north dakota state banking system

They aimed to create a system of rural credit unions, farm cooperatives, In North Dakota, 83% of deposits in the state are held by local banks. of the North Dakota Department of Financial Institutions. I serve as the Chairman of the. Conference of State Bank Supervisors (CSBS) and am. If modeled on the successful Bank of North Dakota, Partnership Banks in other states would: t Create new jobs and spur economic growth. north dakota state banking system

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Bank Of North Dakota - The Nation's ONLY State Owned Bank

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Counterfeit Cashier's Checks: Counterfeit Cashier's Checks of First National Bank, Fort Pierre, South Dakota

The above-named bank has reported that counterfeit cashier’s checks using a correct routing number of 091400525 are being presented for payment nationwide in connection with a mystery shopping scam.

The counterfeit checks resemble the bank’s authentic checks and may be identified by the following traits:

  • The checks contain the following security statement in the top border: “WARNING: THIS DOCUMENT HAS SECURITY FEATURES IN THE PAPER.”
  • A padlock icon along with the words “Security features” appears in the right-hand border of the check.
  • The numerical dollar amount of the check is enclosed in a box.
  • The bank’s Website does not appear on the check.

Counterfeit checks presented to date have contained a remitter name of Taylor Andrew and have been made payable in the following amounts: $1,985, $2,485, $2,890, or $2,985.

Potential victims of this mystery shopping scam are contacted via email to complete an online form to register for a mystery shopping assignment. After they have registered, potential victims receive the attached letter in the mail along with a counterfeit check. The correspondence contains the letterhead of “Ace Mystery Shoppers, 4324 Beltline Rd, Suite C105, Irving, TX 75038” and is signed by “Mr. Louis Garret, Head of Operations, (813) 602-2848.” The letter indicates that the recipient is to evaluate his or her own financial institution, one store from the list provided in the letter, and an overnight mail service while purchasing money orders. The potential victim is to deposit the check into his or her bank account and immediately withdraw the full amount. During this transaction, he or she is to secretly evaluate the clerk and institution, ensuring they are unaware of this assignment. He or she is to retain $200 as his or her salary, spend $50 to make a merchandise purchase for a charity of his or her choice, and then use the balance to purchase two money orders to be sent to a third party, using an overnight mail service.

For additional information and to verify the authenticity of cashier’s checks drawn on First National Bank, please contact Vice President and Cashier Anita Brehe by mail at 125 W. Sioux Avenue, P.O. Box 730, Pierre, SD 57501; by telephone at (605) 945-3900; by fax at (605) 945-3914; or by email at [email protected]

Consumers who receive counterfeit or fictitious items and associated material should file complaints with the following agencies, as appropriate:

  • U.S. Department of the Treasury, Office of Inspector General (OIG): by telephone at (800) 359-3898 or by visiting the OIG website.
  • Federal Trade Commission (FTC): by telephone at (877) FTC-HELP or, for filing a complaint electronically, via the FTC's website.
  • National Consumers League (NCL): by telephone at (202) 835-3323 or by email. To file a fraud complaint, visit the NCL fraud website.
  • Better Business Bureau (BBB): The BBB system serves markets throughout Canada, Puerto Rico, and the United States and is the marketplace leader in advancing trust between businesses and consumers. The website offers contact information for local BBBs, objective reports on more than 2 million businesses, consumer scam alerts, and tips on a wide variety of topics that help consumers find trustworthy businesses and make wise purchasing decisions.
  • Federal Bureau of Investigation Internet Crime Complaint Center (to report scams that may have originated via the internet).
  • If correspondence is received via the U.S. Postal Service, contact the U.S. Postal Inspection Service by telephone at (888) 877-7644; by mail at U.S. Postal Inspection North dakota state banking system, Office of Inspector General, Operations Support Group, 222 S. Riverside Plaza, Suite 1250, Chicago, IL 60606-6100; or via the online complaint form.

Additional information concerning this matter that should be brought to the attention of the Office of the Comptroller of the Currency (OCC) may cheapoair customer service number india forwarded to

Office of the Comptroller of the Currency
Special Supervision Division
400 7th St. SW, Suite 3E-218; MS 8E-12
Washington, DC 20219
Phone: (202) 649-6450
Fax: (571) 293-4925
www.occ.gov
[email protected]

For additional information regarding other types of financial fraud, please visit the OCC's anti-fraud resources page.

 

Ellen M. Warwick
Director for Enforcement and Compliance

Related Link

Источник: https://www.occ.treas.gov/news-issuances/alerts/2015/alert-2015-2.html

By Evan Sparks

Here we are, three adults, sitting in toddler-sized chairs in a former church basement. High-pitched laughter and kid chatter wafts in from the next room, where snacks are about to be served. I’m in the pre-K classroom of Energy Capital Cooperative Child Care, a new daycare center in Mercer County, N.D., and I’m chatting with Dana Santini, who manages the center, and local bank leader Christie Obenauer.

“We were getting to the point where we had people who were saying, ‘I just can’t work, I have no place to take my kids,’” says Obenauer, who is president and CEO of Union State Bank in Hazen. “Employers like us already have a shortage of people to fill positions. We can’t have them not able to use their talents because they can’t find someone to watch their children.”

Obenauer and other local leaders were responding to both local market pressures and broader economic trends. With more two-income households generally, and with a need for round-the-clock shift work in Mercer County’s energy economy and too few daycare seats, many residents were feeling the pinch.

