Question 1

What is First Option Bank?

Accepted Answer

First Option Bank is a community-oriented commercial bank headquartered in Osawatomie, Kansas. With approximately $738 million in total assets and 10 branch locations, the bank serves individuals, businesses, and governmental units throughout eastern Kansas and western Missouri. As an independent, family-owned institution, First Option Bank has maintained a steadfast commitment to superior customer service and community involvement for over a century. The bank operates under the ownership of the Lewis family, who purchased the institution in 1970 and continue to guide its growth and development today.

Question 2

When was First Option Bank founded?

Accepted Answer

First Option Bank was originally chartered as a federal bank on September 6, 1923, under the name The First National Bank of Osawatomie. The bank opened for business in Osawatomie, Kansas, serving the local community as a national banking association. In 1970, Ted E. Lewis purchased the bank, establishing the Lewis family ownership that continues today. A significant milestone occurred in 1999 when the bank converted from a national charter to a state charter and changed its name to First Option Bank. This rebranding was motivated by a desire to create a distinct identity separate from the more than 50 "First National Banks" operating in Kansas at that time. The name change marked a new era while honoring the bank's century-long tradition of community service.

Question 3

Where is First Option Bank headquartered?

Accepted Answer

First Option Bank is headquartered in Osawatomie, Kansas, located at 601 Main Street. The bank built and opened a new facility at this location in 1975, which continues to serve as the main office and administrative center.

Question 4

Where does First Option Bank operate?

Accepted Answer

First Option Bank operates 10 branch locations across eastern Kansas and western Missouri, primarily serving the Kansas City metropolitan area. Kansas locations include Osawatomie (headquarters), Paola, LaCygne, Louisburg, Spring Hill, Overland Park, Elwood, Troy, and Horton. The bank also maintains a presence in Saint Joseph, Missouri. This geographic footprint expanded significantly in 2019 when First Option Bank acquired Pony Express Bank, adding four northern locations in Elwood, Troy, Horton, Kansas, and Saint Joseph, Missouri. The strategic expansion allows the bank to serve both rural and suburban communities throughout the region.

Question 5

What services does First Option Bank offer?

Accepted Answer

First Option Bank provides a comprehensive range of financial services for both consumers and businesses. Deposit products include checking accounts, savings accounts, money market accounts, certificates of deposit, debit cards, and individual retirement accounts. Lending capabilities encompass real estate loans, construction loans, home equity loans and lines of credit, installment loans, commercial accounts, and mortgage products.

Business services include commercial lending, merchant services, and business account management. The bank added Trust Services in 2009, and in 2018 constructed a dedicated Financial Services wing at the Paola location to house both Trust and Investment Services. Digital banking platforms enable customers to access accounts online, pay bills electronically, and customize financial activities through the bank's online module. Additional services include automated teller machines, safe deposit boxes, direct deposit capabilities, and ACH origination services.

Question 6

What makes First Option Bank unique?

Accepted Answer

First Option Bank distinguishes itself through its enduring family ownership spanning over five decades and its unwavering commitment to community banking principles. The bank's core values—community involvement, superior customer service, honesty, and integrity—have remained constant since 1923, guiding the institution through numerous industry changes and economic cycles.

The bank has demonstrated steady, strategic growth while maintaining its community focus. Significant expansion occurred between 1993 and 2023, growing from a single location to 10 branches across the region. The 2019 acquisition of Pony Express Bank exemplifies the bank's approach to growth through strategic partnerships that strengthen community presence.

First Option Bank positions itself as a steward of the community, viewing its role as helping customers thrive financially while making their communities better places to call home. This philosophy of serving "for and by the community" remains the foundation of operations, distinguishing it from larger regional and national banking institutions.

Question 7

What type of financial institution is First Option Bank?

Accepted Answer

First Option Bank is a State Bank and Commercial Bank. After converting from a national charter to a state charter in 1999, the bank operates as a state-chartered commercial bank supervised by the Federal Reserve Board and insured by the FDIC. This classification positions First Option Bank as a full-service commercial banking institution that combines traditional commercial banking services with community banking values. The bank specializes in relationship-based banking, maintaining local decision-making authority and personalized service while offering the comprehensive product suite customers expect from a modern financial institution.

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