Bank of North Dakota Draw Interest Across the Country - KXNet - Bismarck/Minot/Williston/Dickinson

Bank of North Dakota Draw Interest Across the Country

Two lawmakers from a neighboring state are banking on the success of North Dakota's financial institution.

Eric Hardmeyer, president of the Bank of North Dakota says he has had conversations with lawmakers from 30 to 40 states looking to learn more about our state-owned bank.

The only one of its kind in the country.

A couple of bills are presented in committees this week in the Montana legislature--that call for an authorized state-owned bank of their own.

Hardmeyer says it's unlikely it could happen anywhere else in the country--due to lots of lobbyists against it.

He says the success of our state-owned bank is not because of the state's surplus from the oil boom, but rather its nearly 95 year endurance, support from the legislature, and partnership with the private sector.

Something he's tried to pass on, to interested parties around the country.

"But really know what it is you want your bank to do, sell that to the people, and then I think our model is really the only way it could work, and that is you have to partner with the banks, not compete with them, so those are the two really critical keys to success." says Eric Hardmeyer, president of the Bank of North Dakota.

For an example of how they partner with the private sector, Hardmeyer says the Bank of North Dakota recently assisted with the financing of a refinery with another bank.