If you are shopping an SBA 7(a) or conventional commercial loan in Wisconsin, the bank you call first matters more than most borrowers think. A lender that already writes a lot of commercial credit and sits in your state is structurally likelier to say yes than a national name passing through. This page ranks the Wisconsin-headquartered banks doing the most commercial lending right now, using public Q2 2026 FFIEC call-report data. It is the open-book version of what the paid report does with far more inputs.
Wisconsin's banks lend against dairy, manufacturing, and paper, an old industrial-agricultural mix that keeps a wide community-bank field in business.
The 15 most active commercial lenders in Wisconsin
Ranked by commercial and industrial (C&I) loans outstanding, Q2 2026. Bank names link to the live BankingLens scorecard.
| # | Bank | City | Assets | C&I share | ROA | Fit notes |
|---|---|---|---|---|---|---|
| 1 | Associated Bank | Green Bay | $51.8B | 26.3% | 1.02% | National-scale lender, an active C&I book. Loan book up 19% YoY. Top sectors funded in WI: Accommodation/Food Service (20 loans), Professional Services (16 loans) |
| 2 | Nicolet National Bank | Green Bay | $15.4B | 18.5% | 1.27% | Large regional lender, a steady commercial book. Loan book up 64% YoY. Top sectors funded in WI: Accommodation/Food Service (32 loans), Manufacturing (25 loans) |
| 3 | Town Bank | Hartland | $4.7B | 37.0% | 1.41% | Mid-size regional, heavy C&I concentration. Built for commercial deals. Top sectors funded in WI: Manufacturing (8 loans), Other Services (6 loans) |
| 4 | First Business Bank | Madison | $4.4B | 35.7% | 1.42% | Regional commercial bank, heavy C&I concentration. CRE-heavy book. Loan book up 10% YoY. Top sectors funded in WI: Manufacturing (5 loans), Health Care (4 loans) |
| 5 | Bank First | Manitowoc | $5.9B | 16.2% | 1.76% | Mid-size regional, a steady commercial book. Return on assets above 1.5 percent. Loan book up 26% YoY. Top sectors funded in WI: Construction (26 loans), Manufacturing (22 loans) |
| 6 | Johnson Bank | Racine | $7.1B | 13.6% | 1.29% | Regional commercial bank, a steady commercial book. CRE-heavy book. |
| 7 | Incrediblebank | Wausau | $2.1B | 36.6% | 1.05% | Community bank, heavy C&I concentration. Built for commercial deals. |
| 8 | National Bank of Commerce | Superior | $2.2B | 18.3% | 1.99% | Local commercial lender, a steady commercial book. Return on assets above 1.5 percent. |
| 9 | National Exchange Bank and Trust | Fond Du Lac | $2.9B | 14.2% | 1.70% | Community bank, a steady commercial book. Return on assets above 1.5 percent. |
| 10 | Ixonia Bank | Ixonia | $1.1B | 22.6% | 1.18% | Local commercial lender, an active C&I book. Loan book up 19% YoY. |
| 11 | Horicon Bank | Horicon | $1.7B | 12.5% | 1.43% | Community bank, a steady commercial book. CRE-heavy book. |
| 12 | The Northwestern Bank | Chippewa Falls | $726M | 28.3% | 2.39% | Small local lender, an active C&I book. Return on assets above 1.5 percent. |
| 13 | Forward Bank | Marshfield | $1.3B | 15.9% | 0.89% | Community bank, a steady commercial book. Loan book up 14% YoY. |
| 14 | Peoples State Bank | Wausau | $1.5B | 13.1% | 1.10% | Local commercial lender, a steady commercial book. CRE-heavy book. |
| 15 | The Farmers & Merchants Bank | Berlin | $949M | 19.3% | 1.23% | Small community bank, a steady commercial book. CRE-heavy book. |
Assets and ratios are Q2 2026 FFIEC call-report figures. ROA is annualized return on assets. A bank's headquarters city is shown; many lend statewide and beyond.
C&I lending muscle, ranked
Commercial and industrial loans outstanding for the top 10 Wisconsin-HQ lenders, Q2 2026. This is the single number our ranking leans on hardest.
