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Are State-Owned Banks a Viable Option?
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| By Heather Morton |
Vol . 19, No. 45/ November-December 2011 |
General Information
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Unlike other financial institutions, the state bank is not FDIC insured.
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With the struggling economy, state legislators are investigating state-owned banks, similar to the Bank of North Dakota, as a way to encourage economic development and generate revenue. This kind of institution is also known as a public or partnership bank. The Bank of North Dakota, formed in 1919 by the North Dakota Legislative Assembly, is the only state-owned bank operating in the United States. The bank has a single office in Bismarck.
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| ©2013 National Conference of State Legislatures. All Rights Reserved. |
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