. Loosen and has continued as a member of the OBA since that time. The Bank enjoys the title of the "Oldest State Bank in Oklahoma", a title that speaks to the dedication of the many people involved in the Bank throughout the years and during the time of mergers and acquisitions in the banking industry.
While the First Bank survived through many disheartening and challenging years during the early times, much of its success is due to the pioneers who became the first faithful customers. Many of their children and grandchildren are customers today, and they continue to be the reason for the bank's success. The trust that has been built between the First Bank and its customers, through collaborative efforts of service and loyalty, will continue to be a priority for the management and employees at the First Bank of Okarche. To quote J. Paul on the occasion of the Bank's 50th anniversary - "The management feels that a great part of the success of the institution is due to the faithfulness and integrity of its customers throughout the years and wishes to express its appreciation of the splendid support received from them."
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
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