|
 |
Replies from the CEO
Click here to submit a question to the CEO of Bank of North Dakota.
Q: 1. Who regulates the Bank of North Dakota? Is it independently audited/examined on a regular basis? 2. If the bank is state-owned, for the benefit of North Dakotans, why is profit performance important?
A: Department of Banking and Financial Institutions examines the Bank but it is ultimately responsive to the State Legislature. Bank of North Dakota is audited annually by an external auditor in addition to the examination done by the Department of Banking. Strong and consistent earnings performance is necessary for BND to maintain its capital base and make required transfers to the state's General Fund. This biennium, BND is projected to provide profits of $50 million to the state's General Fund, making the Bank one of the state's largest revenue sources.
Q: Can you please send a list of officers, employees or legal counsel who have been appointed by the industrial commission to execute real estate deeds or assignments of sheriff certificates on behalf of the Bank of North Dakota pursuant to NDCC 6-09-26?
A: NDCC 6-09-26 provides that the President of the Bank of North Dakota may execute and acknowledge advances, transfers, assignments, releases,satisfactions, and other instruments affecting liens on, title to, and interests in real estate on behalf of the Bank of North Dakota and that other officers of the Bank may execute and acknowledge such instruments on behalf of the Bank when authorized to do so by resolution of the Industrial Commission. THEREFORE, BE IT RESOLVED by the Industrial Commission that the following named officers of the Bank are hereby authorized to execute and acknowledge conveyances, transfers, assignments, releases, satisfactions, and other instruments affecting liens on, title to, and interests in real estate on behalf of the Bank: President and Chief Executive Officer Senior Vice President-Lending Senior Vice President-Investments & Trust BE IT FURTHER RESOLVED by the Industrial Commission that the individuals of the Bank assigned to the positions indicated below are hereby designated as officer positions of the Bank for the purpose of executing and knowledging conveyances, transfers, assignments, releases, satisfactions, and other instruments affecting liens on, title to, and interests in real estate, and are hereby authorized to execute and acknowledge such instruments on behalf of the Bank: Loan Manager Trust Manager Residential Loans Manager Legal Counsel Special Assets Manager
Q: I am currently paying 9% interest on an old student loan. How can I refinance my loan to get a lower interest rate?
A: The Higher Education Amendments of 1968 created three options for eligible borrowers to refinance their Parent Loan for Undergraduate Students (PLUS) or Supplemental Loan for Students(SLS)loans. Option 1 allows refinancing to secure a combined payment; Option 2 allows refinancing to secure a variable interest rate; and Option 3 allows refinancing to discharge a previous loan. If your student loan is not one of the two programs identified above, the Federal Family Education Loan Program (FFELP) does not allow refinancing options of your student loan due to federal regulations. Please refer to our website www.banknd.com for additional information on the Federal Family Education Loan Program.
Q: Dear Sir, I am a medical doctor residing in Pakistan.I am having excellent academic record.I am interested in "Masters in Hospital Administration" from USA. Can I get study loan from your bank for the said purpose. Looking forward for an early favourable response.
A: Thank you for your inquiry regarding a student loan from Bank of North Dakota. Under federal rules and regulations of the Federal Family Education Loan Program, Bank of North Dakota is allowed to make loans to eligible students attending eligible institutions. A borrower must also be either a North Dakota resident or a non-resident attending a North Dakota institution. In addition, a borrower must be an eligible U.S. citizen or national, a U.S. permanent resident or an eligible noncitizen. A noncitizen is considered eligible if he or she is a U.S. permanent resident alien with an Alien Registration Receipt Card (Form I-151 or I-551. If you feel you qualify for a student loan after reviewing the above eligibility information, please feel free to contact the student loan division at bndsl@state.nd.us for information on processing the student loan application.
Q: Does Bank of North Dakota pay taxes the same way other banks do? or is the bank taxed differently?
A: Bank of North Dakota(BND)pays its earnings to the State of North Dakota just like private businesses pay dividends to shareholders. This biennium BND will pay between $50 million and $90 million to the state general fund. BND does not pay federal taxes.
Q: I am working with a group in a small southwestern North Dakota community who are trying to organize a golf course. Much of the work is already done with little or no debt; however, we are searching for alternative financing packages or grants. Do you have any suggestions or recommendations?
A: Bank of North Dakota provides financing for business development and we are required by law to have a lead bank involved. I recommend that you contact your local banker and then you and your banker can contact one of our loan officers to discuss the Bank's loan programs.
Q: I have been searching for a refinance program from a current FmHA fixed interest loan for agricultural real estate that I presently have. It would seem that the only program that would be feasible for me to refinance to would be the Farmer Mac program. Do you offer such a program and if not, why not? Please advise me to a bank in North Dakota that does offer this program to our agricultural sector. It is strange to me that a program such as Farmer Mac, which was conceived to help our nations farmers, should be so hard to find in our agricultural state.
A: BND provides farm real estate financing under a number of programs. You could look at our loan programs on our website or contact one of our loan officers to discuss the options. Bank of North Dakota does not use Farmer Mac, but we do provide similar terms.
Q: I would like to know where the BND is headed in the future for example is it likely to expand its services to attract more funds. Also do you see growth with the state shrinking in population size and what is be done to to make up for this?
A: Our mission at BND is to promote agriculture, commerce, and industry in North Dakota. This means we work with banks throughout the state to help finance the expansion and diversification of North Dakota's economy and its job base. We will continue to provide programs and services that help business people, farmers, home owners, and students gain access to credit on more favorable terms. In the process we also generate revenue for the state of North Dakota, paying $50 million or more to the state general fund. We need to be optimistic about North Dakota's future. We are starting to see the development and diversification of small business throughout the state, which is helping to stabilize our population through job creation. That is our future, and BND's role is providing financing to help make it happen.
Q: I am looking for scholarship information.
A: Our College Information Services (CIS) Department provides free scholarship searches. Call 1-800-554-2717 or (701) 328-5835 to review your scholarship options with a CIS representative. We look forward to hearing from you.
Q: How does the Bank generate money for the state?
A: Loan volume and strong earnings performance enable BND to generate revenue for the state and build the Bank's capital base. In the last two bienniums, the bank has paid over $96.4 million to the state General Fund and other state funds.
Q: How many projects has Bank of North Dakota helped finance?
A: As the State's economic development bank, BND, over the last five years, has worked in partnership with private financial institutions to help fund over 1,000 business and industrial projects around the state, injecting more than $800 million into North Dakota's economy.
Q: What is the mission of Bank of North Dakota?
A: Bank of North Dakota is in business to finance economic development throughout the state of North Dakota. Our loan programs help create new jobs, stimulate farm and commercial growth, and strengthen economic diversification.
|
|
|
|
|
|
|
| | | | |
|
|
| | | | | |
|
|
