FDIC-insured community bank headquartered in Chicago since 1964, offering personal and commercial banking with branches in Chicago and Phoenix.
Data compiled from public sources · Rating from CreditDoc methodology
Parkway Bank and Trust Company has operated as a community-focused financial institution in the Chicago area since 1964. The bank has expanded to serve customers in both Chicago and Phoenix, positioning itself as a traditional community bank rather than a large national institution. " The bank offers a comprehensive suite of personal banking products including free checking accounts (Kasasa Cash, Kasasa Cash Back, Totally Free Checking, Senior Citizen Checking), savings accounts, money market accounts, CDs, IRAs, and debit cards.
For borrowing needs, they provide personal loans, home mortgage loans, home equity loans, and auto loans. On the commercial side, Parkway Bank offers business checking, business savings, commercial NOW accounts, business loans, SBA loans, commercial real estate financing, equipment loans, and franchise lending. They also provide treasury management services, merchant processing, and receivables/payables solutions for business customers.
S. government guarantee. 65% APY on checking.
The bank maintains a local decision-making approach and has emphasized their experienced team of local bankers. They provide digital banking options including online banking, mobile banking, mobile check deposit, and Zelle for both personal and business customers. As a regional community bank, Parkway Bank serves customers seeking traditional banking relationships with personal service.
However, customers should note that as a smaller regional institution, they may have fewer branch locations and potentially different rate competitiveness compared to national banks. The bank is FDIC-insured, which provides standard deposit protection up to $250,000 per account category.
This is state-level context for Banks consumers in Harwood Heights, IL. It does not confirm that Parkway Bank and Trust Company or this specific location is licensed.
State regulator
Illinois Department of Financial and Professional Regulation
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Parkway Bank and Trust Company offers 12 services including Personal checking accounts (Free Kasasa Cash, Free Kasasa Cash Back, Totally Free Checking, Senior Citizen Checking), Savings accounts and money market accounts, Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs), Personal loans, and 7 more.
Parkway Bank and Trust Company is best suited for Chicago and Phoenix area residents seeking community-focused banking with personal relationships, Small to mid-market businesses needing customized commercial banking and SBA loan options, Customers prioritizing FDIC deposit insurance and local decision-making over national brand recognition, Senior citizens looking for specialized checking products designed for their needs.
Key strengths: FDIC-insured deposits with full U.S. government backing; Competitive CD rates at 3.78% APY for 5-month terms; Free checking account options including Kasasa Cash with up to 2.65% APY. Areas to consider: Limited geographic presence (only Chicago and Phoenix areas) compared to national banks; Smaller institution may have fewer ATM locations despite claiming 'free ATMs'.
In the Banks category, comparable providers include 1Nb Bank, 1st Community Bank, American Metro Bank. Each company has different strengths — compare services, pricing, and consumer complaint records to find the best fit.
CreditDoc Diagnosis
Parkway Bank is best suited for individuals and businesses in the Chicago and Phoenix areas who value community banking relationships, personalized service, and FDIC-insured deposits. The primary caveat is geographic limitation—this is a regional bank without national presence, so customers outside Chicago and Phoenix cannot access their services, and those within these regions may have fewer branches and ATMs than larger national competitors.
1NB Bank is a regional community bank operating multiple branches in Illinois, offering checking, savings, loans, and debit card services with emphasis on local presence and security.
Best for: Customers in central Illinois seeking traditional banking with local branch relationships, Small business owners needing commercial banking services with direct bank relationships
Community bank chartered in 1920 offering FDIC-insured deposit accounts, loans, and mortgage services with local decision-making and personalized service.
Best for: Farmers and agricultural businesses needing specialized farm financing, credit lines, and equipment loans, Small business owners in the bank's service communities seeking local decision-making on commercial loans
FDIC-insured community bank offering personal and business checking, savings, CDs, mortgages, loans, and debit card services with ATM access.
Best for: Small business owners seeking local relationship banking and commercial lending, Customers prioritizing FDIC insurance and traditional brick-and-mortar banking with branch access
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