An official website of the State of North Dakota
BISMARCK, N.D. (JULY 2, 2024) – The North Dakota Industrial Commission has named Don Morgan as the next President and CEO of the Bank of North Dakota (BND) at its meeting on July 2, 2024. Morgan succeeds Todd Steinwand who retired effective July 2, 2024, after serving in the position since July of 2021.
Morgan, a certified public accountant, has worked in the banking industry for over 23 years and most recently served as chief executive officer and bank president for Starion Bank, a $1.9 billion community bank with 16 locations in North Dakota and Wisconsin. Morgan joined Starion in 2012 and in 2014 became a member of Starion’s Executive Committee.
“We are excited to welcome Don to the Industrial Commission and the Bank of North Dakota”, the Commission members said in a joint statement. “Don’s impressive experience over his decades long career in the banking industry and his deep understanding of the critical role BND’s community bank partners play in supporting farmers, ranchers and businesses in the state make him exceptionally well-positioned to lead this unique institution.”
A Wyoming native, Morgan earned a bachelor’s degree in finance with an accounting minor from University of Wyoming and a master’s in accounting from the University of Phoenix.
In 2023, the state-owned Bank of North Dakota reported total assets of $10.1 billion, record profits of $192.7 million and a return on investment of 18.2%. BND’s profits are utilized to support loan participations with partner financial institutions and to support disaster recovery programs. Profits may also be used to support legislatively directed loan programs and capital transfers to the general fund. Excess earnings are retained and accumulated to fund capital. In 2023 Standard & Poor’s (S&P) affirmed the Bank’s credit rating as A+/Stable. The Bank’s mission “to support agriculture, commerce and industry” has not changed since its earliest days in 1919. The Bank of North Dakota is the only state-owned bank in the nation.