Two years ago, the daycare coop opened to meet that need. The story of how it came together is a classic small town and community banking story, but with a twist. A local church was closing its doors and selling its building but wanted to bless the town as it did so. The coop was able to buy it for a significantly below-market price, explains Obenauer. Meanwhile, “we came in to put the financial package together.”

The total cost of the project was $250,000—which may not sound like much for a commercial facility, but it can be a big hurdle for a nonprofit cooperative in a town of 2,400. Local volunteer labor retrofitted the building, keeping the cost down, but a program from the Bank of North Dakota in Bismarck was what made the whole project come together.

Through BND’s Flex PACE program for local economic development projects, Union State Bank was able to buy down the interest rate on the loan by 25 percent, then sell half of the loan back to BND. The effective interest rate on the project, according to Obenauer? One percent. “The amount of interest expense saved through the Flex PACE program at the Bank of North Dakota, it can make or break a deal,” she explains.

The result: child care for up to 60 kids, employing 19 people at the coop and facilitating 100 additional Mercer County jobs. Santini adds that having a center—as opposed to a home-based daycare—meets the needs of parents with shift work who need child care at, say, 5:30 in the morning. It also provides flexibility for parents dealing with economic turbulence like layoffs and job switches. “We were here” when a family suddenly needed different hours, says Santini.

A unique institution

A child care center is a small project, but there are stories like it in towns across North Dakota. The common denominator is the Bank of North Dakota, which is a unique American financial institution. Part Federal Reserve, part economic development agency and part bankers’ bank, the 100-year-old BND is the only state-owned and state-run bank in America.

Why is it so unique? To answer that question, let’s take a look back 100 years, to the environment that spawned BND.

Energy Capital Cooperative Child Care provides daycare for 60 kids in a former church building in Hazen, N.D.

By 1919, tension had been building for decades in North Dakota. As the Northern Pacific and Great Northern railroads crossed the state, connecting the shipping hubs of Minneapolis and Duluth with Pacific portals, farmers—a great many of them immigrants—settled along the railroad routes and cultivated grain with easy shipping to domestic and overseas markets. In the tight-money environment of the late 19th and early 20th centuries, many of them felt pinched on two sides, paying high interest for loans from out-of-state banks and high costs to ship grain using powerful out-of-state railroad and mill interests.

In 1914, the people of North Dakota approved state-owned terminal elevators. But the legislature refused to build them, and the elevators—along with a state-owned bank and mill—were spearheaded by a populist political movement called the Non-Partisan League. These public institutions were intended to provide more choices to North Dakota businesses in a very different economic, social and political milieu than our own, but they remained controversial for decades.

Just two years after the bank was created, for example, the voters recalled Gov. Lynn Frazier, who had signed the bill authorizing BND’s creation. It was the first of only two instances in U.S. history that a governor has been recalled before the end of his term. BND itself survived public votes, legislative repeal attempts and a lawsuit challenging its constitutionality—but in so doing, it changed.

Over the next several decades, BND would become a political football, with its program shifting dramatically based on the priorities of the three elected officials—governor, attorney general and agriculture commissioner—who comprised the Industrial Commission, BND’s official board.

“Because the bank is a creature of the political system, it responds to those swings,” says former Grand Forks Herald editor Mike Jacobs, who authored a history of BND. “It has to respond to those swings.”

These included big swings in credit policy. Under some administrations, BND lent freely, getting “loans that other banks didn’t want to make,” a former attorney general told Jacobs. In the 1980s, the bank was embarrassed by “Potatogate”; it issued $1.85 million in promissory notes to help a North Dakota firm ship seed potatoes to Honduras. The Honduran buyers were a chimera, and the money disappeared into the hands of a Canadian con man.

At other times, the bank was thought to be too tight with credit. Steve Stenejhem, chairman and CEO of First International Bank and Trust in Watford City, recalls wanting to make a loan to a rancher in the 1980s to develop RFID technology for tracking cattle. “I was willing to lend him $500,000 to help with his project, and I could not convince BND to lend $150,000,” he says. “They were almost 20 times bigger than our bank was at the time, and they were unwilling to take a $150,000 risk.”

That began to change under Gov. Ed Schafer, elected in 1992, and John Hoeven, who became president of BND in 1993. BND takes the state’s deposits and puts them to work across the state primarily through participating in loans originated by a local bank. “When I came there in ’93, they were not taking enough risk,” says Hoeven, whose background was as a commercial banker in Minot and who today serves as a U.S. senator. “Their loan portfolio was only a couple hundred million.”

Explore the story of community banking in North Dakota with a special documentary episode of the ABA Banking Journal Podcast. Listen here.

To Hoeven, the bank was “really an economic development agency for the state of North Dakota. . designed to better manage risk and help the commercial banking network provide funding to entrepreneurs, businesses, farmers and students. Its role is to complement and work with private financial institutions to support, expand and grow the private sector—and not to compete with private financial institutions.”

Operating as a bank, staffed by professional bankers, helps BND succeed at its economic development mission, says Eric Hardmeyer, who succeeded Hoeven as president of BND in 2001. “Economic developers have never seen a deal they don’t like,” he says. “When you’re a banker, you have look at it objectively and independently and make a decision.”

In all but a handful of instances, BND makes loans as a secondary partner by working through local banks and credit unions and does not originate them directly. That also helps BND prioritize the most creditworthy and effective projects, Hoeven adds. “We did need to take more risk, but that’s tempered by the professionalism of all these financial institutions that understand risk. They’re community banks that know their people, that know their communities.”

