Bank of North Dakota Manages $11 Billion in State Assets

The Bank of North Dakota continues to operate as the only surviving state-owned and operated bank in the United States. Managing approximately $11 billion in assets, the institution functions as a bankers' bank, providing participation loans, disaster relief, and funding for large-scale industrial projects. A recent example of its utility includes the acquisition of the Rainbow Energy Center coal plant.

Despite its origins in the 1918 socialist-leaning Nonpartisan League movement, the bank maintains strong support from the state's Republican leadership. Governor Kelly Armstrong and U.S. Senators Kevin Cramer and John Hoeven view the institution as a tool for regional self-determination and a partner to private enterprise rather than a competitor.

The bank's success has created a ideological divide. Progressive Democrats and democratic socialists in states such as Washington, California, and Massachusetts cite the institution as a model for expanding public banking nationwide. In contrast, the American Bankers Association opposes the expansion of public banks, arguing that such institutions present significant risks to taxpayers.