Who Owns Our Banks? The Fed Invites Your Input on a New Acquisition

You might care about this because the Federal Reserve System recently announced that a group called Patriot Financial Partners wants to buy a significant amount of voting shares in Parkway Bancorp, Inc. This would also mean they indirectly acquire shares in Parkway Bank and Trust Company. Both Parkway entities are located in Harwood Heights, Illinois, while Patriot Financial Partners is based in Radnor, Pennsylvania. The Federal Reserve looks at these applications under the Change in Bank Control Act. This law makes sure that when someone buys a bank, they meet certain financial and managerial standards. The Act helps maintain public confidence in the banking system. The public portions of the application are available for review. The Federal Reserve is asking for comments from anyone interested before March 16, 2026. Your comments help the Federal Reserve decide if this acquisition is in the public interest. It is important to know that any comments you send will become public record, so do not include any private information. This announcement is important because it highlights the strict oversight that controls ownership changes in the banking sector. When a large group wants to acquire a bank, it is not a simple transaction. The Federal Reserve, as the central bank of the United States, plays a critical role in approving such changes. They ensure that new owners are financially sound and responsible, which is vital for the stability of local communities and the broader economy. This process helps prevent any single entity from gaining too much control or operating in a way that could harm customers or the financial system. The fact that the public can submit comments on these applications shows a commitment to transparency. It also gives ordinary citizens a voice in decisions that could affect their local banks and financial services. This mechanism helps keep the financial system accountable to the public it serves. Many different groups will find this legal document interesting. If you are an investor in the financial sector, especially in regional banks, this notice provides insight into acquisition processes and regulatory requirements. Banking professionals, including executives and legal counsel, will want to understand the specifics of this application and the Federal Reserve's review process. Community members in Harwood Heights, Illinois, and surrounding areas served by Parkway Bank and Trust Company, might also be interested. Changes in bank ownership can sometimes affect local services or community investments. Legal experts who focus on financial regulation and mergers and acquisitions will also find this case relevant for understanding current regulatory practices. Anyone concerned with financial stability and the oversight of large financial transactions will also pay close attention.