Which banks are lending on multifamily and commercial real estate in Indiana?
Reviewed by Dominick Prevete, Founder, Blue Sky Capital Advisors
LinkedInBlue Sky Capital Advisors LLC, NJ entity ID 0450507578 (verify on the NJ business search)
89 FDIC-insured banks headquartered in Indiana with under $100 billion in assets held $17.5 billion of multifamily loans and $51.9 billion of commercial real estate loans at June 30, 2026, in Dominick Prevete's analysis of FDIC Call Report data for Blue Sky Capital Advisors, a commercial mortgage advisor. The two largest multifamily books are at Old National Bank and Merchants Bank Of Indiana. 7.8% of the state's bank CRE sits at banks at or above the 300% monitoring level, rank 31 of 43 states.
Data as of June 30, 2026 (Q2 2026 FDIC Call Reports) · Retrieved October 12, 2026MethodologyDownload the Indiana data (CSV)
Indiana bank CRE at a glance
| Measure | Indiana | U.S. | Rank of 43 |
|---|---|---|---|
| FDIC-insured banks | 89 | 4,281 | 20 |
| Multifamily loans | $17.5B | $405.2B | 6 |
| Total CRE loans | $51.9B | $1,600.5B | 11 |
| Multifamily growth, year over year | +1.7% | +3.5% | 36 |
| CRE growth, year over year | +1.6% | +3.4% | 36 (tied) |
| Share of CRE at banks at or above 300% | 7.8% | 25.0% | 31 |
| Share of CRE at banks at or above 200% | 82.2% | 71.0% | 17 |
| Banks growing multifamily | 18 of 26 (69.2%) | 670 of 1,066 (62.9%) | 13 |
CRE is construction, multifamily and non-owner-occupied commercial real estate loans. Growth is like for like: Indiana banks that filed at both dates with no merger in the year. "Banks growing multifamily": of the 26 such Indiana banks with a multifamily book of $25 million or more a year earlier, the 18 whose book is larger now; the rank orders that share.
What stands out in Indiana
7.8% of Indiana's bank CRE sits at banks at or above the 300% monitoring level, ranking 13th lowest of the 43 ranked states (U.S.: 25.0%).
Less of this state's bank CRE sits at banks near their concentration limits, so concentration is less likely to be why a bank here says no.
18 of Indiana's 26 banks with a multifamily book of $25 million or more a year ago grew it (69.2%), ranking 13th highest of the 43 ranked states (U.S.: 62.9%).
More of this state's multifamily lenders are growing their books than nationally, so a borrower here has more banks worth asking.
Which Indiana banks are growing multifamily?
| # | Bank | City | Multifamily loans | Multifamily, year over year | CRE concentration (% of capital) | CRE, 36 months |
|---|---|---|---|---|---|---|
| 1 | OLD NATIONAL BANK | EVANSVILLE | $5.9B | +2.9% | 251.6% | +60.9%† |
| 2 | MERCHANTS BANK OF INDIANA | CARMEL | $3.3B | +4.2% | 251.7% | −7.0%† |
| 3 | UNITED FIDELITY BANK FSB | EVANSVILLE | $3.1B | −2.8% | 430.4% | −10.3% |
| 4 | FIRST MERCHANTS BANK | MUNCIE | $767.4M | +16.6%‡ | 183.0% | +24.8%† |
| 5 | CENTIER BANK | WHITING | $695.9M | −14.0% | 264.8% | +7.9% |
| 6 | LAKE CITY BANK | WARSAW | $577.6M | +21.0% | 208.7% | +24.0% |
| 7 | GERMAN AMERICAN BANK | JASPER | $501.6M | −2.8% | 221.7% | +61.6%† |
| 8 | FIRST FINANCIAL BANK NA | TERRE HAUTE | $497.2M | +53.4%‡ | 264.0% | +90.2%† |
| 9 | HORIZON BANK | MICHIGAN CITY | $400.0M | +11.2% | 235.1% | +36.4% |
| 10 | FIRST BANK RICHMOND | RICHMOND | $207.8M | +8.2% | 303.9% | +16.8% |
| 11 | FIRST FARMERS BANK&TRUST CO | CONVERSE | $205.9M | +2.4% | 223.9% | +39.2% |
| 12 | PEOPLES BANK | MUNSTER | $180.1M | −10.1% | 282.9% | −8.8% |
| 13 | STAR FINANCIAL BANK | FORT WAYNE | $75.6M | +13.7% | 138.8% | +28.2% |
| 14 | GREENFIELD BANKING CO | GREENFIELD | $70.3M | −8.4% | 148.9% | −0.8% |
| 15 | FIRST INTERNET BANK OF IN | FISHERS | $67.9M | −49.5% | 291.8% | +5.3% |
| 16 | 1ST SOURCE BANK | SOUTH BEND | $59.2M | +7.5% | 56.2% | +58.1% |
| 17 | FCN BANK NATIONAL ASSN | BROOKVILLE | $58.3M | +10.1% | 247.1% | +14.6% |
| 18 | FREEDOM BANK | HUNTINGBURG | $58.0M | +9.4% | 151.6% | +46.5% |
| 19 | FIRST HARRISON BANK | CORYDON | $57.2M | +23.5% | 161.8% | +22.0% |
| 20 | FIRST BANK OF BERNE | BERNE | $53.6M | +44.9% | 87.1% | +26.6% |
| 21 | STATE BANK | BROWNSBURG | $52.4M | +58.0% | 256.0% | +18.5% |
| 22 | FARMERS BANK FRANKFORT IN | FRANKFORT | $50.1M | +7.2% | 282.1% | +26.3% |
| 23 | NEW WASHINGTON STATE BANK | NEW WASHINGTON | $45.8M | +23.2%‡ | 207.5% | +75.1%† |
| 24 | ALLIANCE BANK | FRANCESVILLE | $40.0M | +7.3% | 199.8% | +118.8% |
| 25 | NATIONAL BANK OF INPOLIS | INDIANAPOLIS | $38.8M | +26.4% | 195.2% | +48.4% |
‡ / † 6 of these 25 Indiana banks absorbed another institution inside the year-over-year / 36-month window (FDIC structure history), so their change reflects a merger, not solely new lending. Names as filed in the FDIC financial data; city is the headquarters. Shading: 300% and over, and 200%–299%.