Booming in the Bakken

In recent years, BND’s economic development mission has been to complement the rapid growth in the state with the nation’s lowest unemployment rate. In the heart of the Bakken formation, which sits under the northwest corner of the state, technological innovations like fracking and horizontal drilling have made North Dakota the second-largest oil producer among states. It also helped fuel America’s rise to be the number-one oil-producing country worldwide, with U.S. oil production more than tripling over the past decade.

BND’s lending capability has grown as state tax revenue—and thus BND’s deposits—has exploded over the course of the oil boom. “We were growing at a rate of about a billion dollars per year,” says Hardmeyer. And the oil patch is one place where BND proves its value to local lenders.

“In the 1980s, when the boom ended, we had more people than we had jobs, and we had more housing than we had people,” says Stenehjem from his office on Main Street in Watford City. “Today, with the economy as strong as it is, we have more jobs than we have people, and we have more people than we have housing. It’s a nice problem to have.”

As oil jobs proliferated—and then showed some staying power, attracting other new businesses—newcomers have thronged to Watford City and other Bakken hubs like Williston. Watford City’s population has more than quadrupled over the past decade. The average age in the town has fallen from about 60 to more like 30, says Keith Olson, regional director of the Small Business Development Center. New development sprawled across the plains, but the added population put its toll on public infrastructure like roads, schools and medical facilities.

Due to a lag in property tax assessments, “the city’s schools were growing much faster than their bonding ability was keeping up,” says Stenejhem. “We needed a new school, and the school didn’t have the money or the bonding ability to build it.” He worked with BND to design a solution.

“I gave my willingness to lend up to our legal lending limit, but I needed BND to be a partner, and they did,” Stenejhem explains. “They came up with a program where we could use the gross production tax money to repay the loan over a period of time. We got the school the money they needed and got the buildings built in time for all the kids coming up to use it.”

The partnership is apparent on the east end of town, where a new public recreation and event facility called the Rough Rider Center stands next to Watford City’s new high school and athletic fields. The Stenejhem family donated 53 acres and north dakota state banking system 4.5 million cubic yards of dirt to prepare the site. Nearby is a hotel complex, new apartments and a First International bank branch with a built-in brewpub.

A public option?

Good economic times in North Dakota—combined with struggles to grow elsewhere—have made the BND model attractive. But up close, BND today isn’t the populist institution that its origin story suggests it might have been. BND’s success today—and what makes it so beloved by bankers like Obenauer and citizens across North Dakota—are that it has learned by hard experience to eschew politics for pragmatism and partnership.

In fact, those close to the bank are wary about efforts to replicate it elsewhere, as activists in several states and cities have proposed. (As feasibility studies across the country have demonstrated, any benefits from the BND model of public-private cooperation can take decades to develop, while posing significant financial risk to taxpayers from inception.) First, there’s the matter of the tone. BND leaders never disparage private-sector banking institutions or speak about competing with them. “It is unique to North Dakota. . and it is used in a way that is not a threat to any of the private-sector financial institutions and is viewed really as a partner in a very benevolent way,” says Hardmeyer. “We are really here complementing what they do.”

Hoeven agrees: “To the people who came in and said, ‘We’re going to set this up as a competing enterprise,’ I said, ‘No. I don’t believe in that.’”

BND has moved away from any semblance of competition. In the 1980s, Stenehjem recalls, “the bank was a tough competitor for municipal, school board, park board-type deposits, taking those deposits from me as a community bank, and they weren’t lending any money back.” That changed under Hoeven and Hardmeyer. While BND does accept deposits from North Dakotans, “we don’t make it convenient by design,” Hardmeyer explains—no debit cards, and no branches except for the main office in Bismarck.

Another key to the bank’s success in recent years has been North Dakota’s high-trust, low-corruption culture. “North Dakota has among the nation’s most transparent governments,” says Mike Jacobs. It’s hard to hide the ball in a state with fewer than 800,000 residents. “Transparency is one way we keep politics out of it,” says Hardmeyer. “This is still a small state. There’s two degrees of separation. We all know each other.”

And the North Dakota legislature understands that the bank needs to be managed with discipline and not raided as a piggy bank for government projects. BND has paid differing levels of dividends back to the state’s general fund over the years—and no dividend at all in some boom years, leaving more funds to loan out. BND builds its capital through retained earnings, so Hardmeyer and Jacobs both remark that legislators understand the need to let the bank manage itself appropriately.

BND’s status as a political football came to an end when its management became consistent and disciplined, but the controversy, uncertainty, scandals and mission drift of the bank’s first decades provide a word of caution to anyone attempting the same today. Moreover, the banking environment is drastically different than they were a century ago. “I think it would be very hard to replicate today,” says Stenehjem.

Hardmeyer emphasizes that any public bank like his needs to be able to fill a niche that the private sector can’t. “Just to broadly citi cashreturns mastercard login against private-sector banks is a recipe for problems,” he says. “The headwinds of a public bank competing against private-sector banks to do the exact same thing that they are flies in the face of what we have come to expect in the United States. . There has to be a specific purpose for what you’re trying to accomplish.”

Back in Hazen, we’ve left the daycare coop and we’re tagging along with North Dakota’s other senator, Kevin Cramer, for a tour of the Sakakawea Medical Center, a brand-new $30.5 million critical access hospital that opened in 2017. Christie Obenauer is president of the hospital board, and Union State Bank was the lead local lender. Through BND programs, she explains, her bank booked $12 million and shared the risk on all but $1 million of that.

