Illinois borrowers looking for construction financing can use this ranking to identify banks that report meaningful construction, land development and other land loan balances. The 20 banks in the table hold $13.6 billion in this category and $87.0 billion in total commercial real estate loans. BestCRE ranks them by reported construction and land balances as of June 30, 2026. The results show portfolio size and composition, not current pricing, approval standards or available loan capacity. Because the ranking includes only banks headquartered in Illinois, it should be read alongside the separate group of banks headquartered elsewhere that maintain branches and deposits in the state.
The broader Illinois banking market includes 322 banks headquartered in the state, with $131.6 billion in total CRE loans. That total increased +7.1% year over year, while the top institutions account for a substantial share of reported balances. Borrowers should treat the ranking as a screening tool. A larger CRE book can indicate greater appetite and hold capacity, while portfolio mix identifies the property and loan categories in which a bank is most active. Growth highlights banks adding CRE balances, and concentration may indicate greater selectivity. Final lender selection remains relationship driven and local, requiring direct discussions with several banks and comparison with nonbank sources.
Illinois banks ranked by construction and land loans
| Rank | Bank | Headquarters | Total CRE loans ($M) | Construction and land ($M) | Multifamily ($M) | Owner occupied ($M) | Change, 1 year | CRE share of loans |
|---|---|---|---|---|---|---|---|---|
| 1 | BMO Bank, N.A. | Chicago, IL | $28,802 | $4,486 | $3,158 | $8,136 | +3.8% | 20.3% |
| 2 | CIBC Bank USA | Chicago, IL | $18,426 | $2,120 | $3,990 | $4,438 | +22.1% | 42.5% |
| 3 | Busey Bank | Champaign, IL | $6,480 | $1,027 | $1,090 | $1,433 | -2.0% | 49.1% |
| 4 | The Northern Trust Company | Chicago, IL | $6,399 | $713 | $1,489 | $1,012 | -0.8% | 14.6% |
| 5 | Wintrust Bank, N.A. | Chicago, IL | $2,820 | $675 | $606 | $336 | -2.5% | 35.4% |
| 6 | Lakeside Bank | Chicago, IL | $1,982 | $470 | $352 | $296 | +9.2% | 85.2% |
| 7 | Heartland Bank and Trust Company | Bloomington, IL | $2,732 | $430 | $667 | $507 | +37.4% | 57.4% |
| 8 | United Community Bank | Chatham, IL | $1,320 | $406 | $138 | $499 | +9.1% | 49.4% |
| 9 | First American Bank | Elk Grove Village, IL | $1,232 | $366 | $252 | $128 | +14.3% | 36.4% |
| 10 | First Mid Bank & Trust, N.A. | Mattoon, IL | $3,676 | $362 | $391 | $836 | +20.4% | 53.0% |
| 11 | Byline Bank | Chicago, IL | $3,325 | $346 | $456 | $1,562 | -2.7% | 44.0% |
| 12 | Banterra Bank | Marion, IL | $943 | $265 | $29.2 | $219 | +19.6% | 35.5% |
| 13 | Hinsdale Bank & Trust Company, N.A. | Hinsdale, IL | $1,277 | $263 | $280 | $212 | +22.1% | 25.5% |
| 14 | Northbrook Bank and Trust Company, N.A. | Northbrook, IL | $1,131 | $257 | $269 | $84.1 | +1.2% | 25.4% |
| 15 | Republic Bank of Chicago | Oak Brook, IL | $902 | $254 | $92.8 | $129 | -3.9% | 53.8% |
| 16 | Lake Forest Bank & Trust Company, N.A. | Lake Forest, IL | $1,347 | $252 | $180 | $280 | +13.0% | 19.5% |
| 17 | The Federal Savings Bank | Chicago, IL | $255 | $251 | $3.0 | $0.0 | -0.9% | 26.3% |
| 18 | Midland States Bank | Effingham, IL | $2,419 | $244 | $382 | $520 | -4.7% | 56.9% |
| 19 | Bank of Springfield | Springfield, IL | $695 | $218 | $56.2 | $157 | +20.0% | 40.4% |
| 20 | Blackhawk Bank & Trust | Milan, IL | $812 | $204 | $99.3 | $171 | +6.3% | 64.1% |
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. Table shows the top 20 of 282 banks headquartered in Illinois that hold this loan type.
