The Bank of North Dakota is the nation’s only surviving state-owned and -operated bank. It has persisted as Great Plains politics has shifted from prairie progressivism to deep-red conservatism, and it now manages about $11 billion in assets while enjoying broad support from the state’s current political leaders.
“I think it’s weird, right? We’re one of the most conservative states in the union, and we have this state-run bank that was started by first-generation Norwegian immigrants,” North Dakota Gov. Kelly Armstrong, a Republican, told CNBC. “I don’t think we could set one up now, but I’m sure glad we have it.”
In addition to Armstrong, the bank’s present-day boosters include the state’s U.S. senators, Kevin Cramer and John Hoeven — who is a former president of the bank, and former North Dakota governor and current Interior Secretary Doug Burgum. All are Republicans in a party where “socialist” is a pejorative on the 2026 campaign trail.
“I’ve always said it’s a very interesting concept; obviously it’s a successful one up here,” Don Morgan, the Bank of North Dakota president and CEO, told CNBC. “It’s one that if you use it wrong, it could be a little bit dangerous. But if you use it right, it can be a really powerful financial tool.”
If the Republicans want it, how are they going to greed it dry.
Under state law, the bank is the State of North Dakota doing business as the Bank of North Dakota.[8] The bank is the only legal depository for all state funds.[3] The state and its agencies are required to place their funds in the bank, helping it hold 15% of the total deposits of banks operating within the state.[4] Profits from the bank are either deposited in North Dakota’s general fund, or are used to support economic development in the state.[3] $585 million of profits have been deposited into the North Dakota general fund since the bank’s inception.[3]