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Bank to share royalties with oil-impacted towns

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Bank to share royalties with oil-impacted towns
Dickinson North Dakota 1815 1st Street West 58602

BISMARCK (AP) -- A bank with mineral interests in western North Dakota is returning some of its royalty income to communities that are impacted by oil development.

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AgriBank is the finance bank for Farm Credit Services. The bank will make $500,000 available in grants for infrastructure, housing, medical facilities, education and other needs.

The grants do not require a match and can be requested for up to $50,000.

Spokeswoman Becky Peterson said it's the first year AgriBank has dedicated a portion of its royalties to community grants and plans to extend the program in the future.

The mineral rights were acquired in the bank's foreclosure activities in the Depression era.

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