Legislative-Directed Programs
The North Dakota Legislature directs Bank of North Dakota to administer loan programs that allow city and county entities along with public school districts and private business identified as a high need to receive interest buydown loans that saves taxpayer dollars.
BND Partnership with Local Lenders
Local lenders understand the financial needs of their customers best. In 1919 when BND was voted into law, a pivotal decision was made that they would serve as the delivery channel for BND loan programs. This means that BND does not compete with local lenders but partners with them to benefit local economies.
Financial Literacy
BND increased its investment and commitment to making North Dakota the most financially literate state in the United States in 2023. The website, SmartWithMyMoney.nd.gov was introduced to encourage North Dakotans to assess their money personality, determine their money needs, and then receive personalized tips to do better.
BND partnered with several state agencies: Office of the Governor, Career and Technical Education, Department of Health and Human Services, Department of Public Instruction, State Treasurer’s Office and North Dakota University System on the effort.
Postsecondary Education Funding
The Career Education & Alternative Learning (CEAL) program was added in 2020 in response to the addition of alternative learning and training programs and certifications in the state. As of December 31, 2023, two schools have programs which are eligible.
Financial Management of BND
BND is a bank owned by the state of North Dakota. It differs from other state agencies in that it is expected to generate a profit for the state. Although the Bank is not insured by the Federal Deposit Insurance Corporation (FDIC), it follows FDIC guidelines for policy and practices.
BND’s Role with State Agencies
BND serves as the depository agency and banking services provider for all state agencies, boards, commissions, and higher education institutions. All state revenues are deposited with BND.
Disaster Relief Programs
Bank of North Dakota (BND) played an important role in assisting financial institutions in distributing funds to businesses during the pandemic. It utilized its network of banks and credit unions across the state and was able to ensure the delivery of funds happened as quickly and efficiently as possible.
Home Ownership
In 2021, Residential loan originations and nearly all residential servicing and collections transitioned to the North Dakota Housing Finance Agency (NDHFA). Because both agencies provided mortgage loans, they began meeting in 2019 to discuss ways to implement Governor Burgum’s directive to increase efficiency in state government. BND transferred the servicing of most of its residential loan portfolio to NDHFA on April 1, 2021.
Bank President
Todd J. Steinwand
2021-2024
Todd Steinwand grew up in Ellendale, North Dakota. He graduated from the University of Jamestown with majors in Business Administration and History-Political Science.
Todd has spent his entire working career in the banking industry. He joined Bank of North Dakota in 2015 as Senior Vice President of the Financial Institutions Market and was promoted to President in July 2021.
Don Morgan
2024-Present
After 23 years in the private banking sector, Don Morgan became the president and CEO of Bank of North Dakota in August 2024. A certified public accountant, Don received bachelor’s degrees in finance and accounting from the University of Wyoming and a master’s degree in accounting from the University of Phoenix. He and his wife, Shanda, have four children and own a business together. Done enjoys family rodeo, hunting, fishing and volunteer activities.