The cutting-edge facility—which includes intensive care, primary care, specialist services and even a senior home—is impressive, but more importantly, it helps meet the growing healthcare needs in Mercer County. Medical center CEO Darrold Bertsch points out that the facility wouldn’t exist if it weren’t for the partnerships of local banks, BND and federal agencies.

Cramer agrees. “With a participation program like this, the collaboration makes something work that otherwise in the free market competitive system couldn’t work,” says the senator. “North Dakota does that sort of thing really well.”

To listen to the podcast episode on BND, click here.

ABA Banking Journal PodcastCommunity developmentFarm bankingHistoryOil and gasPublic banks

Источник: https://bankingjournal.aba.com/2019/08/the-bank-in-the-background-north-dakota/

North Dakota

2,178

Loans worth $150K+

2,081

Businesses

$845.4 million

Approved dollars

CountyLoansAmount…Per 100K Residents

2,178 loans

Showing 50 of 2,178 results.
DescriptionBusiness NameBusiness TypeIndustry + SectorEmployeesDate ApprovedLoan AmountLender
$1M–$2M loan to ALTENDORF TRUCKING, INC. ALTENDORF TRUCKING, INC.

MINTO, ND

Corporation General Freight Trucking, Long-Distance, Less Than Truckload

Transportation and Warehousing

83 April 6, 2020 $1M–$2M First United Bank
$350K–$1M loan to ROYAL LOGISTICS INC ROYAL LOGISTICS INC

FARGO, ND

S-Corp General Freight Trucking, Long-Distance, Less Than Truckload

Transportation and Warehousing

61 April 5, 2020 $350K–$1M Bremer Bank, National Association
$350K–$1M loan to SKY LOGISTICS AND DISTRIBUTION INC SKY LOGISTICS AND DISTRIBUTION INC

FARGO, ND

Corporation General Freight Trucking, Long-Distance, Less Than Truckload

Transportation and Warehousing

52 April 4, 2020 $350K–$1M Bremer Bank, National Association
$150K–$350K loan to CUSTOM GRAPHICS, INC. CUSTOM GRAPHICS, INC.

FARGO, ND

Corporation Graphic Design Services

Professional, Scientific, and Technical Services

32 April 4, 2020 $150K–$350K Cornerstone Bank
$2M–$5M loan to TURTLE MOUNTAIN COMMUNITY COLLEGE TURTLE MOUNTAIN COMMUNITY COLLEGE

BELCOURT, ND

Non-profit Junior Colleges

Educational Services

165 April 29, 2020 $2M–$5M Dacotah Bank
$350K–$1M loan to NUETA HIDATSA SAHNISH COLLEGE NUETA HIDATSA SAHNISH COLLEGE

NEW TOWN, ND

Non-profit Junior Colleges

Educational Services

70 April 15, 2020 $350K–$1M Cornerstone Bank
$150K–$350K loan to BLACK GOLD POTATO SALES INC BLACK GOLD POTATO SALES INC

GRAND FORKS, ND

Corporation Commodity Contracts Brokerage

Finance and Insurance

18 April 6, 2020 $150K–$350K First International Bank & Trust
$150K–$350K loan to ALSAGER FEEDLOT LLC ALSAGER FEEDLOT LLC

KINDRED, ND

LLC Beef Cattle Ranching and Farming

Agriculture, Forestry, Fishing and Hunting

12 April 7, 2020 $150K–$350K Kindred State Bank
$150K–$350K loan to EATON FARMS EATON FARMS

REEDER, ND

Partnership Beef Cattle Ranching and Farming north dakota state banking system Agriculture, Forestry, Fishing and Hunting

24 April 5, 2020 $150K–$350K Dakota Western Bank
$150K–$350K loan to JEMCO, INC. JEMCO, INC.

WEST FARGO, ND

S-Corp Consumer Electronics Repair and Maintenance

Other Services (except Public Administration)

15 April 8, 2020 my chemical bank $150K–$350K Ramsey National Bank
$2M–$5M loan to RED RIVER COMMODITIES, INC. RED RIVER COMMODITIES, INC.

FARGO, ND

Corporation Soybean and Other Oilseed Processing

Manufacturing

358 April 27, 2020 $2M–$5M Cornerstone Bank
$150K–$350K loan to SB&B FOODS, INC. SB&B FOODS, INC.

CASSELTON, ND

Corporation north dakota state banking system Soybean and Other Oilseed Processing

Manufacturing

13 April 3, 2020 $150K–$350K Cornerstone Bank
$2M–$5M loan to BAKER BOY BAKER BOY

DICKINSON, ND

Corporation Commercial Bakeries

Manufacturing

217 April 3, 2020 $2M–$5M Cornerstone Bank
$350K–$1M loan to SANDON PROPERTIES, LLP SANDON PROPERTIES, LLP

WEST FARGO, ND

Corporation Commercial Bakeries

Manufacturing

105 April 7, 2020 $350K–$1M Bell Bank
$150K–$350K loan to KIST LIVESTOCK AUCTION COMPANY KIST LIVESTOCK AUCTION COMPANY

first light federal credit union lee trevino el paso tx MANDAN, ND

Corporation Livestock Merchant Wholesalers

Wholesale Trade

68 April 3, 2020 $150K–$350K Dakota Community Bank & Trust, National Association
$150K–$350K loan to STOCKMENS LIVESTOCK EXCHANGE INC. STOCKMENS LIVESTOCK EXCHANGE INC.

