Which banks are lending on multifamily and commercial real estate in Utah?
Reviewed by Dominick Prevete, Founder, Blue Sky Capital Advisors
LinkedInBlue Sky Capital Advisors LLC, NJ entity ID 0450507578 (verify on the NJ business search)
40 FDIC-insured banks headquartered in Utah with under $100 billion in assets held $6.5 billion of multifamily loans and $29.1 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 Zions Bcorp, N.A. and Optum Bank Inc. 5.2% of the state's bank CRE sits at banks at or above the 300% monitoring level, rank 32 of 43 states.
Data as of June 30, 2026 (Q2 2026 FDIC Call Reports) · Retrieved October 12, 2026MethodologyDownload the Utah data (CSV)
Utah bank CRE at a glance
| Measure | Utah | U.S. | Rank of 43 |
|---|---|---|---|
| FDIC-insured banks | 40 | 4,281 | 32 |
| Multifamily loans | $6.5B | $405.2B | 18 |
| Total CRE loans | $29.1B | $1,600.5B | 18 |
| Multifamily growth, year over year | +14.8% | +3.5% | 8 |
| CRE growth, year over year | +8.3% | +3.4% | 6 |
| Share of CRE at banks at or above 300% | 5.2% | 25.0% | 32 |
| Share of CRE at banks at or above 200% | 40.5% | 71.0% | 40 |
| Banks growing multifamily | 5 of 11 (45.5%) | 670 of 1,066 (62.9%) | 40 |
CRE is construction, multifamily and non-owner-occupied commercial real estate loans. Growth is like for like: Utah banks that filed at both dates with no merger in the year. "Banks growing multifamily": of the 11 such Utah banks with a multifamily book of $25 million or more a year earlier, the 5 whose book is larger now; the rank orders that share.
What stands out in Utah
Like for like, Utah's banks' multifamily books grew 14.8% in the year to June 30, 2026, ranking 8th highest of the 43 ranked states (U.S.: +3.5%).
Banks here added multifamily loans faster than banks nationally, so a local bank is more likely to have room for a new apartment loan.
5 of Utah's 11 banks with a multifamily book of $25 million or more a year ago grew it (45.5%), ranking 4th 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 Utah banks are growing multifamily?
| # | Bank | City | Multifamily loans | Multifamily, year over year | CRE concentration (% of capital) | CRE, 36 months |
|---|---|---|---|---|---|---|
| 1 | ZIONS BCORP N A | SALT LAKE CITY | $3.6B | +10.6% | 151.7% | +3.1% |
| 2 | OPTUM BANK INC | DRAPER | $2.0B | +32.6% | 220.7% | +92.0% |
| 3 | SUNWEST BANK | SANDY | $225.0M | +61.1% | 326.7% | +66.5% |
| 4 | SOFI BANK NATIONAL ASSN | COTTONWOOD HEIGH | $145.9M | +14.9% | 2.1% | +77.1% |
| 5 | STATE BANK OF SOUTHERN UTAH | CEDAR CITY | $102.2M | +24.7% | 285.0% | +55.8% |
| 6 | BANK OF UTAH | OGDEN | $80.3M | −6.7% | 270.0% | +52.4% |
| 7 | CACHE VALLEY BANK | LOGAN | $61.9M | −44.9% | 292.0% | +29.2% |
| 8 | QUILL BANK | PROVO | $54.4M | −25.3% | 136.1% | +36.5% |
| 9 | CENTRAL BANK | PROVO | $47.3M | −15.2% | 163.5% | +16.7% |
| 10 | TRANSPORTATION ALLIANCE BK D | OGDEN | $46.2M | −44.6% | 146.5% | +74.5% |
| 11 | THRIVENT BANK | SALT LAKE CITY | $26.4M | −17.3% | 43.8% | —† |
| 12 | HAPPEN BANK NATIONAL ASSN | LEHI | $21.9M | −2.4% | 16.2% | −6.2% |
| 13 | BMW BANK OF NORTH AMERICA | SALT LAKE CITY | $21.0M | +8.7% | 1.1% | +31.1% |
| 14 | BRIGHTON BANK | SALT LAKE CITY | $17.6M | +6.2% | 254.9% | +15.3% |
| 15 | FIRST UTAH BANK | SALT LAKE CITY | $14.0M | −34.5% | 261.8% | +52.4% |
| 16 | COLUMN NATIONAL ASSN | SALT LAKE CITY | $10.8M | −13.7% | 43.0% | −18.0% |
| 17 | GRAND VALLEY BANK | HEBER CITY | $10.5M | −2.7% | 94.6% | −19.0% |
| 18 | WEX BANK | SANDY | $8.1M | +19.5% | 0.8% | +174.0% |
| 19 | CONTINENTAL BANK | SALT LAKE CITY | $5.0M | −0.4% | 30.6% | +20.7% |
| 20 | GREEN DOT BK DBA BONNEVILLE | PROVO | $4.8M | +9.7% | 1.4% | +62.0% |
| 21 | HOME SAVINGS BANK | SALT LAKE CITY | $4.5M | +17.1% | 216.3% | −1.5% |
| 22 | REDEMPTION BANK | SALT LAKE CITY | $4.5M | +73.5% | 152.4% | +53.1% |
| 23 | FINWISE BANK | MURRAY | $3.6M | +101.3% | 34.1% | +96.7% |
| 24 | PITNEY BOWES BANK INC | SALT LAKE CITY | $2.1M | +6.2% | 2.0% | +45.0% |
| 25 | NELNET BANK | DRAPER | $1.3M | +6.8% | 7.8% | +6555.4% |
‡ / † One of these 25 Utah banks absorbed another institution inside the year-over-year / 36-month window (FDIC structure history), so its 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. 5 are headquartered in Utah and are in the Utah CSV.
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 Utah bank (CSV)Every state, and the national picture →
What this means if you're a borrower in Utah
Banks that are adding multifamily loans tend to compete for them, so it is worth asking more than one Utah bank before taking the first terms you see.
With few Utah 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 Utah 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 Utah bank by name or FDIC certificate number to confirm its headquarters and status.
- Utah banks, bank by bank (CSV) — The 45 banks headquartered in Utah, 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.
Utah bank CRE: common questions
Which banks in Utah hold the most multifamily loans?+
Among banks headquartered in Utah with under $100 billion in assets, Zions Bcorp, N.A. ($3.6 billion), Optum Bank Inc ($2.0 billion) and Sunwest Bank ($225.0 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 Utah banks still growing multifamily?+
Like for like, Utah's banks grew 14.8% their multifamily books in the year to June 30, 2026, against +3.5% for U.S. banks under $100 billion. 5 of the 11 Utah 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 Utah bank CRE?+
5.2% of the CRE held by Utah's banks under $100 billion sits at banks at or above 300% of capital, the 2006 interagency monitoring level: rank 32 of 43 states, against 25.0% nationally. 40.5% 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. 5 are headquartered in Utah; they are in the Utah CSV. 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 Utah page reflects the 45 Utah 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 Utah 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.