BMO Bank, N.A. leads with $4.5 billion in construction and land loans and $28.8 billion in total CRE loans. CIBC Bank USA follows with $2.1 billion and reports +22.1% year over year CRE growth. Busey Bank is third with $1.0 billion, although its total CRE portfolio declined -2.0%. Portfolio mix varies materially. The Federal Savings Bank reports $251.0 million in construction and land loans within a $254.6 million CRE book, while First Mid Bank & Trust, N.A. has $361.7 million in construction and land loans within $3.7 billion of total CRE. Concentration also differs. Lakeside Bank reports CRE equal to 85.2% of loans and an investor CRE to equity ratio of 5.53x, both high relative to the table. BMO reports a lower 0.57x ratio. Heartland Bank and Trust Company has the strongest listed CRE growth at +37.4%.
Out of state banks with branches in Illinois
| Bank | Headquarters state | Branches in Illinois | Deposits in Illinois ($M) | Total CRE loans, all states ($M) |
|---|---|---|---|---|
| JPMorgan Chase Bank, N.A. | Ohio | 264 | $128,818 | $179,847 |
| Bank of America, N.A. | North Carolina | 121 | $41,736 | $79,906 |
| Fifth Third Bank, N.A. | Ohio | 161 | $26,769 | $33,581 |
| PNC Bank, N.A. | Delaware | 148 | $23,407 | $47,133 |
| U.S. Bank, N.A. | Ohio | 153 | $19,508 | $50,718 |
| Old National Bank | Indiana | 84 | $18,231 | $23,021 |
| Citibank, N.A. | South Dakota | 57 | $14,226 | $26,036 |
| Wells Fargo Bank, N.A. | South Dakota | 24 | $13,636 | $121,623 |
| The Huntington National Bank | Ohio | 126 | $10,558 | $37,932 |
| Associated Bank, N.A. | Wisconsin | 28 | $6,016 | $10,594 |
Source: FDIC Summary of Deposits 2026. Deposits and branches are for Illinois only; CRE loans are bank wide.
Use reported balances to build a lender call list
The ranking is most useful as an initial measure of demonstrated balance sheet activity. Construction and land balances show which Illinois headquartered banks already hold this type of credit, while total CRE balances provide context for broader appetite and hold capacity. BMO Bank, N.A. reports $4.5 billion in construction and land loans within a $28.8 billion CRE portfolio. United Community Bank reports $405.9 million in the category within a $1.3 billion CRE portfolio. Both may warrant consideration, but the figures describe different portfolio scales. They do not establish whether either bank is currently quoting a particular transaction.
Borrowers should compare the construction balance with portfolio mix, year over year growth, CRE share of loans and investor CRE to equity. A growing portfolio can identify a bank adding CRE loans, while a high concentration can signal that the bank may be selective about additional exposure. Local relationships also matter because bank lending is relationship driven. A practical search should include several institutions whose reported size and mix fit the proposed transaction, followed by direct discussions about current interest, underwriting and fit. The main Illinois state ranking provides a separate view based on total CRE loans rather than construction and land balances.
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Tell Us About Your DealHow BestCRE Capital WorksLoan mix and concentration reveal different areas of activity
The category breakdown shows that similar construction balances can sit within very different CRE portfolios. Wintrust Bank, N.A. reports $675.3 million in construction and land loans, $605.9 million in multifamily loans and $1.2 billion in investor nonfarm nonresidential loans. First American Bank reports $366.0 million in construction and land loans, compared with $252.4 million in multifamily and $485.1 million in investor nonfarm nonresidential loans. Byline Bank reports a smaller $346.2 million construction balance but a larger $1.6 billion owner occupied balance. These differences help borrowers identify where each institution has accumulated exposure.
Concentration measures add another layer. Investor CRE to equity combines construction, multifamily and non owner occupied nonfarm loans relative to total equity capital. Lakeside Bank reports 5.53x, while Blackhawk Bank & Trust reports 3.29x and Banterra Bank reports 3.20x. Those ratios are high relative to several peers in the table. The Northern Trust Company reports 0.45x, and BMO Bank, N.A. reports 0.57x. CRE share of loans also ranges widely, from 14.6% at The Northern Trust Company to 85.2% at Lakeside Bank. These measures describe portfolio concentration, not current credit decisions.