DICKINSON, ND

Corporation Livestock Merchant Wholesalers

Wholesale Trade

17 April 7, 2020 $150K–$350K American Bank Center
$150K–$350K loan to SOUTH SEGMENT COMMUNITY DEVELOPMENT CORPORATION SOUTH SEGMENT COMMUNITY DEVELOPMENT CORPORATION

TWIN BUTTES, ND

Non-profit Administration of Urban Planning and Community and Rural Development

Public Administration

36 April 27, 2020 $150K–$350K Woodlands National Bank
$350K–$1M loan to INNOVATIVE ENERGY ALLIANCE COOPERATIVE, INC INNOVATIVE ENERGY ALLIANCE COOPERATIVE, INC

NEW ENGLAND, ND

Cooperative Regulation and Administration of Communications, Electric, Gas, and Other Utilities

Public Administration

24 April 3, 2020 $350K–$1M Starion Bank
$150K–$350K loan to JAMES RIVER SENIOR CENTER, INC. JAMES RIVER SENIOR CENTER, INC.

JAMESTOWN, ND

Non-profit Other Business Service Centers (including Copy Shops)

Administrative and Support and Waste Management and Remediation Services

47 April 8, 2020 $150K–$350K First Community CU
$150K–$350K loan to DAKOTA BRANDS INTERNATIONAL, INC. DAKOTA BRANDS INTERNATIONAL, INC.

JAMESTOWN, ND

Corporation Frozen Cakes, Pies, and Other Pastries Manufacturing

Manufacturing

17 April 7, 2020 $150K–$350K Bank Forward
$150K–$350K loan to METAL BUILDING SOFTWARE, INC. METAL BUILDING SOFTWARE, INC.

FARGO, ND

Corporation Drafting Services

north dakota state banking system Professional, Scientific, and Technical Services

18 April 4, 2020 $150K–$350K Bell Bank
$150K–$350K loan to MULTITECHNICAL PUBLICATION SERVICES, INC MULTITECHNICAL PUBLICATION SERVICES, INC

ameris bank locations in alabama WEST FARGO, ND

S-Corp Drafting Services

Professional, Scientific, and Technical Services

27 April 10, 2020 $150K–$350K Alerus Financial, National Association
$150K–$350K loan to FOUR STAR AG, GP FOUR STAR AG, GP

OAKES, ND

Partnership Other Vegetable (except Potato) and Melon Farming

Agriculture, Forestry, Fishing and Hunting

23 April 7, 2020 $150K–$350K Bell Bank
$1M–$2M loan to GRAND TREASURE CASINO GRAND TREASURE CASINO

TRENTON, ND

Sole Proprietorship Casinos (except Casino Hotels)

Arts, Entertainment, and Recreation

120 April 27, 2020 $1M–$2M Turtle Mountain State Bank
$150K–$350K loan to CURTIS ROHWEDER DBA CURT'S DAIRY CURTIS ROHWEDER DBA CURT'S DAIRY

WISHEK, ND

Sole Proprietorship Dairy Cattle and Milk Production

Agriculture, Forestry, Fishing and Hunting

28 April 5, 2020 $150K–$350K Unison Bank
$150K–$350K loan to DAIRY DOZEN MILNOR LLP DAIRY DOZEN MILNOR LLP

MILNOR, ND

LLP Dairy Cattle and Milk Production

Agriculture, Forestry, Fishing and Hunting

April 7, 2020 $150K–$350K BankNorth
$150K–$350K loan to DARREL F. ENTZMINGER & SONS DARREL F. ENTZMINGER & SONS

JAMESTOWN, ND

Sole Proprietorship Dairy Cattle and Milk Production

pirates of the caribbean at worlds end davy jones death Agriculture, Forestry, Fishing and Hunting

29 April 6, 2020 $150K–$350K Unison Bank
$150K–$350K loan to QUAL DAIRY INC. QUAL DAIRY INC.

LISBON, ND

Corporation Dairy Cattle and Milk Production

Agriculture, Forestry, Fishing and Hunting

19 April 6, 2020 $150K–$350K Bremer Bank, National Association
$150K–$350K loan to SANDHILLS DAIRY, LLP SANDHILLS DAIRY, LLP

TOWNER, ND how to activate pnc credit card online

LLP Dairy Cattle and Milk Production

Agriculture, Forestry, Fishing and Hunting

25 April 8, 2020 $150K–$350K Dacotah Bank
$150K–$350K loan to VANBEDAF DAIRY LLP VANBEDAF DAIRY LLP

CARRINGTON, ND

LLP Dairy Cattle and Milk Production

Agriculture, Forestry, Fishing and Hunting

21 April 13, 2020 $150K–$350K Farm Credit Services of North Dakota, ACA
$150K–$350K loan to ERNST INC. ERNST INC.

DICKINSON, ND

Corporation Home Furnishing Merchant Wholesalers

Wholesale Trade

14 April 3, 2020 $150K–$350K Kirkwood Bank & Trust Co
$150K–$350K loan to NORTHOWN CORPORATION NORTHOWN CORPORATION

BISMARCK, ND

Corporation Motion Picture Theaters (except Drive-Ins)

Information

51 April 3, 2020 $150K–$350K Starion Bank
$2M–$5M loan to KILLDEER MOUNTAIN MANUFACTURING, INC. KILLDEER MOUNTAIN MANUFACTURING, INC.

