Which U.S. state-owned bank was founded in 1919 to support North Dakota’s economy?

The Bank of North Dakota was founded in 1919 to support the state’s economy.

It was created by the North Dakota legislature during a period when farmers and small businesses faced difficulty obtaining affordable credit from outside financial institutions. The bank was intended to keep more financial resources circulating within the state.

Unlike a conventional retail bank, it works with private financial institutions and public entities. It can provide liquidity, participate in loans, and support economic-development programs while also offering some banking services directly.

North Dakota is notable because the Bank of North Dakota remains the only state-owned bank in the United States. It is not the same as a state-chartered private bank, which is regulated by a state but owned by private investors.