Parkway Bancorp in Chicago has fresh capital and new leadership.
The company said in a press release that it raised $350 million through a private placement of common stock co-led by investment funds managed by Patriot Financial Partners and Stone Point Capital. Most of the proceeds were used to complete a private tender offer to repurchase shares of Parkway stock from existing investors.
As part of the transaction, Chip Reeves was named president and CEO. He was recently CEO of MidWestOne Financial Group in Iowa, which sold to Nicolet Bankshares.
David Provost was named executive chair, and Dennis Klaeser is now executive vice chair. Provost and Klaeser have a long history of working together, including stops at Talmer Bank, Chemical Bank, and TCF Financial.
“Parkway has built an exceptional institution with deep roots in one of the country’s strongest commercial banking markets,” said Kirk Wycoff, Patriot Financial Partners’ managing partner, said in the release. “We believe the combination of Parkway’s reputation, experienced leadership, and significant new capital creates a compelling opportunity for long-term growth.”
Over the coming weeks, Parkway expects to keep building its executive leadership team and introduce strategic initiatives to support customers, employees and communities in Chicago and the Midwest.