Starion Bank CEO selected as next Bank of North Dakota president

Don Morgan, president and CEO of Starion Bank, interviews to become president of the Bank of North Dakota with the Industrial Commission on July 2, 2024. (Michael Achterling/North Dakota Monitor)

The North Dakota Industrial Commission voted unanimously Tuesday to hire the next president and CEO of the Bank of North Dakota.

Don Morgan, president and CEO of Starion Bank, was selected to enter into negotiations to lead the bank after members of the commission conducted hourlong interviews with two finalists for the position.

“Farms, ranches and businesses are my passion,” Morgan said in an interview with the North Dakota Monitor. “The chance to run the Bank of North Dakota and help all the banks, and by extension, all the farms and ranches in this state, it’s just a greater, expansive opportunity and it’s just one that excites me and I look at it as a challenge.”

Morgan has worked for North Dakota-based Starion Bank since 2012 and was named bank president in 2020. He became CEO in 2022 following the departure of Craig Larson who left the position after 25 years.

In a news release, members of the commission said, “Don’s impressive experience over his decades long career in the banking industry and his deep understanding of the critical role BND’s community bank partners play in supporting farmers, ranchers and businesses in the state make him exceptionally well-positioned to lead this unique institution.”

During the meeting, Gov. Doug Burgum praised both finalists for their qualifications, experience and willingness to go through a public interview process. The other finalist who interviewed for the position was Kelvin Hullet, chief business development officer for the Bank of North Dakota.

“We don’t always have as strong of a finalist pool as this,” Burgum said.

More than 130 candidates applied for the position and the finalists were selected by a search committee.

Karen Tyler, executive director for the commission, was authorized to begin discussions with Morgan on an employee agreement and salary. If accepted, Morgan would begin work as president of the Bank of North Dakota by Aug. 1.

The advertised salary for the position during the application process was between $350,000 to $450,000.

Morgan will take over from outgoing Bank of North Dakota President Todd Steinwand who served in the position since 2021. Rob Pfennig, chief financial officer for the bank, will continue to serve as interim president until Morgan officially accepts the position and begins his first day at the bank.

In 2023, the Bank of North Dakota reported total assets of $10.1 billion and record profits of $192.7 million. It’s the nation’s only state-owned bank.

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