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Bank of North Dakota assets grew to record $10B in 2021

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Bank of North Dakota assets grew to record B in 2021


Whole property of the Financial institution of North Dakota reached a file final yr.

The nation’s solely state-owned financial institution launched its annual report Monday, highlighting $144.2 million of income and the file $10 billion in complete property, together with loans, securities and money. 

“I believe the large factor (2021) represented is that we simply grew loads,” mentioned financial institution President/CEO Todd Steinwand, who took the wheel final yr after his predecessor Eric Hardmeyer retired.

Steinwand attributed the file property to North Dakota’s $1 billion of federal Rescue Plan coronavirus support together with one other $1 billion in further state tax income and earnings from the Legacy Fund oil tax financial savings.

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The Legislature met final fall in a particular session to determine learn how to spend a lot of the Rescue Plan cash. 

Sixteen years of file financial institution income resulted in 2020 amid the coronavirus pandemic. Final yr’s income have been up about 2% from 2020.

Individuals are additionally studying…

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Revenue-spending gap, oil taxes loom large in North Dakota budget outlook

Steinwand mentioned the financial institution weathered the pandemic higher than anticipated. The financial institution in 2020 added $16.8 million to its mortgage loss reserve resulting from financial uncertainty, however final yr it added $4.75 million. Banks use such reserves to alleviate losses on defaulted loans.

“We already had a major stability in that mortgage loss reserve, and in order that flowed proper to our backside line and allowed us to have the next internet revenue than we did in 2020,” Steinwand mentioned.

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Each two years since 2017, the Legislature has transferred $140 million of financial institution income to the state’s normal fund to assist stability the finances.

Financial institution property proceed to carry carefully to $10 billion. 2022 income are on monitor to succeed in $145 million to $150 million, in line with Steinwand.

He mentioned the general economic system has improved from the pandemic’s throes, noting increased commodity costs and robust federal authorities funds and crop insurance coverage funds within the agriculture economic system.

Companies additionally fared the pandemic higher than anticipated, he mentioned. The financial institution in 2020 launched a number of enterprise reduction packages utilizing federal COVID-19 support and financial institution capital.



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Todd Steinwand

Steinwand




The financial institution’s complete mortgage portfolio final yr held at $4.7 billion. Its agricultural mortgage portfolio fell by $61 million, to $702 million; the enterprise mortgage portfolio grew by $162 million.

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The governor-led, three member Industrial Fee, which oversees the financial institution, praised the establishment’s yr in a joint assertion:

“Financial institution of North Dakota continues to implement visionary ideas to maneuver the state ahead, whether or not working with the personal sector, state companies or native governments. These outcomes, together with the annual (Customary & Poor’s) report scores, exhibit the robust place of the Financial institution.”

S&P gave the financial institution a credit standing of “A+/Steady” in 2021, which Steinwand mentioned “provides an general indication from an outdoor third get together of the power of the financial institution.”

The report additionally highlights the financial institution’s financial affect from almost 15,000 agricultural and industrial loans from 2011-20, utilizing a mannequin to point out the financial institution’s mortgage participations in 2020 helped create or retain greater than 50,000 jobs in North Dakota with a projected affect of $6 billion to the state’s gross home product. 

Steinwand famous that the years of best affect throughout that stretch have been when the financial institution offered catastrophe packages, together with COVID-19, drought and farm stability packages.

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The annual report is offered on-line at bnd.nd.gov.

Attain Jack Dura at 701-250-8225 or jack.dura@bismarcktribune.com.



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North Dakota

Obituary for Patricia Meberg at Tollefson Funeral Home

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Obituary for Patricia  Meberg at Tollefson Funeral Home


Patricia J. Meberg, age 78 of Park River, ND, passed away on Thursday, May 15, 2025 at the First Care Health Center of Park River. Services will be held on Wednesday, May 21, 2025 at 600 PM at the St. Marys Catholic Church of Park River. Visitation will be for



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Armstrong spotlights jobs, education and youth health in visit

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Armstrong spotlights jobs, education and youth health in visit


DICKINSON — Governor Kelly Armstrong returned to his hometown this week, spotlighting key initiatives in workforce development, industrial innovation and community engagement. His visit included stops at the Southwest Area Career and Technical Education (CTE) Academy, Robertson Metal Recycling, the Kind Hearts Project and Dickinson Ready Mix Co.

At the Southwest Area CTE Academy, Governor Armstrong toured the facility and engaged with students enrolled in programs aimed at preparing them for careers in trades, technology and applied sciences.

