To commemorate 100 years of the Bank fulfilling its mission to “promote agriculture, commerce and industry in North Dakota,” the North Dakota Legislature declared Monday, February 25, 2019 as “Bank of North Dakota Day.” On February 25, 1919, Gov. Lynn J. Frazier signed the bill that created the Bank of North Dakota. Frazier was a farmer before he was selected to run for governor as a member of the Nonpartisan League.
Bank of North Dakota (BND) is the longest-running, successful state-owned bank in the United States and is the only one of its kind today. BND and other Nonpartisan League programs were originally conceived to support North Dakota farmers who felt they were being treated unfairly by business interests in the East. They received low grain prices at elevators and were charged high transportation costs and interest rates, which ran as high as 12% from banks in Minneapolis and Chicago.
To honor the centennial occasion, BND has cookies available in the Bank lobby, and tours of the new BND museum will be held every morning the week of February 25 at 11 am. A larger public event will be held at the Bank on July 29, 2019, 100 years after BND opened its doors. PBI is working hard to make sure we can celebrate many more public banks well on their way to opening their own doors by then.
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