At a time when major mortgage companies, insurance companies and banks are feeling tight financial squeezes across the nation, the Bank of North Dakota is going strong.

This article published in the Bismarck Tribune says that the state-owned bank is projected to show record profits this year of $57 million.  Last year’s profits of $51.1 million set a record, as well.

Perhaps it’s because North Dakota, while being a very friendly state, isn’t open to risky business practices.

From the Bismarck Tribune article:

The state-owned bank, and North Dakota’s banks in general, have maintained conservative management, shunning exotic derivatives and home mortgage loans to people with poor credit, Eric Hardmeyer said Tuesday.