Which banks are lending on multifamily and commercial real estate in Minnesota?
Reviewed by Dominick Prevete, Founder, Blue Sky Capital Advisors
LinkedInBlue Sky Capital Advisors LLC, NJ entity ID 0450507578 (verify on the NJ business search)
225 FDIC-insured banks headquartered in Minnesota with under $100 billion in assets held $5.4 billion of multifamily loans and $18.8 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 Bridgewater Bank and Minnwest Bank. 26.9% of the state's bank CRE sits at banks at or above the 300% monitoring level, rank 12 of 43 states.
Data as of June 30, 2026 (Q2 2026 FDIC Call Reports) · Retrieved October 12, 2026MethodologyDownload the Minnesota data (CSV)
Minnesota bank CRE at a glance
| Measure | Minnesota | U.S. | Rank of 43 |
|---|---|---|---|
| FDIC-insured banks | 225 | 4,281 | 4 |
| Multifamily loans | $5.4B | $405.2B | 23 |
| Total CRE loans | $18.8B | $1,600.5B | 27 |
| Multifamily growth, year over year | +6.9% | +3.5% | 23 |
| CRE growth, year over year | +4.7% | +3.4% | 18 |
| Share of CRE at banks at or above 300% | 26.9% | 25.0% | 12 |
| Share of CRE at banks at or above 200% | 64.8% | 71.0% | 26 |
| Banks growing multifamily | 18 of 33 (54.5%) | 670 of 1,066 (62.9%) | 33 |
CRE is construction, multifamily and non-owner-occupied commercial real estate loans. Growth is like for like: Minnesota banks that filed at both dates with no merger in the year. "Banks growing multifamily": of the 33 such Minnesota 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 Minnesota
The 10 largest multifamily books hold 60.8% of Minnesota's bank multifamily loans, ranking 5th lowest of the 43 ranked states (median of the 43 states: 85.2%).
Multifamily loans here are spread across many banks, so a smaller community bank can be a real option alongside the largest holders.
18 of Minnesota's 33 banks with a multifamily book of $25 million or more a year ago grew it (54.5%), ranking 11th lowest of the 43 ranked states (U.S.: 62.9%).
Fewer of this state's multifamily lenders are growing their books than nationally, so a borrower here may need to ask more banks, or look past them.
Which Minnesota banks are growing multifamily?
| # | Bank | City | Multifamily loans | Multifamily, year over year | CRE concentration (% of capital) | CRE, 36 months |
|---|---|---|---|---|---|---|
| 1 | BRIDGEWATER BANK | SAINT LOUIS PARK | $1.6B | +6.4% | 440.7% | +13.9%† |
| 2 | MINNWEST BANK | REDWOOD FALLS | $435.5M | +30.1% | 254.6% | +7.9% |
| 3 | MERCHANTS BANK NATIONAL ASSN | WINONA | $301.5M | +0.1% | 196.8% | −1.7% |
| 4 | TRADITION CAPITAL BANK | WAYZATA | $191.2M | +8.2% | 291.0% | −0.3% |
| 5 | FRANDSEN BANK&TRUST | LONSDALE | $175.5M | +32.8% | 155.1% | +5.4% |
| 6 | COMMUNITY BANK MANKATO | VERNON CENTER | $144.0M | −3.2% | 332.7% | +20.6% |
| 7 | STEARNS BANK NATIONAL ASSN | SAINT CLOUD | $140.0M | +16.1% | 148.2% | +7.7% |
| 8 | FIRST RESOURCE BANK | LINO LAKES | $113.9M | +28.5%‡ | 325.4% | +58.5%† |
| 9 | 21ST CENTURY BANK | LORETTO | $107.9M | +7.7% | 273.4% | +24.0% |
| 10 | SECURITY BANK&TRUST CO | GLENCOE | $100.2M | +26.4% | 205.4% | +144.7%† |
| 11 | MIDCOUNTRY BANK | MINNEAPOLIS | $99.6M | −7.3% | 250.8% | +0.9%† |
| 12 | FALCON NATIONAL BANK | FOLEY | $95.5M | +50.4% | 212.9% | +14.5% |
| 13 | AMERICAN HERITAGE NB | LONG PRAIRIE | $79.5M | −20.1% | 254.7% | +11.5% |
| 14 | UNITED BANKERS BANK | RICHFIELD | $71.3M | −6.5% | 223.4% | −2.5% |
| 15 | NORTH AMERICAN BANKING CO | ROSEVILLE | $69.6M | −9.7% | 242.0% | +28.3% |
| 16 | CITIZENS ALLIANCE BANK | CLARA CITY | $62.6M | +50.7% | 211.0% | +45.0%† |
| 17 | PREMIER BANK MINNESOTA | HASTINGS | $58.8M | −31.5% | 350.7% | +2.7% |
| 18 | PIONEER BANK | MAPLETON | $57.7M | +15.9% | 188.9% | +53.3% |
| 19 | UNITED PRAIRIE BANK | MOUNTAIN LAKE | $52.0M | −18.0% | 150.8% | +22.8% |
| 20 | ALLIANCE BANK | LAKE CITY | $49.6M | +5.1% | 327.1% | +14.6% |
| 21 | PREMIER BANK | MAPLEWOOD | $48.0M | −5.8% | 329.1% | +3.7% |
| 22 | PROFINIUM INC | TRUMAN | $44.3M | −5.7% | 182.2% | −3.8% |
| 23 | GLENWOOD STATE BANK INC | GLENWOOD | $44.2M | +8.2% | 249.3% | +12.9% |
| 24 | EAGLE ROCK BANK | ROCHESTER | $37.6M | +616.7%‡ | 299.7% | +137.4%† |
| 25 | BANKCHEROKEE | SAINT PAUL | $37.2M | +18.8% | 180.1% | +26.0% |
‡ / † 6 of these 25 Minnesota 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 Minnesota.
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 Minnesota bank (CSV)Every state, and the national picture →
What this means if you're a borrower in Minnesota
Because Minnesota's multifamily loans are spread across many banks, smaller community banks belong on the list alongside the largest holders in the table above.
With few Minnesota banks growing their multifamily books, a deal may need capital beyond the state's banks: agency, life-company or debt-fund lenders.
Dominick Prevete of Blue Sky Capital Advisors arranges multifamily and commercial financing for Minnesota 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 Minnesota bank by name or FDIC certificate number to confirm its headquarters and status.
- Minnesota banks, bank by bank (CSV) — The 225 banks headquartered in Minnesota, 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.
Minnesota bank CRE: common questions
Which banks in Minnesota hold the most multifamily loans?+
Among banks headquartered in Minnesota with under $100 billion in assets, Bridgewater Bank ($1.6 billion), Minnwest Bank ($435.5 million) and Merchants Bank, N.A. ($301.5 million) 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 Minnesota banks still growing multifamily?+
Like for like, Minnesota's banks grew 6.9% their multifamily books in the year to June 30, 2026, against +3.5% for U.S. banks under $100 billion. 18 of the 33 Minnesota 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 Minnesota bank CRE?+
26.9% of the CRE held by Minnesota's banks under $100 billion sits at banks at or above 300% of capital, the 2006 interagency monitoring level: rank 12 of 43 states, against 25.0% nationally. 64.8% 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 Minnesota. 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 Minnesota page reflects the 225 Minnesota 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 Minnesota 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.