KILLDEER, ND

S-Corp Printed Circuit Assembly (Electronic Assembly) Manufacturing

Manufacturing

362 April 13, 2020 $2M–$5M Dacotah Bank
$150K–$350K loan to DAKOTA MICRO INC DAKOTA MICRO INC

CAYUGA, ND

Corporation Printed Circuit Assembly (Electronic Assembly) Manufacturing

Manufacturing

20 April 8, 2020 north dakota state banking system $150K–$350K Lincoln State Bank
$150K–$350K loan to INCAL TECHNOLOGIES, INC. INCAL TECHNOLOGIES, INC.

DICKINSON, ND

Corporation Other Communications Equipment Manufacturing

Manufacturing

22 April 9, 2020 $150K–$350K The Huntington National Bank
$350K–$1M loan to BBI INTERNATIONAL INC BBI INTERNATIONAL INC

GRAND FORKS, ND

Corporation Convention and Trade Show Organizers

Administrative and Support and Waste Management and Remediation Services

teams mobile app 32 June 30, 2020 $350K–$1M Alerus Financial, National Association
$150K–$350K loan to HB SOUND & LIGHT, INC. HB SOUND & LIGHT, INC.

GRAND FORKS, ND

Corporation Convention and Trade Show Organizers

Administrative and Support and Waste Management and Remediation Services

20 April 13, 2020 $150K–$350K United Valley Bank
$150K–$350K loan to PATZER TRUCK REPAIR LLC PATZER TRUCK REPAIR LLC

HARVEY, ND

Corporation Automotive Transmission Repair

Other Services (except Public Administration)

9 April 7, 2020 $150K–$350K First International Bank & Trust
$150K–$350K loan to SCHERLING PHOTOGRAPHY INC SCHERLING PHOTOGRAPHY INC

FARGO, ND

Corporation Photography Studios, Portrait white blood cell from cells at work

Professional, Scientific, and Technical Services

30 April 28, 2020 $150K–$350K Bell Bank
$350K–$1M loan to GLOBAL SAFETY NETWORK, INC. GLOBAL SAFETY NETWORK, INC.

GRAND FORKS, ND

Corporation Court Reporting and Stenotype Services

Administrative and Support and Waste Management and Remediation Services

43 April 4, 2020 $350K–$1M First International Bank & Trust
$350K–$1M loan to NOKOTA PACKERS NOKOTA PACKERS

BUXTON, ND

Corporation Packing and Crating

Transportation and Warehousing

19 April 3, 2020 $350K–$1M First State Bank
$150K–$350K loan to MINNKOTA ENVIROSERVICES, INC. MINNKOTA ENVIROSERVICES, INC.

FARGO, ND

S-Corp Other Nonhazardous Waste Treatment and Disposal north dakota state banking system Administrative and Support and Waste Management and Remediation Services

30 April 3, 2020 $150K–$350K Ramsey National Bank
$1M–$2M loan to HORIZON RESOURCES HORIZON RESOURCES

WILLISTON, ND

Cooperative Regulation of Agricultural Marketing and Commodities

Public Administration

152 April 3, 2020 $1M–$2M American State Bank & Trust Company of Williston
$150K–$350K loan to BRENNAN'S GARAGE, LLC BRENNAN'S GARAGE, LLC

FARGO, ND

LLC Automotive Exhaust System Repair

Other Services (except Public Administration)

29 April 4, 2020 $150K–$350K Cornerstone Bank
$150K–$350K loan to JAY RS AUTOBODY LLC JAY RS AUTOBODY LLC

DICKINSON, ND

LLC Automotive Exhaust System Repair

Other Services (except Public Administration)

21 April 8, 2020 $150K–$350K Dakota Community Bank & Trust, National Association
$150K–$350K loan to ELKHORN FARMS, LLP ELKHORN FARMS, LLP

WALHALLA, ND

LLP Wheat Farming

Agriculture, Forestry, Fishing and Hunting

60 April 6, 2020 $150K–$350K Choice Financial Group
$150K–$350K loan to HORN PLASTICS, INC. HORN PLASTICS, INC.

FARGO, ND

Corporation Plastics Materials and Basic Forms and Shapes Merchant Wholesalers

Wholesale Trade

16 April 28, 2020 $150K–$350K Bell Bank
$150K–$350K loan to MEN OF STEEL LLC MEN OF STEEL LLC

GRAND FORKS, ND

LLC nyc doe student account Steel Foundries (except Investment)

Manufacturing

15 April 4, 2020 $150K–$350K First International Bank & Trust
$350K–$1M loan to MVM CONTRACTING, INC MVM CONTRACTING, INC

FARGO, ND

Corporation Fiber Optic Cable Manufacturing

Manufacturing

40 April 6, 2020 $350K–$1M First International Bank & Trust
$150K–$350K loan to MOBILITYPLUS REHABILITATION LTD. MOBILITYPLUS REHABILITATION LTD.

GWINNER, ND

LLP Health and Welfare Funds

Finance and Insurance

21 April 14, 2020 $150K–$350K Sargent County Bank
Источник: https://www.cnn.com/projects/ppp-business-loans/states/nd?page=43&limit=50

Non-Member Banks

What Are Non-Member Banks?

Non-member banks are banks that are not members of the U.S. Federal Reserve System. As with member banks, non-member banks are subject to reserve requirements, which they have to maintain by placing a percentage of their deposits at a Federal Reserve Bank. Although estimate total mortgage payment banks are not required to purchase stock in their district Federal Reserve banks, they still have access to services offered by the Federal Reserve, such as its discount window on the same terms as member banks.

