Investors Secured Control of Chicago’s Parkway Bank
New leadership is targeting commercial growth after a $350 million private equity infusion.
Updated on Oct. 6, 2026 in Business Strategy
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David Provost and Chip Reeves have taken control of Chicago-based Parkway Bank following a $350 million private placement. The deal ends nearly four decades of control by the founding Suspenzi family.
Why it matters
The leadership change and fresh capital signal a pivot toward aggressive commercial lending and potential regional acquisitions. The move follows the Suspenzi family’s shift toward estate and succession planning.
Parkway Bank secured $350 million in private placement funding, a significant capital injection for the $3.7 billion institution. The firm plans to hire 20 new bankers within the next 30 days to support this expansion.
The players
David Provost
Executive chairman and former MidwestOne Financial Group leader who recently assumed control of Parkway Bank.
Chip Reeves
CEO of Parkway Bank tasked with driving commercial lending expansion and regional growth.
Patriot Financial Partners
Radnor, Pennsylvania-based private equity firm specializing in financial services investments.
Stone Point Capital
Greenwich, Connecticut-based investment firm focused on the global financial services industry.
Suspenzi family
Founding owners who controlled Parkway Bank for nearly four decades before initiating a succession transition.
The details
Parkway Bank utilized the $350 million raised from Patriot Financial Partners and Stone Point Capital to execute a tender offer, buying out the Suspenzi family’s stake. Under the new leadership of Provost and Reeves, the bank is shifting focus toward commercial and industrial lending operations. Management is also evaluating potential mergers and acquisitions across the Midwest to scale its existing platform.
Timeline
1964: Parkway Bank was founded.
2008: Parkway Bank experienced a spike in problem loans.
June 2026: David Provost’s noncompete agreement expired.
October 1, 2026: David Provost and Chip Reeves assumed control of Parkway Bank.
Market Landscape
The transition marks a strategic pivot for Parkway Bank, moving away from the long-term family ownership that guided the institution through the volatility of the 2008 banking crisis period. The shift aligns with broader trends of private equity firms restructuring regional lenders to drive growth through acquisitions.
Operators in the Chicago market should prepare for increased competition in commercial lending as Parkway Bank scales its headcount. Firms seeking growth capital or acquisition partners in the Midwest should monitor Parkway's upcoming outreach and deal activity.
The takeaway
Private equity-led transitions often signal a rapid acceleration in headcount and M&A activity for local financial institutions. Operators should monitor the hiring of the 20 new bankers as a leading indicator of the bank's intended lending capacity in the local market.
Further reading
Learn more about the latest shifts in Business Strategy for regional firms.
Source note: This article includes information reported by American Banker.
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