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BISMARCK, N.D. (AP) — The state-owned Bank of North Dakota had record net income of nearly $131 million last year, giving it the profits it needs to build a financial services campus in Bismarck.
The bank's 2015 income was up nearly 18 percent over 2014, and more than $15 million higher than was budgeted, The Bismarck Tribune reported (http://bit.ly/1ULMeeN ).
"This is our 12th year of record profits. A very, very good year for the bank," President Eric Hardmeyer said.
The Legislature last year approved investing bank assets in a $17 million campus at the bank's site in west Bismarck, provided it made $125 million in profits. Hardmeyer said planning already is underway.
"The groundbreaking will be sometime this spring," he said.
The bank bought two parcels of land next to its new location near the Missouri River in 2011 with the intention of creating the 50,000-square-foot campus, which should be completed by late summer or fall of 2017.
The bank building already houses other financial service organizations, including the U.S. Small Business Administration and the North Dakota Small Business Development Center. Officials have said the financial services campus could house state economic development agencies, including the North Dakota Department of Commerce, the North Dakota Housing Finance Administration and the North Dakota Department of Financial Institutions.
Information from: Bismarck Tribune, http://www.bismarcktribune.com