Tag: History

April 29, 2020

Public Bank

To Keep the Economy Afloat, the Fed Turns to North Dakota

April 29, 2020 By Outside Source

Bankers generally don’t like surprises. But as CEO at the Bank of North Dakota, the only state-owned bank in the country, Eric Hardmeyer was pleasantly surprised to see the Federal Reserve taking a page out of his institution’s playbook to help deal with the unprecedented economic disruption from the COVID-19 pandemic.

March 15, 2020

Public Bank

North Dakota businesses dominated the PPP. Their secret weapon? A century-old bank founded by radical progressives.

March 15, 2020 By Outside Source

In the first few chaotic weeks of the Paycheck Protection Program, federal officials and banks throughout the country struggled to get bailout funds to small businesses as layoffs and furloughs climbed into the tens of millions. But there was one exception, a place where loans found their mark more quickly than any other: North Dakota….What’s their secret?