News

The state-owned Bank of North Dakota (BND) reported a profit of $144.2 million in 2021, a slight increase from $141.2 million in 2020 with a return on investment of 15%, according to information presented to the Industrial Commission (Commission) in BND’s annual report today.

The Industrial Commission named Interim Bank of North Dakota (BND) President Todd Steinwand as President of the Bank at its meeting on July 27, 2021. Prior to acting as interim President, Steinwand served as BND’s Chief Business Development Officer. Steinwand, succeeds Eric Hardmeyer, who held the position for 21 years, the longest-serving president in the Bank’s 102-year history.

The North Dakota Industrial Commission today approved two new Bank of North Dakota (BND) loan programs to help the state’s livestock producers cover expenses related to the extreme drought conditions in the state. Producers must work with their local lender to determine if the programs are appropriate for their situation and make application through them.

The state-owned Bank of North Dakota (BND) reported a profit of $141.2 million in 2020, down from $169 million in 2019 with a return on investment of 15%, according to information presented to the Industrial Commission (Commission) in BND’s annual report today.
The report’s theme, “Responding with Confidence,” focuses on the important role the Bank played by assisting residents in response to the COVID-19 pandemic. BND created three business loan programs, one business grant program and a student loan relief program, while also administering an agriculture disaster relief program. It also assisted local lenders in accessing Federal Paycheck Protection Program funds by hosting weekly webinars connecting lenders with the Small Business Administration and members of Congress. These efforts, along with the work of the Department of Commerce and their partners, enabled North Dakota to receive more funds per capita than any other state.

Bank of North Dakota (BND) President Eric Hardmeyer announced his retirement effective July 6, 2021, at the Industrial Commission meeting today. Hardmeyer has been in the role since 2000, qualifying him as the longest-serving president in the Bank’s 102-year history.

Standard & Poor’s (S&P) affirmed Bank of North Dakota’s (BND) credit rating as “A+” and “A- 1” for long-term and short-term credit, respectively, in its annual review released Nov. 9, 2020.

Bismarck – The Industrial Commission approved a $50 million interest buydown program to be administered by the Bank of North Dakota (BND) for businesses with decreased revenue related to the COVID-19 pandemic. The program, COVID PACE Recovery II, (CPR II), will be funded by CARES Act dollars assigned to the Bank of North Dakota.

BISMARCK – The Industrial Commission approved a Bank of North Dakota (BND) request to expand the parameters of the Accelerated Growth Loan Program. The expansion enables technology companies to utilize an increased amount of monthly recurring revenues as a repayment source that allows the loan limit to grow with the company. In addition, BND is increasing its allocation of available funding from $28,000,000 to $47,000,000 in support of the program. The goal is to create an avenue for North Dakota technology companies to access local, lower cost financing.

BISMARCK – The state-owned Bank of North Dakota (BND) recorded its 16th consecutive year of record profits in 2019, with $169 million in net earnings, the Bank reported today in its annual report to the state Industrial Commission (Commission).

Bismarck- The North Dakota Industrial Commission today extended the Ag Disaster Relief Loan Program to accept applications from agricultural producers through September 30, 2020. The original sunset date was June 30, 2020. Since the program was made available in January, 218 loans have been approved for $109 million.