Safe Banks In North Dakota | Video

Jenny Castro | 8/15/2012

A list of safest banks in America is out and North Dakota has thirteen banks on the list. The list was recently released in an article of Street Authority and it`s based on the Texas Ratio system which estimates the bank`s risk of failure. And out of over 7,000 banks in the country, only 359 of them have a perfect Texas ratio of zero.

Among those North Dakota Banks on the list is the Peoples State Bank of Velva which has locations in both Velva and in Minot. The bank is an independent community bank which has been in the area for over 90 years. President of the Minot branch, Rick Beall, says that sense of financial security in local banks is because of the North Dakota people in general.

“We`re a little bit more of a conservative state. We don`t really live beyond our means, everyone just kind of take things on a more conservative approach and that`s the way we run our bank and that`s the way our customers run their businesses and run their loans. And I think it`s just a good combination and you`re seeing that with the way the economy`s going out here, the way the banks are doing well and it`s just a good situation all in all.

Also on the list of safest banks -- Merchants Bank in Rugby, Peoples State Bank in Westhope, and Farmers Security Bank in Washburn.

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