Vermont’s 12 headquartered banks reported $2.5 billion in commercial real estate loans as of June 30, 2026, according to FDIC Call Reports. Those portfolios included $337.3 million in construction and land loans, $475.4 million in multifamily loans, $649.3 million in owner occupied loans and $1.0 billion in investor nonfarm nonresidential loans. BestCRE ranks the banks by total CRE loans, offering borrowers a starting point for identifying institutions with meaningful commercial property exposure. The ranking describes each bank’s reported portfolio, but it does not establish current credit availability or indicate that a bank will finance a particular property.
Vermont headquartered banks increased their combined CRE loans by +8.0% year over year. The largest portfolios are concentrated among a relatively small group, with the leading five banks holding 79.2% of CRE loans reported by banks headquartered in the state. The table should be read as a measure of portfolio scale, composition, growth and concentration. It is not a directory of every lender active in Vermont. Banks headquartered in other states operate local branches, while debt funds, life companies, CMBS, agency and SBA lenders do not appear in bank call reports. Borrowers should therefore treat the ranking as one part of a broader lender search.
Vermont banks ranked by total CRE loans
| Rank | Bank | Headquarters | Total CRE loans ($M) | Construction and land ($M) | Multifamily ($M) | Owner occupied ($M) | Change, 1 year | CRE share of loans |
|---|---|---|---|---|---|---|---|---|
| 1 | Union Bank | Morrisville, VT | $559 | $99.3 | $99.1 | $89.5 | +1.8% | 49.8% |
| 2 | Community National Bank | Derby, VT | $476 | $48.6 | $105 | $152 | +1.8% | 48.9% |
| 3 | Northfield Savings Bank | Northfield, VT | $435 | $51.5 | $101 | $95.0 | +11.8% | 37.7% |
| 4 | Ledyard National Bank | Norwich, VT | $316 | $74.3 | $59.1 | $73.3 | +14.3% | 42.8% |
| 5 | Business Bank, The | S Burlington, VT | $177 | $18.9 | $42.0 | $44.1 | +77.3% | 74.5% |
| 6 | Passumpsic Savings Bank | Saint Johnsbury, VT | $108 | $11.0 | $3.8 | $64.2 | +14.9% | 16.5% |
| 7 | Peoples Trust Company of St. Albans | Saint Albans, VT | $105 | $9.4 | $30.2 | $32.0 | -10.3% | 35.4% |
| 8 | The Bank of Bennington | Bennington, VT | $98.1 | $4.7 | $12.3 | $42.1 | -2.3% | 19.1% |
| 9 | The Brattleboro Savings and Loan Association | Brattleboro, VT | $93.5 | $2.9 | $7.0 | $32.3 | +15.9% | 41.5% |
| 10 | The National Bank of Middlebury | Middlebury, VT | $88.4 | $9.7 | $12.4 | $21.9 | -6.0% | 25.3% |
| 11 | Wells River Savings Bank | Wells River, VT | $18.1 | $3.5 | $3.8 | $2.8 | +13.2% | 9.7% |
| 12 | The First National Bank of Orwell | Orwell, VT | $4.4 | $3.7 | $0.0 | $0.2 | -57.9% | 6.4% |
Source: FDIC Call Reports as of June 30, 2026 (schedule RC-C). Dollar figures in millions. Change, 1 year compares total CRE loans with June 30, 2025. Bank names link to each bank’s FDIC record.
Union Bank leads with $559.5 million in CRE loans, followed by Community National Bank at $475.7 million and Northfield Savings Bank at $434.6 million. Their portfolio mixes differ. Union Bank reports $271.6 million in investor nonfarm nonresidential loans, while Community National Bank has $152.0 million in owner occupied loans and $104.6 million in multifamily loans. Northfield Savings Bank reports $101.2 million in multifamily loans. Growth also varies materially. Business Bank, The recorded +77.3% year over year growth, compared with +14.9% at Passumpsic Savings Bank and -10.3% at Peoples Trust Company of St. Albans. Business Bank, The also has the highest CRE share of loans in the table at 74.5%. Union Bank’s investor CRE to equity ratio is 4.43x, high relative to the other listed banks, while Passumpsic Savings Bank’s 0.35x is comparatively low.
