Public Banking for New Mexico

Bank of North Dakota

The highly successful Bank of North Dakota has been owned and operated for the benefit of the people of North Dakota for 100 years. The Associated Press reports that in 2019 the Bank of North Dakota (BND) recorded its 16th consecutive year of record profits, with $169 million in net earnings. BND has helped North Dakota maintain a low unemployment rate, large state government budget surpluses, a robust network of community banks, and high credit availability even during economic crises.

The Bank of North Dakota’s success could be the Public Bank of New Mexico’s.

  • North Dakota had the lowest unemployment rate in the nation during the 2007-08 recession. Current Sept 2020 rates: North Dakota, 3.8%; U.S., 7.9%; New Mexico, 9.4%.
  • Bank of North Dakota (BND) has added to the state’s annual operating budget $300+ million over the past 10 years.
  • North Dakota community banks are thriving because of their partnerships with BND: 10 community banks per 100,000 population, the highest in the U.S.
  • BND originated or renewed 15,696 loans to state businesses, projects and students, totaling $1.33 billion in 2019. The total loan portfolio is $4.5 billion.
  • BND works actively to create successful new businesses to reduce the state’s dependence on oil and gas.
  • Founded in 1919 with $2 million in capital, BND reported assets of $7.0 billion at the end of 2019.
  • BND posted its 16th year of record profits at $169 million in net earnings in 2019 and is highly profitable, with a Return on Investment (ROI) of 18.6% for 2019.

Read a detailed comparison of New Mexico and North Dakota demographics, and contributions to state budgets and economies by New Mexico Permanent Funds vs BND sources.

Bank of North Dakota Celebrates 100 Years, Dec. 8, 2018

Read BND 2019 Annual Report

Read BND 2019 Economic Report

Read BND 2018 Annual Report

Read BND 2017 Annual Report

Read BND Postsecondary Education 2018 Report

Read BND Economic Development 2018 Report

Read BND Financing Economic Development 2017 Report

 

 

 

What is a Public Bank?

The National Movement

History of Public Banking in New Mexico

FAQs

Resources

Upcoming Events

february, 2021

02febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

09febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

12feb10:00 am11:00 amPublic Banking Coalition Monthly Conference CallLearn more about Public Banking, discuss current issues and get updates on the movement.

16febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

23febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

The Benefits of Forming a NM Public Bank

Retake Our Democracy
Jun 23, 2020

AFLEP is joined by Ellen Brown, Chair of the Public Banking Institute, and Paul Stull, President and CEO of the Credit Union Association of New Mexico for this panel discussion about the potential benefits of a New Mexico state public bank. Panel facilitated by Retake Our Democracy.

Truthout - FAIR Podcast - AFLEP

California’s New Public Banking Option Opens Door for Real Community Investment
FAIR / Truthout.org

Economy & Labor
Oct 22, 2019

Janine Jackson interviews Public Bank LA’s Trinity Tran about public banking for the October 11, 2019, episode of “CounterSpin.”

>> Listen to the Podcast

It's Our Money with Ellen Brown

Banking on the People by Ellen Brown - AFLEP

Ellen Brown’s
2019 Book

Today most of our money is created, not by governments, but by banks when they make loans. This book takes the reader step by step through the sausage factory of modern money creation, explores improvements made possible by advances in digital technology, and proposes upgrades that could transform our outmoded nineteenth century system into one that is democratic, sustainable, and serves the needs of the twenty-first century.

Order the Book

Join those who’ve endorsed a Public Bank for New Mexico

Paul Gibson endorses Public Banking NM

 

“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”

– Paul Gibson
Retake Our Democracy

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