Bank of North Dakota

What Bank of North Dakota does

Bank of North Dakota (BND) is the only state-owned bank in the United States, established by the North Dakota Legislature on July 28, 1919, with $2 million of capital and headquartered in Bismarck. The bank is operated by the North Dakota Industrial Commission and is governed by a 7-member advisory board alongside a 10-member executive committee led by President/CEO Don Morgan. BND serves North Dakota residents, businesses, farmers, government entities, and financial institutions through a diversified portfolio of student loans (DEAL, CEAL, ACIL, and DEAL One refinancing), agricultural loans, business participation loans, infrastructure loans, and a full suite of banking services for financial institutions and government clients (ACH, wire transfers, bond accounting, cash management, deposit accounts). Its founding mission, established in 1919, emphasizes supporting rather than competing with existing local financial institutions, and the bank partners with North Dakota banks and credit unions for participation lending rather than operating a competing retail branch network.

The bank's technology platform spans conventional digital banking (online and mobile banking, CampusDoor-based student loan origination) and a forthcoming fintech initiative: Roughrider Coin, a dollar-backed stablecoin developed in partnership with Fiserv for bank-to-bank wholesale payments, targeted for full launch in 2026 as the first U.S. state stablecoin on Fiserv's platform. BND earns revenue through loan interest income (agriculture, business, infrastructure, and student loans), transaction and service fees (ACH, wires, bond accounting, cash management), conservative investment returns on AAA-rated government-backed securities, and managed state fund services. Profits are returned to North Dakota's General Fund rather than distributed to private shareholders, reinforcing BND's mission-driven character and state-backed capital position (12% Tier One capital target). In March 2026, the Industrial Commission allocated an additional $100 million for BND's Farm Financial Stability Loan Program, and S&P affirmed BND's credit rating in January 2026.

Name

Bank of North Dakota

Legal name

Bank of North Dakota

Website

https://bnd.nd.gov

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

101–250 employees

Short description

Bank of North Dakota is the only state-owned bank in the United States, founded in 1919, providing student, agriculture, business, and infrastructure loans, plus banking services for government and financial institutions across North Dakota.

Ownership category

akta.pro rank

Product category

State-Owned Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

Agricultural & Rural Development Banks (FSABAKAE), Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• State-owned banking
• Agricultural lending
• Student loan programs
• Government banking services
• Infrastructure financing

Headquarters

HQ city

Bismarck

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Loan Interest Income: BND earns interest income from its diverse loan portfolio including agriculture loans, business loans, infrastructure loans, and student loans (DEAL, CEAL, ACIL programs).
2. Banking Services Fees: Fees from financial institution services including ACH, wire transfers, bond accounting, deposit accounts, and cash management services for government and corporate accounts.
3. Investment Returns: BND follows a conservative investment policy, investing in AAA securities backed by the federal government or agencies of the federal government. Returns contribute to the bank's profitability.
4. State Fund Management: BND manages state funds including tax collections, fees, and public deposits, earning returns that support North Dakota's General Fund and mission-driven programs.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Bank of North Dakota is a state-owned bank providing financial services including student loans (DEAL, CEAL, ACIL, DEAL One refinancing), agricultural loans, business loans, infrastructure loans, banking services for financial institutions and government entities, consumer banking (College SAVE 529 plan, checking, savings), and a dollar-backed stablecoin called Roughrider Coin for bank-to-bank wholesale payments developed in partnership with Fiserv.

Product overview

Bank of North Dakota operates as a state-owned bank offering a comprehensive suite of financial products and services. The core offerings include student loan programs (DEAL Student Loan, CEAL Loan, ACIL Loan, and DEAL One refinancing), agricultural loans, business loans, and infrastructure loans. The bank provides specialized services for financial institutions (ACH, cash management, wire transfers) and government entities (bond services, merchant services). Consumer banking includes the College SAVE 529 Plan, North Dakota Dollars for Scholars scholarship program, Smart with My Money financial literacy platform, and Online/Mobile Banking. In the fintech space, BND has partnered with Fiserv to launch Roughrider Coin, a dollar-backed stablecoin for bank-to-bank wholesale payments, representing the first U.S. state stablecoin on Fiserv's platform.

Differentiator

Problem solved

Functional benefit

Brands

• Roughrider Coin: A dollar-backed stablecoin developed in partnership with Fiserv, targeting a 2026 rollout for bank-to-bank wholesale payments.
• DEAL Student Loan
• College SAVE
• Smart with My Money