Banks with $100 billion or more in assets are left out of this table and the state ranks, as on the national page: the largest banks' balance sheets are national. None is headquartered in Indiana.
This list is FDIC Call Report data, not a list of Blue Sky's lender relationships, and it isn't a ranking or endorsement. How Blue Sky gets paid →
Download every Indiana bank (CSV)Every state, and the national picture →
What this means if you're a borrower in Indiana
Concentration is less likely to stand in the way at a Indiana bank, so the conversation turns on the property, the sponsor and whether the bank wants a loan of your size.
With many Indiana banks growing their multifamily books, a borrower usually has more than one bank to compare before choosing.
Dominick Prevete of Blue Sky Capital Advisors arranges multifamily and commercial financing for Indiana properties with banks and other lenders, and is paid at closing (how Blue Sky gets paid). Call (908) 220-6404 or request a consultation.
Sources
- FFIEC Central Data Repository: public Call Reports as of June 30, 2026 — Every bank figure on this page: each bank's loans, capital, concentration and growth, from its Call Report as of June 30, 2026 (retrieved October 12, 2026).
- FDIC BankFind Suite: bank lookup — The banks named in the table: look up any Indiana bank by name or FDIC certificate number to confirm its headquarters and status.
- Indiana banks, bank by bank (CSV) — The 89 banks headquartered in Indiana, as filed: the rows behind the tables and every state figure here.
- Methodology, sources and limitations — How CRE concentration, like-for-like growth and the ranks among the 43 states are computed.
Indiana bank CRE: common questions
Which banks in Indiana hold the most multifamily loans?+
Among banks headquartered in Indiana with under $100 billion in assets, Old National Bank ($5.9 billion), Merchants Bank Of Indiana ($3.3 billion) and United Fidelity Bank Fsb ($3.1 billion) held the largest multifamily books at June 30, 2026, according to FDIC Call Report data. The table on this page lists the 25 largest, with each bank's change over the year.
Are Indiana banks still growing multifamily?+
Like for like, Indiana's banks grew 1.7% their multifamily books in the year to June 30, 2026, against +3.5% for U.S. banks under $100 billion. 18 of the 26 Indiana banks with a multifamily book of $25 million or more a year earlier grew it. Like for like means banks that filed at both dates with no merger in the year.
How concentrated is Indiana bank CRE?+
7.8% of the CRE held by Indiana's banks under $100 billion sits at banks at or above 300% of capital, the 2006 interagency monitoring level: rank 31 of 43 states, against 25.0% nationally. 82.2% sits at banks at or above 200%. These are monitoring levels, not limits, and a bank above one is not in violation of anything.
Why don't national banks appear in this list?+
Banks with $100 billion or more in assets are left out of this page's tables and ranks, as on the national page: the largest banks' balance sheets are national, so their headquarters state says little about where they lend. None is headquartered in Indiana. Every bank here is listed by headquarters state, not by where its loans are.
How often is this updated?+
Every quarter, after banks file their Call Reports. This Indiana page reflects the 89 Indiana banks' June 30, 2026 (Q2 2026) filings, retrieved October 12, 2026; Q3 2026 data is expected in December 2026.
What this table is not. Concentration ratios are computed from each Indiana bank's own public regulatory filings and describe portfolio composition relative to capital — nothing here is a statement about any institution's safety, soundness, or condition, and exceeding a supervisory monitoring criterion is neither a violation nor a supervisory finding. Blue Sky Capital Advisors is a commercial mortgage advisory firm, not a bank rating agency.