BISMARCK, N.D. (BND) – The following is a Bank of North Dakota news release responding to allegations made against the bank.
“On Tuesday, October 22, 2024, a national-based website published an article filled with false allegations about Bank of North Dakota (BND) and its staff. To set the record straight, BND is publishing a fact-based written response and video to assure North Dakotans that the BND they have trusted for 105 years remains an agency they can trust. The information can be found at bnd.nd.gov.
“It is a sad day when someone, who does not understand banking, the Bank of North Dakota and its role in supporting our state, publishes an article without one thread of truth,” states BND President/CEO, Don Morgan. “What makes it even sadder is when local influencers, hosts and politicians support it with no regard for the actual truth. I can tell you with full confidence the Bank of North Dakota is an honest, well-managed state agency with employees who care deeply about our mission and our state.”
The information posted on BND’s website at bnd.nd.gov details how funds are managed at BND, the true amount of loan losses which are far lower than what was insinuated, and the many layers of oversight for BND to ensure strong financial practices are followed.
Bank of North Dakota was established by the 1919 Legislative Assembly and since then has incorporated numerous programs that support economic development in the state. Its mission, to support agriculture, commerce and industry, has not changed since its inception.
This mission statement has translated into multiple disaster relief programs since 1997 to support farmers, ranchers and families impacted by floods and weather-related disasters. Tens of thousands of students have received loans to achieve their education goals. Millions of dollars managed by BND through Legislative appropriations to help build schools, roads and other critical infrastructure to nearly every county in the state, lowering the taxes for those residents. Business owners have started and expanded businesses because of BND’s partnership with local lenders.
“Bank of North Dakota is woven into the fabric of every community in our state, often a silent but powerful partner assisting North Dakotans,” concludes Morgan, “I encourage every resident with questions to go to our website and learn the facts before believing an out-of-state website with limited understanding of what we do and with no intention of reporting factual information.”