Bank to share royalties with oil-impacted towns
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.
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.