Illinois borrowers have bank and nonbank alternatives
This table covers institutions headquartered in Illinois, but major banks based elsewhere also operate local branches. JPMorgan Chase Bank, N.A., headquartered in Ohio, has 264 Illinois branches, $128.8 billion of deposits in the state and $179.8 billion of total CRE loans across all states. Bank of America, N.A. has 121 Illinois branches and $41.7 billion in state deposits. Fifth Third Bank, N.A. has 161 branches and $26.8 billion in state deposits, while PNC Bank, N.A. has 148 branches and $23.4 billion. Their national CRE balances are not measures of Illinois construction lending, but their local presence makes them relevant additions to a borrower call list.
Nonbank lenders are another source of capital and do not appear in FDIC bank call reports. Debt funds, life companies, CMBS lenders, agency lenders and SBA lenders can serve different transaction types and borrower profiles. Comparing several sources is important because reported bank balances show historical portfolio size and mix, not the availability or suitability of financing for a particular project. Borrowers can use the Illinois headquartered ranking to identify active local banks, review out of state banks with local branches, and then compare those options with applicable nonbank channels. That broader process provides a more complete view than relying on any single ranking or institution.
Frequently Asked Questions
Which bank is the largest construction and land lender headquartered in Illinois?
BMO Bank, N.A. ranks first among Illinois headquartered banks, reporting $4.5 billion in construction, land development and other land loans as of June 30, 2026. Its total CRE portfolio is $28.8 billion, including $3.2 billion in multifamily loans, $8.1 billion in owner occupied loans and $13.0 billion in investor nonfarm nonresidential loans. BMO also ranks 15 nationally by total CRE loans. These balances show the size and mix of its reported portfolio, but they do not indicate whether the bank is currently offering financing for a particular property, project or borrower.
Which Illinois banks are adding commercial real estate loans?
Several banks in the table report substantial year over year CRE growth. Heartland Bank and Trust Company increased +37.4%, the strongest listed rate, and holds $429.8 million in construction and land loans. CIBC Bank USA and Hinsdale Bank & Trust Company, N.A. each report +22.1%. First Mid Bank & Trust, N.A. reports +20.4%, Bank of Springfield reports +20.0%, and Banterra Bank reports +19.6%. Growth shows which institutions added reported CRE balances, but it does not identify the property types, locations or transactions responsible for the change, nor does it establish current lending availability.
Does a high CRE concentration mean a bank will approve fewer construction loans?
Not necessarily. Concentration is a portfolio measure, not an approval forecast. Lakeside Bank reports CRE equal to 85.2% of total loans and investor CRE equal to 5.53x equity, both high relative to other banks in the table. Blackhawk Bank & Trust reports 64.1% and 3.29x, while BMO Bank, N.A. reports 20.3% and 0.57x. A high concentration can signal that a bank will be selective when considering additional exposure, but call report data cannot show current underwriting decisions. Borrowers should use concentration to frame questions and then discuss the proposed transaction directly with each lender.
Are the largest Illinois construction lenders also the largest CRE lenders?
Not always. BMO Bank, N.A. leads both this construction ranking and the Illinois headquartered group by total CRE loans, with $4.5 billion in construction and land loans and $28.8 billion in total CRE. Other positions differ because the ranking is based only on construction, land development and other land loans. First Mid Bank & Trust, N.A. has $3.7 billion in total CRE but ranks 10 with $361.7 million in the selected category. The Federal Savings Bank ranks 17 with $251.0 million in construction and land loans even though its entire CRE portfolio is only $254.6 million.
What interest rate benchmarks should construction borrowers monitor?
Common market benchmarks provide context for lender discussions, although they are not quoted construction loan rates. As of 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%. A bank’s reported construction balance does not reveal its pricing, spread, term or other loan conditions. Borrowers should ask each lender how it references market rates and compare complete proposals. Nonbank sources may use different pricing structures, so comparison should include the full financing terms rather than a benchmark alone.
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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.
