 Dietrich founded the German National Bank at Hastings and served as the president of the bank from 1887 to 1905.He became the president of the Hastings Board of Trade.Elected in 1900, Dietrich served as Governor of Nebraska from January 3, 1901 to May 1, 1901, when he resigned his governorship to fill a vacancy in the US Senate caused by the death of Monroe L. Hayward.