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Technology Stocks : Game Changers and Market Movers
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From: Paul H. Christiansen11/17/2014 11:06:16 AM
   of 686
 
Shale Boom Helps North Dakota Bank Earn Returns Goldman Would Envy

It is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn’t seen profit growth drop since 2003.

Meet Bank of North Dakota, the U.S.’s lone state-owned bank, which has one branch, no automated teller machines and not a single investment banker.

The reason for its success? As the sole repository of the state of North Dakota’s revenue, the bank has been one of the biggest beneficiaries of the boom in Bakken shale-oil production from hydraulic fracturing, or fracking. In fact, the bank played a crucial part in kick-starting the oil frenzy in the state in 2008 amid the financial crisis.

When other banks around the U.S. were curtailing lending and increasing reserves, Bank of North Dakota helped smaller banks in the state ride out the crisis by providing them with letters of credit, loan sales and bank stock. Since then, its total assets have more than doubled, to $6.9 billion last year from $2.8 billion in 2007. By contrast, assets of the much bigger Bank of America Corp. have grown much more slowly, to $2.1 trillion from $1.7 trillion in that period.

The complete WSJ article is available only with subscription . . .

Shale Boom Helps North Dakota Bank Earn Returns Goldman Would Envy
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