These 62 banks and 1 credit unions all carry a construction and development book large enough to show real activity in this market, and all have a presence in South Dakota. Construction lending is a transaction type rather than a property type: the loan funds in draws against work completed, prices off a floating index, and runs for the build period rather than a decade. Most construction loans are short-term and are expected to convert to permanent financing or refinance once the building is finished and leased, so the lender you choose for the build is often not the lender you end up with. Banks dominate this market because draw administration and inspections need a servicing operation; the capital guide compares the alternatives.
Banks Based in South Dakota, Largest Construction Books First
25 of 36 qualifying banks are headquartered in South Dakota. These are the lenders whose whole business is this market, and the ones most likely to look at a smaller build.
| # | Institution | Construction book | Share of investor CRE | Branches in SD | Contact |
|---|---|---|---|---|---|
| 1 | Wells Fargo | $12.46bn | 12.0% | 30 | Contact available |
| 2 | Dacotah Bank | $295m | 26.9% | 21 | Contact available |
| 3 | First Bank & Trust (Brookings, SD) | $255m | 24.1% | 15 | Contact available |
| 4 | First Dakota National Bank | $165m | 19.7% | 17 | Contact available |
| 5 | 1st Financial Bank USA | $159m | 87.1% | 2 | Contact available |
| 6 | First National Bank (Fort Pierre, SD) | $128m | 18.9% | 13 | Contact available |
| 7 | First PREMIER Bank | $123m | 41.7% | 13 | Contact available |
| 8 | Sunrise Banks | $83m | 10.5% | 2 | Contact available |
| 9 | Plains Commerce Bank | $72m | 25.6% | 8 | Contact available |
| 10 | Pioneer Bank & Trust | $72m | 49.7% | 7 | Contact available |
| 11 | CorTrust Bank National Association | $72m | 20.7% | 22 | Contact available |
| 12 | First Savings Bank | $62m | 9.4% | 11 | Contact available |
| 13 | American Bank & Trust (Sioux Falls, SD) | $56m | 10.9% | 18 | Contact available |
| 14 | Black Hills Community Bank, N.A. | $49m | 30.6% | 2 | Contact available |
| 15 | The First National Bank in Sioux Falls | $46m | 24.4% | 19 | Contact available |
| 16 | Reliabank Dakota | $31m | 23.3% | 10 | Contact available |
| 17 | Pathward, National Association | $23m | 55.6% | 1 | Contact available |
| 18 | First National Bank in Philip | $20m | 42.0% | 2 | Contact available |
| 19 | Quoin Financial Bank | $12m | 61.8% | 3 | Contact available |
| 20 | First Fidelity Bank | $11m | 38.3% | 11 | Contact available |
| 21 | Great Plains Bank | $9m | 71.5% | 3 | Contact available |
| 22 | First National Bank | $9m | 7.9% | 2 | — |
| 23 | BankStar Financial | $8m | 8.8% | 3 | Contact available |
| 24 | Frontier Bank | $8m | 10.2% | 2 | Contact available |
| 25 | Security Savings Bank | $5m | 11.5% | 2 | Contact available |
National Lenders With Branches in South Dakota
25 of 26 qualifying banks are headquartered elsewhere but have offices here. The construction figure is their national book, so read it alongside the branch count — a large book behind a handful of local offices is a different proposition from a bank with a branch network in the state.
