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Bank of North Dakota

From Wikipedia, the free encyclopedia

Bank of North Dakota
TypePublic bank
Financial services
Founded1919; 102 years ago (1919) in Bismarck, North Dakota
Area served
North Dakota
Increase US$158.5 million[1] (2018)
Total assetsUS$7.015 billion (2018)
OwnerGovernment of North Dakota 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][3] The bank was established to promote agriculture, commerce, and industry in the state.[4]


Under state law, the bank is the State of North Dakota doing business as the Bank of North Dakota.[5] The bank is the only legal depository for all state funds.[4] The state and its agencies are required to place their funds in the bank, but local governments are not required to do so. Profits from the bank are either deposited in North Dakota's general fund, or are used to support economic development in the state.[4] $585 million of profits have been deposited into the North Dakota general fund since the bank's inception.[4]

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.[6]


Other entities may also open accounts at the Bank; however, BND has only one office and offers fewer retail services than other institutions. Its competitiveness in consumer banking is therefore limited.[7] The bank has an account with the Federal Reserve Bank, but deposits are not insured by the Federal Deposit Insurance Corporation. Instead, deposits are guaranteed by the general fund of the state of North Dakota and the taxpayers of the state.[7] BND also guarantees student loans (through its Student Loans of North Dakota division), business development loans, and state and municipal bonds.[7]


The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry in North Dakota.[2] The bank was initially conceived by populists in the Non-Partisan League, as a credit union-style institution to free the farmers of the state from predatory lenders. However, these functions were largely blocked by out-of-state financial actors refusing to buy the bank's bonds, which prevented its competition with commercial banks.[8][9] The business-backed Independent Voters Association then pursued political processes to force the bank's closure.[9] The recall of NPL Governor Lynn Frazier effectively ended that plan, with BND taking a more conservative central banking role in state finance.

Assets and liabilities


As of December 31, 2012, the Bank of North Dakota held $6.1 billion in assets, including loans of $3.3 billion. The bank's capital in that year was $463 million. The bank turned a profit of $81 million in 2012.[4]

In 2019, the Bank of North Dakota recorded profits of $169 million on $7 billion of assets and $4.5 billion of loans.[10]

A man in October 2011 advertising the bank at Occupy Wall Street.
A man in October 2011 advertising the bank at Occupy Wall Street.


Presidents of the Bank of North Dakota
Number Name Term
1 F. W. Cathro 1919
2 J. R. Waters 1920–1921
3 G. R. Green 1922–1929
4 C. F. Mudgett 1930–1932
5 R. M. Stangler 1933–1936
6 F. A. Vogel 1937–1944
7 H. C. Bowers 1945–1956
8 T. W. Sette 1957–1961
9 G. M. Thompson 1962–1968
10 H. L. Thorndal 1969–1986
11 Joseph Lamb 1986–1992
12 John Hoeven 1993–2000
13 Eric Hardmeyer 2001–2021
14 2021–


  1. ^ "Annual report 2018" (PDF). Bank of North Dakota. Retrieved 3 Apr 2020.
  2. ^ a b "Home". Bank of North Dakota.
  3. ^ Limited-service governmental or quasi-governmental banks include the Federal Reserve Banks, the Federal Financing Bank and the California Infrastructure and Economic Development Bank.
  4. ^ a b c d e North Dakota Blue Book 2013–2015. Bismarck, ND. ISBN 978-0-9742898-0-9. OCLC 1020737918.
  5. ^ The State of North Dakota, d/b/a Bank of North Dakota v. Merchants National Bank and Trust Company; Red River National Bank and Trust Company; Jamestown National Bank; Union National Bank; Wahpeton National Bank, 634 F.2d 368 (8th Cir. Aug. 6, 1980).
  6. ^ "Home page for ND Industrial Commission".
  7. ^ a b c "Bank of North Dakota FAQ" (PDF). Bank of North Dakota. Archived from the original (PDF) on October 17, 2011. Retrieved February 7, 2012.
  8. ^ "Fix Terms Dooming Dakota Socialism" (PDF). The New York Times (Vol. LXX, 23, 033). 15 February 1921. Retrieved 16 February 2021.
  9. ^ a b "Bank of North Dakota". Prairie Public Broadcasting via YouTube. Retrieved 11 October 2013.
  10. ^ "Bank of North Dakota Releases 2019 Annual Report". Bank of North Dakota. 2020-07-07. Retrieved 2020-11-06.

External links

This page was last edited on 15 October 2021, at 20:22
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