Born in Union City in 1906, F.M. "Pete" Petree received undergraduate and law degrees from the University of Oklahoma. He married Thelma in 1939.
He began his varied and dynamic career as an insurance claims adjuster and became managing partner of Petree Industries, involved in gas and oil production. He was a partner in Industries Company and also a managing partner of Petree Valley Farms. Mr. Petree was one of the founders and president of the Liberty Mortgage Company, a position he held until 1960.
Petree was active in civic and charitable affairs, serving as chairman of the executive committee of Oklahoma City University where he played a major role in helping the university recover from near bankruptcy to sound financial footing. In 1982, the university renamed the College of Arts and Sciences, designating it the Thelma and F.M. Petree College of Arts and Sciences.
Mr. Petree served as an Oklahoma City Community Foundation Trustee from 1975 to 1984. He and Thelma generously supported endowments for Oklahoma City University and other charitable organizations.