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BANK OF NORTH DAKOTA
[Authorized: NDCC Chapter 6-09]
The Bank of North Dakota is operated, managed, and controlled by the Industrial Commission. The commission appoints the bank president.
Established to promote agriculture, commerce, and industry in the state, the Bank is the only legal depository for all state funds. It also serves as a central clearing agency for many North Dakota banks and other financial institutions. Among the many programs the Bank administers are the Farm Real Estate Debt Restructure Program, the Guaranteed Student Loan Program, the Municipal Bond Bank, the Developmentally Disabled Facility Loan Program, the Community Water Facility Loan Act, the Beginning Farmer Loan Guarantee Program, the Small Business Administration Loan Program, and the Fuel Production Facility Loan Guarantee Program. Under the Family Farm Survival Act of 1985, the Bank established an interest bydown program to assist farmers and agribusinesses. As the state's fiscal agent, the Bank can make direct insured loans such as the Federal Housing Administration and Veterans' Administration Home Loans.
The Bank of North Dakota was established in 1919 "to encourage and promote agriculture, commerce, and industry in the state." (S. L. 1919, Ch. 147) Created under the auspices of the Nonpartisan League, the Bank of North Dakota was a key element of the League's state industrial program. The existence of the Bank of North Dakota was threatened early in its history. Bills creating the Bank of North Dakota, the Board of Administration, and the Industrial Commission were referred and approved by voters on June 26, 1919. An initiated measure to dissolve the Bank of North Dakota was defeated by voters in a special election on October 28, 1921.
The Bank of North Dakota is owned by the state of North Dakota, controlled by the Industrial Commission, and is the sole legal depository for state funds. All profits from the operation of the Bank of North Dakota are deposited in the General Fund. In addition to serving as the state's fiscal agent, the Bank of North Dakota accepts deposits from private, commercial, and governmental sources, and makes farm loans to state residents, student loans, home loans, and loans to other financial institutions and political subdivisions. The president of the Bank of North Dakota serves as a member of the State Investment Board.
SERIES
Address:
612 East Boulevard Ave.
Bismarck, North Dakota 58505
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Hours:
State Museum and Store: 8 a.m. - 5 p.m. M-F; Sat. & Sun. 10 a.m. - 5 p.m.
We are closed New Year's Day, Easter, Thanksgiving Day, and Christmas Day. We are closed at noon Christmas Eve if it falls on Mon.-Thurs. and are closed all day if it falls on Fri.-Sun.
State Archives: 8 a.m. - 4:30 p.m. M-F, except state holidays; 2nd Sat. of each month, 10 a.m. - 4:30 p.m. Appointments are recommended. To schedule an appointment, please contact us at 701.328.2091 or archives@nd.gov.
State Historical Society offices: 8 a.m. - 5 p.m. M-F, except state holidays.
Contact Us:
phone: 701.328.2666
email: history@nd.gov
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