BISMARCK — State leaders this week tapped Bank of North Dakota's interim president Todd Steinwand as its new chief following the retirement of the institution's longest-serving president.

Officials on North Dakota's three-member Industrial Commission announced Steinwand's appointment in their meeting Wednesday, July 28. Steinwand held his new role in an interim capacity since earlier this month, when former president Eric Hardmeyer stepped down after 21 years at the head of the bank.

A native of Ellendale, North Dakota, Steinwand spent 33 years with the corporate bank Wells Fargo before joining the Bank of North Dakota in 2015, where he has worked as a senior vice president and chief business development officer.

The only state-owned bank in the country, the Bank of North Dakota holds $9.2 billion in assets and has a loan portfolio approaching $4.8 billion. In his years at the bank, Steinwand helped reorganize the institution's business banking division and oversaw its student loan portfolio and mortgage program.

“With five years of experience at the Bank and over three decades in private banking in North Dakota, Todd has a full grasp of the unique role the Bank plays for the state," Industrial Commission members Gov. Doug Burgum, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring said in a joint statement on Wednesday.

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In addition to his work at the Bank of North Dakota, Steinwand chairs the board of the Bismarck-Mandan Chamber, the Chamber Foundation and the North Dakota Bankers Association. He also sits on the board of trustees at his alma mater, the University of Jamestown, and the Bismarck-based Tom and Frances Leach Foundation.