Don Morgan
ON THE RECORD · 10 verbatim quotes · every quote source-verified
“It's one that if you use it wrong, it could be a little bit dangerous. But if you use it right, it can be a really powerful financial tool.”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan cautioned that the state bank model could be dangerous if misused but powerful if used correctly.
“We take that average balance of about $6.6 billion — that's our deposit base, our core deposit base,”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan described the bank's core deposit base of approximately $6.6 billion drawn from the state general fund.
“I believe any state can do it. But how you found it originally is critically important. That original governance framework is critically important.”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan stated that any state can create a public bank but stressed the importance of the original governance framework.
“Our founding documents stating that we're never to compete with [North Dakota financial institutions] is a very powerful statement, because I've always said the minute we start competing with them, then our model falls apart,”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan emphasized that the bank's founding prohibition on competing with local financial institutions is critical to its model.
“backstop that we can fall back on, because at the end of the day, we have to run the bank and protect the bank because we're protecting the state's deposits,”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan described running the bank as a financial institution as a backstop for protecting the state's deposits.
“I've always said it's a very interesting concept; obviously it's a successful one up here,”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan described the Bank of North Dakota's concept as both interesting and successful.
“as long as it does not jeopardize and move against our founding documents or jeopardize the safety and soundness of the bank.”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan said the bank follows the Industrial Commission and legislature as long as it does not jeopardize founding documents or bank safety.
“Your bank can do whatever your state wants it to do, as long as it does not get in the way of being a healthy bank,”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan said a public bank can serve its state's priorities as long as it remains a healthy bank first.
“I really attribute that governance framework to the 107-year history and why we're still around, [while] many other public banks have failed out up to this point,”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan attributed the Bank of North Dakota's 107-year survival to its governance framework.
“And then when you're ready, you can do those things that strategically align with your state, which will be different in every state of the Union.”
Don Morgan · said date not stated · reported 2026-10-29
Don Morgan explained that once a public bank is established, it can pursue strategies aligned with its state's specific needs.