What is the only state-owned bank in the United States?
The Bank of North Dakota, established by state legislative action in 1919 and based in Bismarck, is the only state-owned and state-operated general-service bank in the United States. Created to support local agriculture, commerce, and industry during times of economic hardship for regional farmers, the bank acts as the mandatory depository for all state tax revenues and public funds. Rather than competing directly with commercial retail institutions, it partners with community banks and credit unions to participate in loans, foster local economic growth, and return its financial profits back into the state's general fund.
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