These banks all reported apartment loans on their most recent federal call report, and all have at least one branch in South Dakota. 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 South Dakota, Largest Multifamily Books First
25 of 35 qualifying banks are headquartered in South Dakota. These are the lenders whose whole business is this market.
| # | Institution | Multifamily book | Share of investor CRE | Branches in SD | Contact |
|---|---|---|---|---|---|
| 1 | Wells Fargo | $26.55bn | 25.6% | 30 | Contact available |
| 2 | The Bancorp | $2.27bn | 93.8% | 1 | Contact available |
| 3 | First Bank & Trust (Brookings, SD) | $288m | 27.2% | 15 | Contact available |
| 4 | Sunrise Banks | $259m | 33.0% | 2 | Contact available |
| 5 | American Bank & Trust (Sioux Falls, SD) | $174m | 33.6% | 18 | Contact available |
| 6 | Dacotah Bank | $154m | 14.0% | 21 | Contact available |
| 7 | First National Bank (Fort Pierre, SD) | $149m | 22.0% | 13 | Contact available |
| 8 | First Savings Bank | $139m | 21.3% | 11 | Contact available |
| 9 | First Dakota National Bank | $111m | 13.2% | 17 | Contact available |
| 10 | First PREMIER Bank | $105m | 35.4% | 13 | Contact available |
| 11 | CorTrust Bank National Association | $76m | 22.0% | 22 | Contact available |
| 12 | The First National Bank in Sioux Falls | $56m | 29.5% | 19 | Contact available |
| 13 | Plains Commerce Bank | $43m | 15.2% | 8 | Contact available |
| 14 | BankStar Financial | $38m | 41.0% | 3 | Contact available |
| 15 | First National Bank | $38m | 32.8% | 2 | — |
| 16 | Security National Bank of South Dakota | $37m | 57.3% | 3 | Contact available |
| 17 | Reliabank Dakota | $28m | 21.3% | 10 | Contact available |
| 18 | 1st Financial Bank USA | $24m | 12.9% | 2 | Contact available |
| 19 | Black Hills Community Bank, N.A. | $20m | 12.8% | 2 | Contact available |
| 20 | Pioneer Bank & Trust | $18m | 12.2% | 7 | Contact available |
| 21 | Frontier Bank | $17m | 21.6% | 2 | Contact available |
| 22 | Security Savings Bank | $13m | 27.0% | 2 | Contact available |
| 23 | Quoin Financial Bank | $8m | 37.5% | 3 | Contact available |
| 24 | First National Bank in Philip | $6m | 13.2% | 2 | Contact available |
| 25 | Great Plains Bank | $4m | 28.5% | 3 | Contact available |
National Lenders With Branches in South Dakota
25 of 25 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 SD | Contact |
|---|---|---|---|---|---|
| 1 | JPMorgan Chase Bank, National Association | $107.32bn | 64.9% | 4 | Contact available |
| 2 | US Bank | $14.46bn | 34.7% | 10 | Contact available |
| 3 | First Citizens Bank | $2.97bn | 13.5% | 7 | Contact available |
| 4 | First Interstate Bank | $1.85bn | 31.3% | 46 | Contact available |
| 5 | First National Bank of Omaha | $610m | 13.5% | 3 | Contact available |
| 6 | Minnwest Bank | $435m | 49.7% | 6 | Contact available |
| 7 | First International Bank & Trust | $360m | 21.7% | 1 | Contact available |
| 8 | Frandsen Bank & Trust | $175m | 28.9% | 1 | Contact available |
| 9 | Security First Bank | $165m | 31.2% | 4 | Contact available |
| 10 | First Western Bank & Trust | $140m | 25.7% | 1 | Contact available |
| 11 | Central Bank (Storm Lake, IA) | $128m | 19.1% | 6 | Contact available |
| 12 | Cornerstone Bank | $124m | 35.9% | 3 | Contact available |
| 13 | Bank Midwest | $115m | 37.6% | 1 | Contact available |
| 14 | Elkhorn Valley Bank & Trust | $107m | 32.2% | 1 | Contact available |
| 15 | BankWest, Inc. | $104m | 24.1% | 22 | Contact available |
| 16 | American State Bank | $81m | 42.4% | 1 | Contact available |
| 17 | Liberty National Bank | $46m | 30.9% | 6 | Contact available |
| 18 | Pioneer Bank | $32m | 47.3% | 1 | Contact available |
| 19 | Peoples Bank | $21m | 16.5% | 1 | Contact available |
| 20 | Dakota Community Bank & Trust, National Association | $18m | 12.9% | 1 | Contact available |
| 21 | Legends West Bank | $4m | 8.5% | 1 | — |
| 22 | Premier Bank | $3m | 6.8% | 2 | — |
| 23 | Sundance State Bank | $2m | 5.8% | 1 | Contact available |
| 24 | Bank of England | $2m | 7.1% | 1 | Contact available |
| 25 | Banknorth | $1m | 6.2% | 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. 60 banks qualified in South Dakota. 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 53 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 South Dakota. 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 South Dakota from national lenders with branches here, rather than ranking them against each other on a national figure. Branch counts are offices in South Dakota from the Summary of Deposits. Contact availability refers to whether Lender Compass holds a named contact, not to anything the bank publishes.