Applications / Mortgage Analytics / Lenders / Illinois / Waterman Bank
Waterman, IL · State non-member bank · FDIC · $167 million assets · 357 loans in 2025
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357
loans originated, 2025
481
applications, 2025
22
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Waterman Bank is a small Illinois bank with a national reach: it lent in 22 states in 2025, and its typical loan, $375,000, is about twice that of similar banks.
Its home market is the Chicago area, where it ranks 87 of 902 lenders. In 2022 it began lending in the Miami, Dallas and Washington areas, and in 2025 it made its first loans in Chattanooga, Cheyenne and rural Minnesota. Its loans now reach 46 metros.
Similar lenders are state non-member banks making between half and twice as many loans. Its typical loan is larger than at more than nine in ten of them. Loans insured by the Federal Housing Administration made up 6.7% of its lending, down from 15.3%, where the typical peer makes none.
Loans in majority-minority neighborhoods were 26.1% of its total, against 6.7% at peers, a higher share than at more than four in five. Borrowers with low or moderate incomes took 19.7%, against 28.4% at peers. One possible reason for the lower figure is its loan size, since larger loans tend to go to higher earners.
It made 357 loans in 2025, up 14%, against 9% for the typical peer and 10% for the market. It filed no reports for 2018 to 2021. It merged with Bank of Montgomery in 2023, and that may have added to its lending since; the merged bank's filings count in its market figures.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2022–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. Waterman Bank took 481 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 72.5% · Refinance 25.5% · Other 1.7% · Home improvement 0.3%
Conventional 93.3% · FHA 6.7% · of 357 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Illinois | 278 | 77.9% |
| Florida | 19 | 5.3% |
| Texas | 12 | 3.4% |
| Michigan | 9 | 2.5% |
| Wisconsin | 5 | 1.4% |
| Colorado | 4 | 1.1% |
| Georgia | 4 | 1.1% |
| Arizona | 3 | 0.8% |
| California | 3 | 0.8% |
| Minnesota | 3 | 0.8% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Chicago-Naperville-Schaumburg | 229 |
| Lake County | 30 |
| Elgin | 14 |
| West Palm Beach-Boca Raton-Delray Beach | 13 |
| Dallas-Plano-Irving | 10 |
| Warren-Troy-Farmington Hills | 4 |
| Milwaukee-Waukesha | 3 |
| Phoenix-Mesa-Chandler | 3 |
| Champaign-Urbana | 2 |
| Denver-Aurora-Centennial | 2 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300X6ESK4SUBRYL85 | 2022–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 604640 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 310878 | 1994–2012 |
Established 25 August 1908. Reported under HMDA 1994-2025.
Mergers, name changes, data editions and corrections: Waterman Bank's data.
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