Out of state banks with branches in Vermont
| Bank | Headquarters state | Branches in Vermont | Deposits in Vermont ($M) | Total CRE loans, all states ($M) |
|---|---|---|---|---|
| TD Bank, N.A. | Delaware | 18 | $3,832 | $30,408 |
| Manufacturers and Traders Trust Company | New York | 33 | $3,643 | $34,665 |
| Community Bank, N.A. | New York | 29 | $1,496 | $3,684 |
| Mascoma Bank | New Hampshire | 13 | $1,016 | $980 |
| KeyBank, N.A. | Ohio | 10 | $975 | $17,153 |
| Citizens Bank, N.A. | Rhode Island | 10 | $931 | $26,949 |
| Bar Harbor Bank & Trust | Maine | 11 | $378 | $2,035 |
| Beacon Bank and Trust | Massachusetts | 5 | $342 | $9,595 |
| NBT Bank, N.A. | New York | 4 | $149 | $4,692 |
| JPMorgan Chase Bank, N.A. | Ohio | 3 | $131 | $179,847 |
| Claremont Savings Bank | New Hampshire | 1 | $30.9 | $117 |
| TrustCo Bank | New York | 1 | $18.7 | $234 |
Source: FDIC Summary of Deposits 2026. Deposits and branches are for Vermont only; CRE loans are bank wide.
The ranking is a starting point for a focused loan search
Portfolio size can help borrowers identify banks with demonstrated CRE appetite and potential hold capacity. A large balance does not confirm that capital is currently available, but it shows that commercial property lending is a meaningful part of the institution’s reported loan book. The portfolio mix then indicates where a bank has been most active. Construction and land, multifamily, owner occupied and investor nonfarm nonresidential balances should be compared with the proposed property and business plan. Growth identifies banks that are adding CRE loans, while contraction shows that the reported portfolio became smaller year over year.
Concentration adds another dimension. A bank with a high CRE share of loans or a high investor CRE to equity ratio relative to peers may be selective about additional exposure. Borrowers should use the table to build a practical call list, then confirm current interest directly with each institution. Bank lending is relationship driven and local, so headquarters, branch access and an existing banking relationship can matter during outreach. Comparing several banks also helps distinguish portfolio scale from current lending capacity. The ranking supports that screening process without predicting approval, pricing or terms.
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The leading banks show different areas of activity. Union Bank’s largest reported category is investor nonfarm nonresidential at $271.6 million. Community National Bank reports $152.0 million in owner occupied loans, its largest category, alongside $104.6 million in multifamily loans. Northfield Savings Bank holds $186.9 million in investor nonfarm nonresidential loans and $101.2 million in multifamily loans. Ledyard National Bank reports $74.3 million in construction and land loans, compared with $59.1 million in multifamily loans. These balances show where each existing CRE portfolio is concentrated, without establishing current program availability.
CRE represents 74.5% of total loans at Business Bank, The, compared with 49.8% at Union Bank, 48.9% at Community National Bank and 9.7% at Wells River Savings Bank. Investor CRE to equity measures construction, multifamily and non owner occupied nonfarm loans divided by total equity capital. Union Bank reports 4.43x, Business Bank, The reports 3.38x and Ledyard National Bank reports 3.07x. Those ratios are high relative to most other banks in the table. Passumpsic Savings Bank reports 0.35x, while The First National Bank of Orwell reports 0.39x, both low relative to the listed group.
