Bank of North Dakota
State-owned and -run financial institution
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 its 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.
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