Yes. The Bank of North Dakota (BND) is the only publicly owned state bank currently operating in the United States. Established in 1919, it has a strong record of profitability and stability. During the COVID-19 pandemic, the BND delivered a 17 percent return on investment, reflecting its careful approach to lending and long-standing financial discipline. Its conservative investment strategy has helped it navigate major economic crises, including the Great Depression and the Great Recession.

The BND provides low-interest loans to small businesses, below-market-rate student loans, and support for local governments through the purchase of municipal bonds. It also works with private banks by backing loans and supporting the secondary mortgage market. During the pandemic, it played a key role in distributing Paycheck Protection Program (PPP) loans to small businesses across North Dakota.

Interest in public banking is growing across the country. Cities and regions working to establish public banks include Los Angeles, San Francisco, the East Bay, and the Central Coast in California, along with Seattle, Denver, Chicago, Philadelphia, and Washington, D.C. These efforts are gaining traction at both local and state levels. In Michigan, bipartisan legislation has been introduced to create a state public bank. While North Dakota remains the only state with a public bank, it operates with strong backing from a Republican-led legislature and shows that public banking can be both financially sound and widely supported.