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Bank of North Dakota
The Bank of North Dakota (BND) is a state-owned, state-run financial institution based in Bismarck, North Dakota. It is the only government-owned, general-service bank in the United States. It is the legal depository for all state funds in North Dakota and uses these deposits to fund development, agriculture, and small businesses.
The bank was established in the early 20th century to promote agriculture, commerce, and industry in the state. It has received praise and media attention in the wake of the 2008 financial crisis and for their actions during the COVID-19 pandemic.
According to available data, the bank has turned a profit every year since its founding. The BND has a favorable reputation among North Dakotans. Other states have tried to replicate the BND elsewhere but have been limited by political gridlock and the power dynamics in banking.
Under state law, the bank is the State of North Dakota doing business as the Bank of North Dakota. The bank is the only legal depository for all state funds. The state and its agencies are required to place their funds in the bank, helping it hold 15% of the total deposits of banks operating within the state. Profits from the bank are either deposited in North Dakota's general fund, or are used to support economic development in the state. $585 million of profits have been deposited into the North Dakota general fund since the bank's inception.
The bank is overseen by the North Dakota Industrial Commission, which is composed of the Governor, the Attorney General, and the Agriculture Commissioner (formerly the Agriculture and Labor Commissioner) of North Dakota. Various chapters in the North Dakota Century Code deal with the bank's role within the state. Additionally, the bank is overseen by an advisory board of seven members appointed by the Governor, two of which must be officers of banks who are majority-owned by North Dakotans and one of which must be an officer at a state-chartered or federally-chartered financial institution.
The bank uses its funds in three basic ways: short-term loan and bond financing for local and state infrastructure projects, direct lending to private borrowers, and banking services for local banks.
The state sometimes uses BND's profits to help balance its budget.
The BND also guarantees student loans (through its Student Loans of North Dakota division) and business development loans, especially for agricultural startups.
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Bank of North Dakota
The Bank of North Dakota (BND) is a state-owned, state-run financial institution based in Bismarck, North Dakota. It is the only government-owned, general-service bank in the United States. It is the legal depository for all state funds in North Dakota and uses these deposits to fund development, agriculture, and small businesses.
The bank was established in the early 20th century to promote agriculture, commerce, and industry in the state. It has received praise and media attention in the wake of the 2008 financial crisis and for their actions during the COVID-19 pandemic.
According to available data, the bank has turned a profit every year since its founding. The BND has a favorable reputation among North Dakotans. Other states have tried to replicate the BND elsewhere but have been limited by political gridlock and the power dynamics in banking.
Under state law, the bank is the State of North Dakota doing business as the Bank of North Dakota. The bank is the only legal depository for all state funds. The state and its agencies are required to place their funds in the bank, helping it hold 15% of the total deposits of banks operating within the state. Profits from the bank are either deposited in North Dakota's general fund, or are used to support economic development in the state. $585 million of profits have been deposited into the North Dakota general fund since the bank's inception.
The bank is overseen by the North Dakota Industrial Commission, which is composed of the Governor, the Attorney General, and the Agriculture Commissioner (formerly the Agriculture and Labor Commissioner) of North Dakota. Various chapters in the North Dakota Century Code deal with the bank's role within the state. Additionally, the bank is overseen by an advisory board of seven members appointed by the Governor, two of which must be officers of banks who are majority-owned by North Dakotans and one of which must be an officer at a state-chartered or federally-chartered financial institution.
The bank uses its funds in three basic ways: short-term loan and bond financing for local and state infrastructure projects, direct lending to private borrowers, and banking services for local banks.
The state sometimes uses BND's profits to help balance its budget.
The BND also guarantees student loans (through its Student Loans of North Dakota division) and business development loans, especially for agricultural startups.