Inside the Bank of North Dakota: A Century-Old Model of Public Banking

North Dakota is home to the only state-owned bank in the United States, operating for over a hundred years. This report shares exclusive access to the institution, covering its origins, its customer and deposit structure, and how it finances critical infrastructure, along with how the model is being cited by candidates in other states.

■ Origins of the State Bank
- The socialist-leaning farmer-labor movement known as the Nonpartisan League and its push against outside financial interests
- The establishment of a state bank and a state mill and elevator, both of which still operate
■ How the Bank Operates
- Its role as the primary depository for state funds and the deliberate avoidance of retail branch customers
- Its policy of not competing with community banks in the state
- Investment of funds into critical infrastructure, illustrated by the financing of a coal plant
■ The Model Spreading to Other States
- Its popularity among Republicans in North Dakota, including comments from Governor Kelly Armstrong
- State bank proposals in other states, such as New York, that use North Dakota as a reference
- Considerations about scale when comparing North Dakota with larger states

Those interested in public banking, state-level economic policy, or how a government-owned financial institution functions in practice will find a concrete case to examine. Watching provides background for following state bank proposals as they appear in midterm discussions and for evaluating comparisons between states.