How we ranked these
Four steps, all of them transparent. First, we took every bank headquartered in Wisconsin. Second, a capacity floor: we dropped every Wisconsin-headquartered bank under $500M in total assets, because a smaller balance sheet rarely anchors a primary SBA 7(a) relationship. Third, an active-originator floor: we kept only banks whose commercial and industrial (C&I) loans are at least 10 percent of the loan book (a bank that is 90 percent home mortgages is not your SBA lender, regardless of size). Of the banks clearing both floors, 36 made the active list. Fourth, we ranked them by C&I loan dollars outstanding, which already blends balance-sheet size with how committed a bank is to commercial credit, and kept the top 15. Where the call report reports it, the fit notes also flag year-over-year loan-book growth as a rough read on whether a bank is leaning into lending or pulling back; the FFIEC filing does not break out SBA or C&I growth on its own, so treat that as directional, not precise.
Smaller banks may also fund your loan but rank below the active list.
The SBA section below ranks separately: it counts the SBA 7(a) and 504 loans each lender actually made in Wisconsin, from SBA's own loan data, whatever state the lender is based in.
This table is an honest, simplified proxy. The call report does not show a bank's SBA volume or its appetite for your industry; the SBA section shows volume, but not which lender fits your deal. The $49 Borrower Assist report folds all of that in and ranks against your specific deal, not just your state. That is the part worth paying for.
Most active SBA lenders in Wisconsin
The lenders that made the most SBA 7(a) and 504 loans to Wisconsin businesses, federal fiscal year 2023 through June 30, 2026, counted from SBA's own loan-level data. National SBA platforms appear next to Wisconsin's own banks because they lend here too.
326 SBA loans in Wisconsin, $66.3M in total. Most often: Construction, Professional Services.
231 SBA loans in Wisconsin, $72.3M in total. Most often: Construction, Health Care.
166 SBA loans in Wisconsin, $177.7M in total. Most often: Manufacturing, Construction.
142 SBA loans in Wisconsin, $96.3M in total. Most often: Accommodation/Food Service, Manufacturing.
142 SBA loans in Wisconsin, $62.7M in total. Most often: Construction, Manufacturing.
117 SBA loans in Wisconsin, $18.6M in total. Most often: Accommodation/Food Service, Other Services.
112 SBA loans in Wisconsin, $39.0M in total. Most often: Arts & Recreation, Accommodation/Food Service.
102 SBA loans in Wisconsin, $79.0M in total. Most often: Construction, Other Services.
101 SBA loans in Wisconsin, $37.7M in total. Most often: Agriculture, Administrative & Support.
93 SBA loans in Wisconsin, $22.2M in total. Most often: Construction, Professional Services.
Source: U.S. Small Business Administration 7(a) and 504 loan data, refreshed monthly. Ranked by number of loans. Lenders that have since merged count toward the bank that acquired them.
What Wisconsin looks like for a borrower
Wisconsin's banks lend against dairy, manufacturing, and paper, an old industrial-agricultural mix that keeps a wide community-bank field in business.
Across 149 Wisconsin-headquartered banks sits $175.2B in total assets, anchored by Associated Bank in Green Bay at $51.8B. Half the state's lenders hold more than 9.0% of their loans in C&I, half less; the ranking below pulls the most commercial-heavy to the top.
None of that tells you which of these banks will fund your specific deal. A $400,000 restaurant acquisition and a $4M owner-occupied warehouse purchase have different optimal lender lists even in the same state, and the ranking above does not split by loan size, industry, or collateral. Treat it as your starting shortlist, not your final answer.
How to use this list
- Start with the bank near you that has the strongest commercial profile, not just the closest branch. A lender with a real C&I book understands your deal faster.
- Ask for the SBA or commercial lending group directly. The general line routes business deals slowly.
- Have a one-page summary ready: use of funds, cash flow, collateral, owner credit, timeline. Banks decide whether to engage in the first ninety seconds.
- Run two banks in parallel, not five. Two real conversations close a loan; five waste everyone's time.
Hero photo: American farmland by benjamin lehman on Unsplash, used here as a regional editorial image for Wisconsin.