in october 2011 advertising the bank at occupy wall street . the bank of north dakota bnd is a state owned run financial institution based in bismarck north dakota . contents 1 organization 2 services 3 history 4 presidents 5 references 6 external links organization edit under state law the bank is the state of north dakota doing business as the bank of north dakota . 1 the state and its agencies are required to place their funds in the bank but local governments are not required to do so . services edit other entities may also open accounts at the bank ; however bnd offers fewer retail services than other institutions and it has only one office . these limit its competitiveness in consumer banking . 2 instead bnd has taken a role more akin to a central bank and has many functions such as check clearing that might be expected from a branch office of the federal reserve . the bank does have an account with the federal reserve bank but deposits are not insured by the federal deposit insurance corporation instead being guaranteed by the general fund of the state of north dakota itself and the taxpayers of the state . 2 bnd also guarantees student loans through its student loans of north dakota division business development loans and state and municipal bonds . 2 history edit the bank of north dakota was established by legislative action in 1919 to promote agriculture commerce and industry in north dakota . 3 though initially conceived by populists in the non partisan league or npl as a credit union style institution to free the farmers of the state from predatory lenders the bank s functions were largely blocked by out of state financial actors refusing to buy the bonds the bank issued to finance its lending lending that would have provided competition to the commercial banks . 4 the business backed independent voters association then pursued shutting down the bank politically . 4 the recall of npl governor lynn frazier effectively ended the initial plan with bnd taking a more conservative central banking role in state finance . the current president and ceo is eric hardmeyer ; however the bank itself is managed by the north dakota industrial commission which is composed of the governor attorney general and the agriculture commissioner formerly the agriculture and labor commissioner of north dakota . 5 the bank of north dakota is the only state owned facility of its type in the united states other than the puerto rico government development bank . 3 according to the federal reserve bank seven indian tribes currently wholly own or substantially control a bank . 6 presidents edit name term 1 f.w. cathro 1919 2 j. r. waters 1920 1921 3 g.r. green 1922 1929 4 c.f. mudgett 1930 1932 5 r.m. stangler 1933 1936 6 f.a. vogel 1937 1944 7 h.c. bowers 1945 1956 8 t.w. sette 1957 1961 9 g.m. thompson 1962 1968 10 h.l. thorndal 1969 1986 11 joseph lamb 1986 1992 12 john hoeven 1993 2000 13 eric hardmeyer 2001 present references edit the state of north dakota d b a bank of north dakota v. merchants national bank and trust company ; red river national bank and trust company ; jamestown national bank ; union national bank ; wahpeton national bank 634 f. 2d 368 8th cir . aug. 6 1980 . a b c bank of north dakota faq pdf . bank of north dakota . retrieved february 7 2012 . a b http www.banknd.nd.gov a b bank of north dakota . prairie public broadcasting via youtube . retrieved 11 october 2013 . http www.nd.gov ndic https www.minneapolisfed.org publications papers pub display.cfm id 3506 & there are seven u.s. banks either wholly owned or controlled by native american tribes . external links edit bank of north dakota website student loans of north dakota website mother jones how the nation s only state owned bank became the envy of wall street north dakota industrial commission bank of north dakota documentary produced by prairie public television the seattle times economy prompts fresh look at nd s socialist bank v t e state government of north dakota state capitol north dakota constitution coat of arms flag seal executive branch governor agriculture commissioner attorney general auditor insurance commissioner lieutenant governor secretary of state superintendent of public instruction tax commissioner treasurer state cabinet legislative branch legislative assembly house of representatives senate judicial branch court system supreme court court of appeals district court municipal courts departments and divisions agriculture career and technical education commerce corrections and rehabilitation emergency services financial institutions game and fish health human services labor land office of management and budget oil and gas parks and recreation public instruction securities seed transportation veterans affairs boards and commissions board of higher education industrial commission public service commission water commission other bank of north dakota highway patrol state library state mill and elevator state penitentiary state school for the blind state school for the deaf university system retrieved from https en.wikipedia.org w index.php title bank of north dakota & oldid 697824628 categories banks based in north dakotabismarck north dakotagovernment corporationsmonetary reformstate agencies of north dakota navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages norsk bokm lsuomisvenska edit links this page was last modified on 2 january 2016 at 04 48 . text is available under the creative commons attribution sharealike license ; 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