Bank of North Dakota

Bank of North Dakota (BND) is a state-owned bank established by the North Dakota Legislature in 1919. It opened on July 28 of that year with $2 million in capital. The bank’s creation followed the Nonpartisan League gaining control of the governor’s office and Legislature in 1918; the League’s platform included state ownership and control of marketing and credit agencies. BND describes itself as the only state-owned bank in the United States. BND presents its role as connecting government, financial institutions, and the public, with services tailored to North Dakota’s needs. It serves as the correspondent bank for most financial institutions in the state and offers products related to those institutions’ daily operations. It also serves as the depository agency and provider of banking services for North Dakota agencies. For the public, the bank offers basic checking and savings accounts to North Dakota residents. The bank’s public-facing offerings extend beyond basic banking. Its website features student-loan resources and the College SAVE 529 plan, which BND administers for North Dakota. The plan offers three ways to increase savings with matching funds. BND also provides the “Get Smart with My Money” tool, described as research-based and intended to help users understand their money personality and improve financial well-being. BND says it works with local financial institutions, communities, and the Legislature to support the state. Its official website and news page describe ongoing activities including annual reporting, loan programs, credit-rating updates, and financial-stability initiatives. The supplied material identifies the bank as active but does not specify its headquarters, founder, or named executives.

Bank of North Dakota (BND) was established by the North Dakota Legislature in 1919. Its origins are connected to the political program of the Nonpartisan League: after the League gained control of the governor’s office and the Legislature in 1918, its platform included state ownership and control of marketing and credit agencies. In 1919, the Legislature established BND and the North Dakota Mill and Elevator Association. BND opened on July 28, 1919, with $2 million of capital. Across its history, BND has developed a role that differs from that of a conventional public-facing retail bank alone. The bank says it bridges government, financial institutions, and the public, providing services designed for North Dakota’s needs. It serves as the correspondent bank for most financial institutions in the state and offers products related to their daily operations. It also provides banking services to state agencies and acts as their depository agency. For individuals, BND offers basic checking and savings accounts to North Dakota residents. The bank’s current public-facing programs include student-loan decision resources and College SAVE, North Dakota’s 529 plan, which BND administers. The official homepage also features “Get Smart with My Money,” described as a research-based tool for understanding money-related habits and improving financial well-being. These offerings sit alongside BND’s institutional and government services, reflecting its stated role in supporting the state through tailored solutions. BND describes itself as the only state-owned bank in the country. Its official materials characterize the bank as an evolving institution with more than a century of experience and a continuing focus on North Dakota’s communities and economic needs. Recent items on its official news page include the release of a 2025 annual report, a short-term low-interest loan program for furloughed federal government employees, additional funding for a 2026 Farm Financial Stability Loan Program, and an announcement that S&P affirmed the bank’s credit rating. The supplied sources do not identify a founder, headquarters, or current executives.

• 2025

  2025 Annual Report released

  [4]News - Bank of North Dakotabnd.nd.gov
• 1919

  Bank of North Dakota established

  [2]About BND - Bank of North Dakotabnd.nd.gov
• 1919

  Bank opens with $2 million of capital

  [2]About BND - Bank of North Dakotabnd.nd.gov
• 1918

  Nonpartisan League gains control of state government

  [2]About BND - Bank of North Dakotabnd.nd.gov

A state-owned bank focused on North Dakota, partnering with local financial institutions, communities, and the Legislature and serving financial institutions, government agencies, and the public.

• College SAVE

  North Dakota’s 529 plan, administered by BND, with three ways to increase savings with matching funds.

• Student loans and decision resources

  BND provides student-loan resources and tools intended to help borrowers make confident borrowing decisions.

• Correspondent banking services

  BND serves as correspondent bank for most North Dakota financial institutions and offers products relating to their daily operations.

• Government banking services

  BND serves as the depository agency and provides banking services for North Dakota agencies.

• Public checking and savings accounts

  BND offers basic checking and savings accounts to North Dakota residents.

• Get Smart with My Money

  A research-based tool intended to help users understand their money personality and improve financial well-being.

1. 1Home - Bank of North Dakotabnd.nd.gov
2. 2About BND - Bank of North Dakotabnd.nd.gov
3. 3Bank Services - Bank of North Dakotabnd.nd.gov
4. 4News - Bank of North Dakotabnd.nd.gov