Only State Run Bank in US Sees Record Profits

03 July, 2014

From VOA Learning English, this is the Economics Report.

North Dakota is changing quickly because of the growth in the state's oil industry. Money from oil has brought development and jobs. One unusual organization in North Dakota has been playing a part in this expansion.

The Bank of North Dakota based in Bismarck is the only state-operated bank in the United States. The bank's yearly reports says it has had ten straight years of record profits, that includes years during the financial crisis of 2007 and 2008 when many banks failed. The bank provides or secures loans for local businesses.