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BISMARCK–July 28, 2009–Today Bank of North Dakota (BND) celebrated its opening day of business
90 years ago – July 28, 1919. Many visitors took part in the Bank’s Open
House in honor of the occasion, which included historical displays, refreshments
and tours of the current facility.
The only state-owned bank in the nation, BND originally operated out of the state capitol building. The state later purchased the Missouri Valley Motor Company building at 7th Street and Main Avenue in Bismarck. BND resided there until January 2008 when the Bank moved to its new location at 1200 Memorial Highway.
In 1919 the state authorized a series of bonds to raise $2 million in capital. During its long history, BND created and expanded services to include commercial, farm, entrepreneur and student loans as well as retail services for financial institutions and the general public. In 2008, BND’s assets reached over $3.5 billion, with earnings of $57 million. The state began using Bank profits in 1945 when about $1,700 was transferred to the general fund. Over the last decade BND has provided $300 million in Bank profits to the general fund.
“In the past 90 years, BND has never wavered from its mission ‘to promote agriculture, commerce and industry’ in the state,” stated Eric Hardmeyer, BND president. “Today we’re proud to reflect on the role BND has played in numerous accomplishments for the good of North Dakota and its citizens.”
BND opened with a workforce of 46 people. Today BND retains 168 full-time employees. The only state-owned bank in the nation, Bank of North Dakota is overseen by the Industrial Commission of North Dakota, consisting of Gov. John Hoeven as Chairman, Attorney General Wayne Stenehjem, and Agriculture Commissioner Doug Goehring.
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