Products and services

• DEAL Student Loan A student loan program for North Dakota residents attending in-state or out-of-state schools, and out-of-state residents attending North Dakota schools. Covers undergraduate, graduate, and high school dual credit courses with 0% loan fees and both fixed and variable interest rate options.
• Career Education & Alternative Learning (CEAL) Loan A loan for North Dakota residents pursuing career education through alternative learning training programs and certifications at approved schools including Emerging Digital Academy and University of Jamestown. Includes a 2% loan fee with maximum loan amount of $25,000.
• Addiction Counselor Internship Loan (ACIL) A loan providing financial assistance to students completing work experience in licensed addiction treatment facilities under clinical supervision in North Dakota.
• DEAL One Loan A refinancing program for North Dakota residents to refinance all student loans, including federal loans, with BND at potentially lower interest rates.
• Agricultural Loans Agricultural lending programs including Ag Commodity Export Enhancement, Agriculture Diversification and Development Fund, Ag PACE, Beginning Farmer loans, Farm Operating loans, and FSA Guaranteed Loan Purchase programs for North Dakota farmers and agribusinesses.
• Business Loans Business lending programs including Accelerated Growth Loan, Bank Participation Loan, Business Development Loan, Clean Sustainable Energy Authority, Flex PACE, LIFT technology fund, SBA Guaranteed Loan Purchase, and Venture Capital Fund for North Dakota businesses.
• Infrastructure Loans Infrastructure financing including BND Infrastructure Revolving Loan Fund, Health Information Technology Fund, Legacy Infrastructure Loan Fund, Long-Term Care Facility, Medical Infrastructure, School Construction Assistance, and Water Infrastructure programs for political subdivisions in North Dakota.
• Bank Services for Financial Institutions Services for financial institutions including ACH, BND Access Cash Management, Bond Accounting, Coin & Currency, Collateral Valuation, Deposit Accounts, Executive Analytics, Fed Activity Settlement, Federal Funds, Wire Transfers, and Safekeeping for North Dakota banks and credit unions.
• Bank Services for Government Government banking services including BND Access/Cash Management, Bond Registrar, Certificates of Deposit, Checking and Savings, Escrow Agent, Merchant Services, Paying Agent, Positive Pay, Remote Deposit Capture, and Trustee services for North Dakota government entities.
• College SAVE 529 Plan North Dakota's 529 college savings plan administered by BND, offering tax-advantaged savings with matching funds for qualifying families.
• ABLE Plan Achieving a Better Life Experience (ABLE) plan providing tax-advantaged savings accounts for individuals with disabilities.
• Online and Mobile Banking Digital banking services for the public including checking and savings accounts with online and mobile access for North Dakota residents.
• Roughrider Coin A dollar-backed stablecoin developed in partnership with Fiserv for bank-to-bank wholesale payments, facilitating transactions within North Dakota and internationally with reduced transaction costs.
• Smart with My Money A free financial literacy resource providing money personality assessment and tailored content based on age, knowledge gaps, and interests for North Dakota residents from teenage years through retirement.

Quantifiable outcome

• Bank profits returned to North Dakota's General Fund, mission-driven loan programs, and BND's capital accumulation.
• +1 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature1 record

Partnerships

One partnership is on record.

• FiservcoreTechnology or Integration · 9 October 2025Bank of North Dakota partnered with Fiserv to develop and launch Roughrider Coin, a dollar-backed stablecoin for bank-to-bank wholesale payments. Fiserv provides the digital assets platform infrastructure for this initiative, with a full launch planned for 2026. The stablecoin aims to facilitate transactions within North Dakota and internationally while encouraging merchant adoption. This represents BND's first major fintech innovation partnership and positions the bank as a leader in digital assets among US financial institutions.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• KfW (Kreditanstalt für Wiederaufbau): Germany's state-owned development bank providing domestic and international project financing, SME loans, and student loans. Comparable as a large state-owned development finance institution, though much broader in scope than BND.

Direct peers

• Sallie Mae: A leading US student loan originator and servicer focused on private education lending. Closely comparable to BND's DEAL, CEAL, and ACIL student loan programs serving individual borrowers.
• Business Development Bank of Canada (BDC): Canada's state-owned development bank providing financing, advisory, and capital to Canadian businesses. Highly comparable as a crown corporation focused on economic development lending, similar in mandate to BND's role within North Dakota.
• Nelnet: Major US student loan servicer and education finance company. Comparable to BND's role as a student loan originator/servicer for North Dakota residents, though Nelnet operates nationally and at much larger scale.
• Discover Financial Services (Student Loans): A major US private student loan originator competing in the same space as BND's DEAL program. Comparable product set (undergraduate, graduate, refinancing) and similar fixed/variable rate structure.
• Farm Credit System: A nationwide network of borrower-owned lending institutions providing credit and financial services to US agriculture and rural America. Directly comparable to BND's agricultural lending programs (Beginning Farmer, Farm Operating, Ag PACE) at scale.

Emerging players

• Paxos: Regulated blockchain infrastructure platform issuing stablecoins including Pax Dollar (USDP) and gold tokens. Comparable to BND's stablecoin ambitions via Fiserv partnership, with deeper regulatory track record but narrower geographic scope.
• Circle (USDC issuer): Issuer of USDC, a major dollar-backed stablecoin used in payments and DeFi. Directly comparable to BND's Roughrider Coin initiative in product category, though Circle operates at vastly larger scale and serves global markets.

Regional players

• Gate City Bank: North Dakota-headquartered community bank operating across the state. Comparable as a regional player whose customer base overlaps with BND's and which partners with BND on participation loans for business and agriculture.
• Bell Bank: One of the largest privately held banks in North Dakota, with headquarters in Fargo. Regional peer operating in the same geography as BND, partnering with it on participation loans while competing in retail/commercial banking.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bankofnd
• YouTubeyoutube.com/@bankofnorthdakota9145
• Facebookfacebook.com/bankofnd
• LinkedInlinkedin.com/company/bankofnorthdakota
• Instagraminstagram.com/bankofnd

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of North Dakota