Key Takeaways

  • Non-member banks refer to banks that are not members of the U.S. Federal Reserve System, typically state-chartered banks.
  • State-chartered banks may ultimately decide to refrain from membership under the Fed because regulation can be less onerous based on state laws and under the Federal Deposit Insurance Corporation (FDIC), which oversees non-member banks.
  • Other examples of non-member banks include the Bank of the West and GMC Bank.

How Non-Member Banks Work

Non-member banks can only be state-chartered since all nationally-chartered banks necessarily have to be members of the Federal Reserve System. One reason that state-chartered banks may decide to refrain from membership is that regulation can be less onerous, some believe, under the Federal Deposit Insurance Corporation (FDIC), which oversees non-member banks rather than the Federal Reserve Banks (member banks report to regional Federal Reserve banks).

Depending on where they are located, non-member banks are only subject to state laws, rather than federal laws, so they may opt for less-regulated operations in a state like North Dakota. In addition, they are able to keep at least a part of their reserves in interest-bearing securities. Non-member banks, like members, still receive services from the Federal Reserve System, including check clearing, electronic funds movements, and automated clearing house payments.

Becoming a member is only a matter of submitting an application, fulfilling the requirements, and going through a waiting period. Some non-member banks deliberate on this decision carefully and engage in the process in measured steps if they believe that being a member is ultimately more beneficial than remaining a non-member. There are also examples of, in extreme cases, non-member banks deciding to change their status to take advantage of certain benefits of becoming part of the U.S. Federal Reserve System.

Examples of Non-Member Banks

In 2008, some non-member banks fled into the arms of the Federal Reserve System for protection. Such was the case with investment bank Goldman Sachs, which faced economic uncertainty during the financial crisis in 2008. The investment bank humbly sought and received member status to access the Fed's discount window and begin taking government-guaranteed deposits from the public. In a press release heralding its new status, the bank spun it this way: "We believe that Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources."

Other examples of non-member banks include the Bank of the West, GMAC Bank, and the Bank of North Dakota.

Источник: https://www.investopedia.com/terms/n/non-member-banks.asp

Bank of North Dakota

State-owned and -run financial institution

The Bank of North Dakota (BND) is a state-owned, state-run financial institution based in Bismarck, North Dakota. It is the only government-owned general-service bank in the United States.[2][3] The bank was established in the early 20th century to promote agriculture, commerce, and industry in the state.[4] It has received praise and media attention in the wake of the financial crisis of 2007–2008 and for their actions during COVID-19 pandemic.[5] However, the above average economic performance of North Dakota in these periods is not believed to be directly due to the BND.[5]

According to available data, the bank has turned a profit every year since its founding.[5][6] The BND has a favorable reputation among North Dakotans.[5]

Organization[edit]

Under state law, the bank is the State of North Dakota doing business as the Bank of North Dakota.[7] The bank is the only legal depository for all state funds.[4] The state and its agencies are required to place their funds in the bank, helping it hold 15% of the total deposits of banks operating within the state.[5] Profits from the bank are either deposited in North Dakota's general fund, or are used to support economic development in the state.[4] $585 million of profits have been deposited into the North Dakota general fund since the bank's inception.[4]

The bank is overseen by the North Dakota Industrial Commission, which is composed of the Governor, the Attorney General, and the Agriculture Commisioner (formerly the Agriculture and Labor Commissioner) of North Dakota.[8] Various chapters in the North Dakota Century Code deal with the bank's role within the state.[9] Additionally, the bank is overseen by an advisory board of seven members appointed by the Governor, two of which must be officers of banks who are majority-owned by North Dakotans and one of which must be an officer at a state-chartered or federally-chartered financial institution.[10]

Services[edit]

Other entities may also open accounts at the Bank; however, BND has only one office and offers fewer retail services than other institutions. Its competitiveness in consumer banking is therefore limited.[11] The bank has an account with the Federal Reserve Bank, but deposits are not insured by the Federal Deposit Insurance Corporation. Instead, deposits are guaranteed by the general fund of the state of North Dakota and the taxpayers of the state.[11] BND also guarantees student loans (through its Student Loans of North Dakota division), business development loans, and state and municipal bonds.[11]

BND also provides recovery funding after disasters, such as in the cases of the 1997 Red River flood and the 2011 Missouri River Flood.[9] They additionally provide agricultural relief loans in cases of weather-related crises.[9]

The services done by the BND are done in other states through various separate agencies, such as Massachusetts' Development Finance Agency.[5] However, the greater consolidation of the BND might mean that as they only have one reporting standard, there is increased transparency, lending efficiency, and optimal state fund allocation in ND compared to other states.[5]

History[edit]

The Bank of North Dakota was established by legislative action in 1919 with $2 million (equivalent to $29,854,127 in 2020) to improve access to credit within the state and thereby promote agriculture, commerce and industry in North Dakota.[5][9] At the time, the economy of North Dakota was based on wheat farming. Droughts, price suppression by grain dealers, price increases by farm suppliers outside the state, as well as the high interest rates (up to 12%) set by commercial banks on farm loans made it hard to make a living as a farmer in the state.[9]

The bank was initially conceived by populists in the Non-Partisan League, as a credit union-style institution to free the farmers of the state from predatory lenders in Minneapolis and Chicago.[9] However, these functions were largely blocked by out-of-state financial actors refusing to buy the bank's bonds, which prevented its competition with commercial banks.[12][13] The business-backed Independent Voters Association then pursued political processes to force the bank's closure.[13] The recall of NPL Governor Lynn Frazier effectively ended that plan, with BND taking a more conservative central banking role in state finance.

