Bank of North Dakota
State-owned and -run financial institution / From Wikipedia, the free encyclopedia
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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.[2][lower-alpha 1] It is the legal depository for all state funds in North Dakota, and uses these deposits to fund development, agriculture, and small businesses.
Company type | Public bank |
---|---|
Industry | Banking Financial services |
Founded | 1919; 105 years ago (1919) in Bismarck, North Dakota |
Headquarters | , |
Area served | North Dakota |
Key people | Todd Steinwand (President and CEO) |
US$158.5 million[1] (2018) | |
Total assets | US$7.015 billion (2018) |
Owner | Government of North Dakota |
Number of employees | 173 |
Website | bnd |
The bank was established in the early 20th century to promote agriculture, commerce, and industry in the state.[3] It has received praise and media attention in the wake of the financial crisis of 2007–2008.[4] and for their actions during the COVID-19 pandemic.[4][5]
According to available data, the bank has turned a profit every year since its founding.[4][6] The BND has a favorable reputation among North Dakotans.[4] Other states have tried to replicate the BND elsewhere, but have been limited by political gridlock and the power dynamics in banking.[7]