These banks all reported apartment loans on their most recent federal call report, and all have at least one branch in Minnesota. Banks are the most common source of multifamily financing — five units and up, stabilised or value-add — and most lend close to their branches, so a lender with offices near your building is usually a better first call than a bigger name without them. Expect a bank to want recourse and, usually, a banking relationship; the capital guide compares the alternatives.
Banks Based in Minnesota, Largest Multifamily Books First
25 of 144 qualifying banks are headquartered in Minnesota. These are the lenders whose whole business is this market.
| # | Institution | Multifamily book | Share of investor CRE | Branches in MN | Contact |
|---|---|---|---|---|---|
| 1 | Bridgewater Bank | $1.59bn | 53.2% | 10 | Contact available |
| 2 | Minnwest Bank | $435m | 49.7% | 30 | Contact available |
| 3 | Merchants Bank (Winona, MN) | $302m | 43.0% | 20 | Contact available |
| 4 | Tradition Capital Bank | $191m | 24.8% | 3 | Contact available |
| 5 | Frandsen Bank & Trust | $175m | 28.9% | 34 | Contact available |
| 6 | Community Bank Mankato | $144m | 77.4% | 5 | Contact available |
| 7 | Stearns Bank | $140m | 17.9% | 4 | Contact available |
| 8 | First Resource Bank | $114m | 37.5% | 7 | Contact available |
| 9 | 21st Century Bank | $108m | 38.7% | 8 | Contact available |
| 10 | Security Bank & Trust Company (Glencoe, Minnesota) | $100m | 37.2% | 26 | Contact available |
| 11 | MidCountry Bank | $100m | 27.1% | 16 | Contact available |
| 12 | Falcon National Bank | $95m | 43.6% | 6 | Contact available |
| 13 | American Heritage National Bank | $79m | 40.1% | 7 | Contact available |
| 14 | United Bankers' Bank | $71m | 19.7% | 1 | Contact available |
| 15 | North American Banking Company | $70m | 19.6% | 6 | Contact available |
| 16 | Citizens Alliance Bank (Clara City, MN) | $63m | 19.5% | 12 | Contact available |
| 17 | Premier Bank Minnesota | $59m | 22.5% | 12 | Contact available |
| 18 | Pioneer Bank | $58m | 31.9% | 6 | Contact available |
| 19 | United Prairie Bank | $52m | 34.7% | 10 | Contact available |
| 20 | Alliance Bank (Lake City, MN) | $50m | 17.7% | 6 | Contact available |
| 21 | Premier Bank (MN) | $48m | 11.3% | 8 | Contact available |
| 22 | Profinium, Inc. | $44m | 40.3% | 4 | Contact available |
| 23 | Glenwood State Bank (Incorporated) | $44m | 28.6% | 3 | Contact available |
| 24 | Eagle Rock Bank | $38m | 21.2% | 5 | Contact available |
| 25 | BankCherokee | $37m | 41.8% | 3 | Contact available |
National Lenders With Branches in Minnesota
25 of 52 qualifying banks are headquartered elsewhere but have offices here. The multifamily 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 | Multifamily book | Share of investor CRE | Branches in MN | Contact |
|---|---|---|---|---|---|
| 1 | JPMorgan Chase Bank, National Association | $107.32bn | 64.9% | 48 | Contact available |
| 2 | Wells Fargo | $26.55bn | 25.6% | 121 | Contact available |
| 3 | US Bank | $14.46bn | 34.7% | 105 | Contact available |
| 4 | Bank of America | $8.46bn | 15.3% | 23 | Contact available |
| 5 | Old National Bank | $5.86bn | 34.3% | 77 | Contact available |
| 6 | Huntington National Bank | $4.88bn | 19.9% | 61 | Contact available |
| 7 | BMO Bank | $3.16bn | 15.3% | 21 | Contact available |
| 8 | First Citizens Bank | $2.97bn | 13.5% | 14 | Contact available |
| 9 | Associated Bank | $2.46bn | 27.3% | 24 | Contact available |
| 10 | UMB Bank | $1.72bn | 16.1% | 2 | Contact available |
| 11 | The Northern Trust Company | $1.49bn | 27.6% | 1 | Contact available |
| 12 | Great Southern Bank | $1.35bn | 44.3% | 4 | Contact available |
| 13 | Bell Bank | $1.26bn | 29.2% | 17 | Contact available |
| 14 | Nicolet National Bank | $737m | 22.9% | 14 | Contact available |
| 15 | West Bank | $504m | 28.0% | 4 | Contact available |
| 16 | Alerus Financial | $362m | 26.5% | 15 | Contact available |
| 17 | First International Bank & Trust | $360m | 21.7% | 4 | Contact available |
| 18 | First Bank & Trust (Brookings, SD) | $288m | 27.2% | 7 | Contact available |
| 19 | Choice Financial Group | $271m | 23.3% | 5 | Contact available |
| 20 | Sunrise Banks | $259m | 33.0% | 3 | Contact available |
| 21 | CCFBank | $253m | 36.3% | 6 | Contact available |
| 22 | American Bank & Trust (Sioux Falls, SD) | $174m | 33.6% | 1 | Contact available |
| 23 | National Bank of Commerce | $158m | 22.4% | 17 | Contact available |
| 24 | Dacotah Bank | $154m | 14.0% | 2 | Contact available |
| 25 | Bank Forward | $146m | 49.0% | 2 | Contact available |
What this list is, and what it leaves out
A reported balance is not a credit box. Every bank here held apartment loans on 30 June 2026. That is evidence they lend on multifamily — better evidence than a marketing page, because it is what they actually hold — but it is not a commitment to lend on your deal, at your size, in your submarket.
More lenders exist than this page lists. 196 banks qualified in Minnesota. Credit unions, debt funds, agency lenders and life companies also finance apartments and none of them file this report, and plenty of banks lend on multifamily without publishing criteria anywhere. Running your deal through the search covers all of them, not just the banks on this page.
We hold a named lending contact for 186 of them.
Sources. FDIC Call Reports (30 June 2026) and the FDIC Summary of Deposits. A bank appears here if it reported a multifamily balance of $5m or more, or multifamily at 5% or more of its commercial real estate book, and has at least one branch in Minnesota. The dual test is deliberate: a flat dollar floor is a bank-size filter in disguise — a $25m floor passes 86.5% of banks over $10bn and 2.2% of banks under $300m — and would drop the community lenders most likely to look at a smaller apartment deal. Multifamily is the call report's own category for loans secured by five-or-more-unit residential property; it excludes one-to-four-unit rentals, which banks report separately. Multifamily book is institution-level and unprorated: no state split of the loan book is published, so a bank lending in several states shows its full multifamily book on every state page where it qualifies. That is why this page separates banks based in Minnesota from national lenders with branches here, rather than ranking them against each other on a national figure. Branch counts are offices in Minnesota from the Summary of Deposits. Contact availability refers to whether Lender Compass holds a named contact, not to anything the bank publishes.