While disruptions in the capital markets have hampered most student loan operations recently, the state-owned Bank of North Dakota continues to operate a robust student loan business. In 1967, BND made the first federally-insured student loan in the nation. By state statute, we not only originate loans but we also administer the guarantee agency, said Julie Kubisiak, a 29-year BND veteran and senior vice president. While BND has always focused on students with North Dakota ties-residents attending accredited schools out of state or students attending North Dakota schools-the bank has branched out regionally in Montana, Wyoming, Minnesota, Wisconsin and South Dakota. BND also purchases loans from other lenders in addition to originating and servicing student loans. The Bank of North Dakota was created by the state legislature in 1919 with $2 million in capital (about $24 million in today's economy) and now operates with more than $160 million in capital and $3.1 billion in assets. Being state owned means an instant constituency.