| # | Institution | Construction book | Share of investor CRE | Branches in SD | Contact |
|---|---|---|---|---|---|
| 1 | JPMorgan Chase Bank, National Association | $18.79bn | 11.4% | 4 | Contact available |
| 2 | US Bank | $9.38bn | 22.5% | 10 | Contact available |
| 3 | First Citizens Bank | $7.34bn | 33.4% | 7 | Contact available |
| 4 | First National Bank of Omaha | $1.88bn | 41.8% | 3 | Contact available |
| 5 | First Interstate Bank | $576m | 9.8% | 46 | Contact available |
| 6 | First International Bank & Trust | $534m | 32.2% | 1 | Contact available |
| 7 | Frandsen Bank & Trust | $166m | 27.3% | 1 | Contact available |
| 8 | Central Bank (Storm Lake, IA) | $158m | 23.5% | 6 | Contact available |
| 9 | Minnwest Bank | $157m | 17.9% | 6 | Contact available |
| 10 | BankWest, Inc. | $149m | 34.4% | 22 | Contact available |
| 11 | First Western Bank & Trust | $142m | 26.2% | 1 | Contact available |
| 12 | Security First Bank | $94m | 17.7% | 4 | Contact available |
| 13 | Cornerstone Bank | $83m | 24.0% | 3 | Contact available |
| 14 | Bank Midwest | $75m | 24.6% | 1 | Contact available |
| 15 | Elkhorn Valley Bank & Trust | $62m | 18.7% | 1 | Contact available |
| 16 | Peoples Bank | $52m | 39.6% | 1 | Contact available |
| 17 | Legends West Bank | $39m | 84.6% | 1 | — |
| 18 | Liberty National Bank | $35m | 23.6% | 6 | Contact available |
| 19 | American State Bank | $33m | 17.3% | 1 | Contact available |
| 20 | Dakota Community Bank & Trust, National Association | $27m | 19.4% | 1 | Contact available |
| 21 | Premier Bank | $27m | 70.4% | 2 | — |
| 22 | Sundance State Bank | $11m | 33.2% | 1 | Contact available |
| 23 | First State Bank Southwest | $8m | 23.8% | 1 | Contact available |
| 24 | Pioneer Bank | $6m | 9.6% | 1 | Contact available |
| 25 | Banknorth | $4m | 23.7% | 2 | Contact available |
Credit Unions Lending on Construction in South Dakota
Showing 1 of 1 qualifying credit unions, largest construction books first — those based in South Dakota are tagged HQ, and the rest lend in from elsewhere. They are listed separately from the banks above for two reasons a borrower needs to know: you must be eligible for membership before you can borrow, and credit unions are capped by regulation on how much they may lend to any one borrower. That cap is the last column — it is usually the figure that decides whether a deal fits at all, and it is often well above what they currently hold. Their figures come from NCUA call reports rather than FDIC ones.
| # | Credit union | Construction book | Share of member CRE | Max loan to one borrower | Contact |
|---|---|---|---|---|---|
| 1 | Black Hills Federal Credit Union | $43m | 13.2% | $38m | Contact available |
What this list is, and what it leaves out
A construction book is not a credit box. Every institution here held construction and development loans on 30 June 2026 at 2% or more of its commercial real estate book. That is evidence they lend on construction, and better evidence than a marketing page because it is what they actually hold — but it is not a commitment to fund your project, at your size, in your submarket. Construction underwriting also turns on things this page cannot see: your track record as a sponsor, the general contractor, and whether the project is pre-leased.
More lenders exist than this page lists. 62 banks and 1 credit unions qualified in South Dakota. Debt funds and bridge lenders finance a great deal of construction and file no call report at all, and plenty of banks lend on construction without publishing criteria anywhere. Running your deal through the search covers all of them, not just the institutions on this page.
We hold a named lending contact for 56 of them.
Sources. FDIC Call Reports (30 June 2026), the FDIC Summary of Deposits, and NCUA call reports for the same quarter. An institution appears here if its construction and development balance is 2% or more of its commercial real estate book and at least $250,000, and it has a presence in South Dakota. The test is deliberately a share, not a dollar floor. A dollar floor is a bank-size filter in disguise: applied to construction, a $5m floor passes 35.7% of banks under $300m against 85.7% of banks between $300m and $1bn, because construction balances at community banks are genuinely smaller — the median bank under $300m reports $2.6m. A share test cannot sort by size, and the $250,000 minimum exists only to exclude rounding noise; it removes eight banks nationally. Construction and development is the call report's own category and covers loans secured by land under development and by structures being built, including the construction phase of projects that become apartments, retail or industrial on completion. Construction book is institution-level and unprorated: no state split of the loan book is published, so an institution lending in several states shows its full construction book on every state page where it qualifies. That is why this page separates banks based in South Dakota from national banks with offices here, rather than ranking them against each other on a national figure. The credit union table is a single list in balance order, with in-state charters tagged, because there are far fewer of them and splitting would leave tables of one or two rows. Branch counts are offices in South Dakota from the Summary of Deposits; NCUA publishes no equivalent branch file, so the credit union table carries no branch column rather than an invented one. Credit unions are held to a different test: a construction book of $10m or more, and no share test at all. The share test was dropped because a low share on a large book is not an absence of construction lending — at a 10% threshold it would have excluded credit unions holding $85m, $66m and $37m of construction. Share and the single-borrower ceiling are both reported as columns instead, so a reader can judge focus and capacity directly. Max loan to one borrower is the NCUA member business lending ceiling, set at 15% of net worth; it is reported rather than filtered on, because filtering on it would sort purely by institution size. Contact availability refers to whether Lender Compass holds a named contact, not to anything the institution publishes.