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Bank of North Dakota

Bank of North Dakota
Company typePublic bank
IndustryBanking
Financial services
Founded1919 (1919) in Bismarck, North Dakota
Headquarters
Bismarck, North Dakota
,
United States
Area served
North Dakota
Key people
Todd Steinwand (President and CEO)
Increase US$158.5 million[1] (2018)
Total assetsUS$7.015 billion (2018)
OwnerGovernment of North Dakota
Number of employees
173
Websitebnd.nd.gov Edit this at Wikidata

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][a] 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.[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]

  1. ^ "Annual report 2018" (PDF). Bank of North Dakota. Retrieved 3 Apr 2020.
  2. ^ "Home". Bank of North Dakota.
  3. ^ North Dakota Blue Book 2013–2015. Bismarck, ND: Alvin A. Jaeger. October 2013. ISBN 978-0-9742898-0-9. OCLC 1020737918.
  4. ^ a b c d Kodrzycki, Yolanda K.; Elmatad, Tal (2011). The Bank of North Dakota: A model for Massachusetts and other states? (PDF) (Report). Federal Reserve Bank of Boston: New England Public Policy Center.
  5. ^ Dam, Andrew Van (15 May 2020). "How a North Dakota bank gave its state a huge lift in the coronavirus small-business program". Washington Post. Retrieved 29 June 2023.
  6. ^ DURA, JACK (10 June 2021). "2020 breaks Bank of North Dakota streak of record profits; total assets surpass $9B". Bismarck Tribune. Retrieved 2021-11-16.
  7. ^ Schneiberg, Marc (2013). "Lost in Transposition? (A Cautionary Tale): The Bank of North Dakota and Prospects for Reform in American Banking". Institutional Logics in Action, Part A. Research in the Sociology of Organizations. Vol. 39. Bingley: Emerald Group Publishing. pp. 277–310. doi:10.1108/S0733-558X(2013)0039AB013 (inactive 31 January 2024). Retrieved 2022-01-25.{{cite book}}: CS1 maint: DOI inactive as of January 2024 (link)


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