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 The Bank of North Dakota




 “We plow those deposits back into North Dakota in the form of loans. We invest back into the state in economic development activities. We grow our state through that mechanism.”

-----Eric Hardmeyer, President of the North Dakota State Bank




 Introduction to the Bank of North Dakota

North Dakota is the only state sporting a major budget surplus; it has the lowest unemployment and default rates in the country; and it has the most community banks per capita of any state in the U.S. and because small businesses and farmers can get credit, jobs are created.

---Facts at your Fingertips--

1) North Dakota is the only state in the U.S. not suffering a budget deficit
2) At 3.4% North Dakota has the lowest unemployment in the United States
3) No local banks have failed in North Dakota.
4) The BND has returned in excess of $500 million to the State of North Dakota’s general fund since 2000.
5) Since the year 2000
North Dakota’s GDP has grown 56%, personal income has risen by 43% and wages by 34%.
                                                                         6) In 2011
North Dakota is experiencing a $1 billion budget surplus!



The Bank of North Dakota: An Overview


The Bank of North Dakota was founded in 1919 to insure a dependable supply of affordable credit for farmers, ranchers and businesses. By the turn of the century, North Dakota's economy was controlled by a cartel of Minnesota grain brokers, bankers, and railroads. The state's financial future was based on a single industry – agriculture – and a single crop – wheat.
Despite repeated efforts by some state leaders to break free, the banking cartel's control of shipping, marketing, merchant processing and financing kept the state in the unenviable position of being little more than a
Minnesota colony.

From this history and with a can do spirit, the bank of North Dakota was founded.


The Core Values of the Bank of North Dakota

SERVICE: Excel and Deliver

TEAMWORK: Together We Accomplish More

ETHICS: Do the Right Thing

PEOPLE: Set Us Apart


The Vision of the Bank of North Dakota

The Bank of North Dakota is a credit card financial services industry leader in North Dakota fostering growth and economic well-being for the state and its citizens, using a partnership approach. The Bank of North Dakota has knowledgeable, well-trained people delivering exceptional customer service, resulting in consistent financial returns to the state.


The Mission of the Bank of North Dakota

To deliver quality, sound financial services that promote agriculture, commerce and industry in North Dakota.


The People of North Dakota

The Bank of North Dakota is well thought of by the people in North Dakota and by the other banks in the state. 

Money in the Bank


The Bank of North Dakota's Loan Portfolio

There has been a steady increase in the amount of loans available to the people of North Dakota. Most loans are made to small businesses and to students.


Another View of The Bank of North Dakota's Loan Portfolio

The Bank of North Dakota's loan portfolio has remained steady throughout the economic crisis.



Matching Grants

The bank of North Dakota has partnered with local banks and credit unions to lend money to farms, home improvement, students and business. The bulk of loans has gone up roughly 5-fold since 1996. There was not a slowdown in lending in 2008 when the big banks failed. 


Small Business Loans in North Dakota Compared to its Neighboring States and the U.S.


Assets Held by Community Banks in North Dakota Compared to Neighboring States


Bank Profit Returned to the State’s General Fund

A public bank returns a portion of its profits (gained through interest) to the state general fund or Rainy Day fund. In the case of the BND on average about 72% of all bank profits are returned to the state.

The actual dollar in profits returned to the general fund has varied from year to year (from as little as 0 in some years to up to $50 million in others), but since the year 2000 the return has averaged $29.4 million per year and has totaled almost $300 million. In 2009, the BND returned a profit of $50 million to the state.


The Bank of North Dakota is governed by the State Industrial Commission, made up of the Governor, Attorney General and Commissioner of Agriculture. There is also a seven-member Advisory Board, appointed by the Governor. This group, bipartisan, reviews the Bank's operations and makes recommendations to the State Industrial Commission concerning the Bank's management, services, policies and procedures.

 How Washington State and the Rest of the States in the U.S. Compare to North Dakota



Jumping on board



A:  I have a question. Why aren’t our representatives all over this clamoring for a public bank to help the people?

B: I'm not sure. They might be apprehensive about trying something new. They might not be sure how to capitalize a partnership bank. It’s hard to know why they wouldn’t at least try. I suspect that when more people learn about public banking and talk to their representatives, there will be more of a push to establish a public bank in every state.



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