Governor Kelly Armstrong meets with students, faculty and community leaders during a tour of the Southwest Area CTE Academy, highlighting local workforce development initiatives.

Courtesy: Gov. Kelly Armstrong/Facebook

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According to information shared by the academy, it serves over 1,100 students from seven area high schools and offers 73 different classes across 14 specialized programs including automotive technology, culinary arts, welding and cybersecurity.

The CTE initiative is designed to bridge the gap between secondary education and the workforce, addressing North Dakota’s growing demand for skilled labor. Students also benefit from concurrent enrollment opportunities with Dickinson State University through its Dual Mission Program which enhances access to post-secondary credentials.

Armstrong’s visit to Robertson Metal Recycling marked the commissioning of North Dakota’s first car shredder, a step forward in strengthening the state’s recycling infrastructure. The facility processes materials including scrap steel, tin, car bodies and batteries and has been recognized with the 2024 Stark Development Project of the Year award for its contributions to innovation, workforce growth and environmental responsibility.

In a community-focused gesture, Armstrong participated in the Kind Hearts Project’s annual bike giveaway, helping prepare some of the more than 100 bicycles scheduled to go to area children. The event, held at Dickinson’s Legacy Square, is intended to promote physical activity and mental wellness among local youth.

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Governor Kelly Armstrong joins the Marsh family, founders of the Kind Hearts Project, ahead of the nonprofit’s annual bike giveaway for local children.

Courtesy: Gov. Kelly Armstrong/Facebook

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Governor Kelly Armstrong helps assemble bikes for the Kind Hearts Project’s annual giveaway, supporting youth wellness through community engagement.

Courtesy: Gov. Kelly Armstrong/Facebook

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Driven by the motto “Be Kind,” the organization initially focused on spreading positivity. Today, their mission has grown to confront one of society’s most pressing crises: mental health.

Drawing from personal experience as an emergency room nurse, Kind Hearts Project leader Marriah Marsh has witnessed firsthand the alarming rise of mental health struggles among young people.

“We see kids getting younger and younger who can’t cope — turning to self-harm, sometimes worse,” Marsh said. “We have to be proactive, not just reactive. Teaching coping skills early is key.”

The Kind Hearts Project, a Dickinson-based nonprofit, has gained attention for its grassroots efforts to support well-being and community unity through charitable initiatives.

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The day concluded with Armstrong attending the 75th anniversary celebration of Dickinson Ready Mix Co., a longstanding contributor to the region’s construction industry. The company supplies ready-mix concrete across southwestern North Dakota and has supported infrastructure projects including the Theodore Roosevelt Presidential Library.

According to the company, it has implemented low-carbon concrete mixes designed to reduce global warming potential by nearly 50 percent compared to conventional materials, aligning with broader goals around sustainability and emissions reduction.

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Governor Kelly Armstrong arrives at Dickinson Ready Mix Co. to help celebrate the company’s 75th anniversary, recognizing its longstanding role in regional infrastructure.

Photo by Josiah C. Cuellar / Buffalo Eye Photography

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Governor Armstrong’s visit to Dickinson emphasized his administration’s approach to governance at the intersection of economic development, environmental stewardship and community health. By highlighting initiatives in education, industry and civic life, the trip underscored a broader commitment to building a resilient and inclusive future for North Dakota.

James B. Miller, Jr.

James B. Miller, Jr. is the Editor of The Dickinson Press in Dickinson, North Dakota. He strives to bring community-driven, professional and hyper-local focused news coverage of southwest North Dakota.





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Unstable spring weather poses challenges for corn, soybeans

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Unstable spring weather poses challenges for corn, soybeans


FARGO — North Dakota’s recent stretch of erratic weather has some farmers wondering whether the cool temperatures and heavy rain will hurt spring planting.

The North Dakota Corn Growers Association says corn and soybeans are particularly sensitive to soil temperature and don’t thrive in cooler conditions.

After a stretch of 90-degree days left soil dry, many farmers were hoping for rain. But now they’re being urged to keep an eye out for a crust that can form after heavy precipitation.

“When it dries up, there will be, like, an inch, half-inch layer of crust,” said Ben Bakko, secretary and treasurer of the ND Corn Growers. “Some guys will go out there and do some very, very light tillage to try to break it up, to allow their crop to come up. So that’s something to monitor for sure.”

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Bakko also reminds farmers to consider putting in crop hail insurance to protect against extreme weather-related yield losses.





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