Bank of North Dakota reaches record assets

Photo by: Bank of North Dakota
Photo by: Bank of North Dakota

(Bismarck, ND) -- A newly released report shows Bank of North Dakota has a record amount of assets.

The nation's only state-owned bank released its annual report this week, showing a record ten billion in total assets for 2021. The bank recorded over 144-million in profits last year.

President and CEO Todd Steinwand attributes the record assets to the state's one billion dollars of federal Rescue Plan aid and an additional billion in tax revenue and earnings from the Legacy Fund oil tax savings.

Last year's profits rose about two percent from 2020.