BISMARCK, N.D. – Todd Steinwand, President and Chief Executive Officer of Bank of North Dakota (BND), has announced his intention to retire in the second quarter of 2024. An exact date has not been established but he pledged to continue to work with the Industrial Commission (Commission) during the transition. An executive search committee was approved at today’s Industrial Commission meeting.
By the time he retires, Steinwand will have spent 42 years in the banking industry, the last eight of which were at Bank of North Dakota. He was appointed BND president by the Commission in 2021 with the retirement of Eric Hardmeyer.
“Todd Steinwand has led with vision during his eight years of service at Bank of North Dakota,” said members of the Commission in a joint statement. The Commission, consisting of Gov. Doug Burgum as chairman, Attorney General Drew Wrigley, and Agriculture Commissioner Doug Goehring, oversees BND. “Under Todd’s leadership, BND reached new records for assets, loans and net income, launched numerous innovations to better serve financial institution partners, and strengthened the Bank’s commitment to farmers, ranchers, students and businesses in the state.”
Steinwand’s list of accomplishments is long for his short tenure. He navigated BND’s employees into a hybrid workforce, allowing flexibility to work off-site, on-site or a combination, which is customized by employee preference and business need.
Creating efficiency for employees, financial institutions, state agencies and customers was a priority for Steinwand. He spearheaded the implementation of a loan application program, custom-designed for BND using Microsoft Office Suite products with 138 cloud flows and 126 processes. It streamlines the loan application process for the Bank’s financial institution partners. The project was completed on-time, on-budget and involved 52 employees.
Steinwand identified the duplication of services for North Dakota residents who accessed home loans through the state. He led the effort to consolidate residential loan originations, servicing and collections services when the Bank portfolio transferred to the North Dakota Housing Finance Agency.
Under his leadership, a one-stop online application was created to allow political subdivisions to apply for infrastructure funding from the Department of Transportation, Department of Water Resources, Department of Environmental Quality and Bank of North Dakota.
Steinwand has improved service to state agencies by initiating a program to assess potential process improvements to enhance the customer experience for state agencies utilizing BND products.
“It has been my privilege to serve the citizens of North Dakota as part of the Bank of North Dakota team,” Steinwand said. “I want to thank the Industrial Commission, legislators, financial institutions across the state and the tremendous team I work with every day for working together to accomplish great things for our state.”
The Bank’s mission “to support agriculture, commerce and industry” has not changed since its earliest days in 1919. The Bank of North Dakota is the only state-owned bank in the nation.
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