(NewsDakota.com/NorthDakotaAgConnection.com) – North Dakota’s state-chartered banks and credit unions remain stable, well-capitalized and in sound financial condition, Department of Financial Institutions Commissioner Lise Kruse reported.

“Community financial institutions have a relationship-based business model. With local leadership and a commitment to their customers and communities they serve, these institutions are well-equipped to continue providing financial services to North Dakota citizens. This is in direct contrast to the business model of the recently collapsed banks,” Kruse said in the wake of the failures of California-based Silicon Valley Bank and New York-based Signature Bank.

Depositors are protected by the full faith and credit of the United States through the Federal Deposit Insurance Corp. (FDIC), Kruse explained. Founded in 1933, the FDIC has provided stability to North Dakota’s banking system and assurance to citizens.

“This is why your money is safest in the bank,” Kruse said. “Money at home can be stolen or lost due to a fire. However, money in a bank is locked and secure, and your deposits are insured up to $250,000 per account.”

To see if your money is insured, check out the FDIC’s insurance calculator at https://edie.fdic.gov/. Likewise, credit union deposits are insured by the National Credit Union Administration (NCUA). No insured depositor has lost money in the history of the FDIC or the NCUA, Kruse noted.

Since 1887 the Department of Financial Institutions has regulated North Dakota’s financial institutions, which today include state-chartered banks and credit unions, trust companies and non-depository financial institutions.

“Our department remains committed to ensuring a safe and sound financial system for the citizens of North Dakota,” Kruse said.