Vermont borrowers have additional bank and nonbank options
The ranking covers banks headquartered in Vermont, not every bank operating there. FDIC Summary of Deposits 2026 data identifies several out of state institutions with local branches. TD Bank, N.A. has 18 Vermont branches and $3.8 billion in state deposits, while Manufacturers and Traders Trust Company has 33 branches and $3.6 billion. Community Bank, N.A. has 29 branches and $1.5 billion, and Mascoma Bank has 13 branches and $1.0 billion. Their reported CRE totals cover all states, so they should not be interpreted as Vermont loan balances.
Other branch based options include KeyBank, N.A., Citizens Bank, N.A., Bar Harbor Bank & Trust, Beacon Bank and Trust, NBT Bank, N.A., JPMorgan Chase Bank, N.A., Claremont Savings Bank and TrustCo Bank. Borrowers can also compare debt funds, life companies, CMBS, agency and SBA lenders, which do not appear in FDIC bank call reports. Each lender type evaluates opportunities within its own current parameters. Contacting several sources allows a borrower to compare bank relationships and reported portfolio fit with alternatives outside the commercial banking system.
Frequently Asked Questions
Which Vermont bank has the largest commercial real estate loan portfolio?
Union Bank ranks first among banks headquartered in Vermont, with $559.5 million in total CRE loans as of June 30, 2026. Its portfolio includes $99.3 million in construction and land loans, $99.1 million in multifamily loans, $89.5 million in owner occupied loans and $271.6 million in investor nonfarm nonresidential loans. CRE accounts for 49.8% of its total loans, and its investor CRE to equity ratio is 4.43x. The FDIC data establishes reported portfolio size and mix, not present availability for a particular transaction.
Do the loan totals represent lending only within Vermont?
The figures are institution level balances reported in FDIC Call Reports, not a geographic allocation of individual loans within Vermont. The main ranking includes banks headquartered in Vermont. For out of state banks with Vermont branches, total CRE loans likewise cover each bank across all states. For example, TD Bank, N.A. reports $30.4 billion in total CRE loans across all states and has $3.8 billion in Vermont deposits. Those figures show institutional scale and local deposit presence, but they do not establish the amount of CRE lending located in Vermont.
What source and date does the Vermont lender ranking use?
BestCRE uses FDIC Call Reports, formally called Reports of Condition and Income, including schedule RC-C, as of June 30, 2026. Branch and state deposit information comes from the FDIC Summary of Deposits 2026. The ranking is based on total commercial real estate loans reported by each Vermont headquartered bank. Benchmark rates are dated Oct 26, 2026: the Prime rate is 7.00%, SOFR is 3.89%, the 5 year Treasury is 4.78%, the 10 year Treasury is 4.96% and Fed funds is 3.88%. These benchmarks are context, not quoted bank loan rates.
How does the Vermont ranking compare with the national bank universe?
The Vermont table contains 12 banks, while the national FDIC reporting universe includes 4,167 banks with $3.07 trillion in total CRE loans. Union Bank holds national rank 664, Community National Bank ranks 761 and Northfield Savings Bank ranks 838. Ledyard National Bank is at 1074, and Business Bank, The is at 1521. These positions place each Vermont headquartered institution within the broader national ordering by total CRE loans. National rank measures relative portfolio size only and does not indicate loan quality, approval likelihood or suitability for a specific borrower.
Which Vermont banks reported the strongest CRE loan growth?
Business Bank, The reported the highest year over year change in the table at +77.3%, bringing total CRE loans to $176.7 million. The Brattleboro Savings and Loan Association increased its portfolio by +15.9% to $93.5 million, while Passumpsic Savings Bank grew by +14.9% to $108.2 million. Ledyard National Bank reported +14.3% growth and $315.5 million in total CRE loans. Growth shows which reported portfolios expanded, but it does not identify the property types, markets or transaction terms responsible for that change.
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BestCRE rankings are editorially independent and built only from public regulatory filings; no bank pays for placement. Call report figures describe loans held on each bank’s balance sheet and do not show loan terms, rates or current appetite. BestCRE is not a lender and does not make loans. Benchmark rates are informational, not quotes. See our Legal Disclaimer and Compensation Disclosure.