During the Great Depression, teachers were paid with warrants of payment. The BND paid teachers in the state full price, as opposed to the 15%-discounted payments they would have received elsewhere.[9] In the 1940s, the Bank sold back farmland that had been foreclosed in the 30s to the same families at below-market prices.[5][9]

In the 40s and 50s, BND shifted towards a more passive policy, focusing less on farm loans and more into managing the state's investments and providing services to local banks.[5] It began making transfers (akin to dividends) to the state's general fund in 1945.[5]

The services provided by and scope of the Bank increased significantly under the governorship of William L. Guy. During this period, the bank increased partnerships with other financial institutions to provide participation loans. It also provided the first federally-insured student loan in the USA in 1967.[9]

COVID-19 Relief[edit]

Effects on North Dakota's Economy[edit]

A 2011 report by the Boston Fed found that the BND "enhances the viability of small banks" in North Dakota through its partnerships with them.[5] 50% of the bank's loans consist of these loan participations or loans purchased from community banks.[5] Additionally, 50% of total deposits in the state are in banks with less than $500 million in deposits, so BND's ability to share these banks' risks is crucial.[5] In fact, many of these banks would be unable to service larger-scale loans without the presence of the BND.[5] This improves the ability of community banks to compete with the lending capacity and range of services provided by nationwide and international banks within the state.[5] Alongside historical policies that prevented the entry of out-of-state holding banks until 1991, this can be seen as the reason why there are so many small banks in the state.[5]

The BND is also seen as quicker to act during disasters than the federal government, meaning it is able to provide liquidity during and reduce the financial effects of crises.[5]

This, however, does not mean that they are themselves the source of liquidity. For example, a statement from BND during the 2008 crisis mentioned that their efforts to assist ND banks with liquidity "must be tempered with existing federal programs incl. the Federal Home Loan Bank, FDIC, and the Department of the Treasury".[5] Additionally, North Dakota did not enjoy significantly more financial stability than other states in the 2008 crisis due to the BND, with this being more attributable to the stability of key sectors in the state's economy such as agriculture and energy.[5] In fact, the state's economy is more volatile than that of neighboring South Dakota or the United States.[5]

As the state sometimes uses BND's profits to help balance its budget, but this may cause additional financial stress on the state if it seeks to do so during years in which the bank is not turning a profit.[5] While transfers from the BND have historically been a very minor part of the state's budget (less than 1%), at times they have very helpful in dealing with budget shortfalls.[5] In 2001-2003, for example, the state used $25 million from the bank to lessen a $43 million budget deficit, reducing the need for spending cuts and tax increases.[5]

Assets and liabilities[edit]

As of December 31, 2012, the Bank of North Dakota held $6.1 billion in assets, including loans of $3.3 billion. The bank's capital in that year was $463 million. The bank turned a profit of $81 million in 2012.[4]

In 2019, the Bank of North Dakota recorded profits of $169 million on $7 billion of assets and $4.5 billion of loans.[14]

[edit]

References[edit]

  1. ^"Annual report 2018"(PDF). Bank of North Dakota. Retrieved 3 Apr 2020.
  2. ^"Home". Bank of North Dakota.
  3. ^Limited-service governmental or quasi-governmental banks include the Federal Reserve Banks, the Federal Financing Bank and the California Infrastructure and Economic Development Bank.
  4. ^ abcdeNorth Dakota Blue Book 2013–2015. Bismarck, ND. October 2013. ISBN . OCLC 1020737918.
  5. ^ abcdefghijklmnopqrstuvwxKodrzycki, Yolanda K.; Elmatad, Tal (2011). The Bank of North Dakota: A model for Massachusetts and other states?(PDF) (Report). Federal Reserve Bank of Boston: New England Public Policy Center.
  6. ^DURA, JACK. "2020 breaks Bank of North Dakota streak of record profits; total assets surpass $9B". Bismarck Tribune. Retrieved 2021-11-16.
  7. ^The State of North Dakota, d/b/a Bank of North Dakota v. Merchants National Bank and Trust Company; Red River National Bank and Trust Company; Jamestown National Bank; Union National Bank; Wahpeton National Bank, 634 F.2d 368 (8th Cir. Aug. 6, 1980).
  8. ^"Home page for ND North dakota state banking system Commission". www.nd.gov.
  9. ^ abcdefghi"History of BND". Bank of North Dakota. Retrieved 2021-11-16.
  10. ^ ab"Leadership". Bank of North Dakota. Retrieved 2021-11-16.
  11. ^ abc"Bank of North Dakota FAQ"(PDF). Bank of North Dakota. Archived from the original(PDF) on October 17, 2011. Retrieved February 7, 2012.
  12. ^"Fix Terms Dooming Dakota Socialism"(PDF). The New York Times (Vol. LXX, 23, 033). 15 February 1921. Retrieved 16 February 2021.
  13. ^ ab"Bank of North Dakota". Prairie Public Broadcasting via YouTube. Retrieved 11 October 2013.
  14. ^"Bank of North Dakota Releases 2019 Annual Report". Bank of North Dakota. 2020-07-07. Retrieved 2020-11-06.

External links[edit]

Источник: https://en.wikipedia.org/wiki/Bank_of_North_Dakota

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