2 ND bank companies share $15.8 million
July 6, 2009
By MoneyAisle
According to Product Design & Development, the holding companies of two banks in North Dakota have received a combined total of $15.8 million in emergency funds from the government.
The Security State Bank Holding Company received $10.8 million, while Bank, Blackridge Financial received the remaining $5 million.
“The North Dakota institutions are considered healthy and voluntarily applied for the taxpayer funds. The banks are expected to repay the money. For the first five years, the financial institutions will pay a 5 percent annual dividend to back to the treasury. In the sixth year, that rate increases to 9 percent.”