Providing extensive context via prompting is vital for leveraging the capabilities of Large Language Models (LLMs). However, lengthy contexts significantly increase inference latency, as the computational cost of self-attention grows quadratically with sequence length. To mitigate this issue, context compression-particularly soft prompt compressio-has emerged as a widely studied solution, which converts long contexts into shorter memory embeddings via a trained compressor. Existing methods typically compress the entire context indiscriminately into a set of memory tokens, requiring the compressor to capture global dependencies and necessitating extensive pre-training data to learn effective patterns. Inspired by the chunking mechanism in human working memory and empirical observations of the spatial specialization of memory embeddings relative to original tokens, we propose Parallelized Iterative Compression (PIC). By simply modifying the Transformer's attention mask, PIC explicitly restricts the receptive field of memory tokens to sequential local chunks, thereby lowering the difficulty of compressor training. Experiments across multiple downstream tasks demonstrate that PIC consistently outperforms competitive baselines, with superiority being particularly pronounced in high compression scenarios (e.g., achieving relative improvements of 29.8\% in F1 score and 40.7\% in EM score on QA tasks at the $64\times$ compression ratio). Furthermore, PIC significantly expedites the training process. Specifically, when training the 16$\times$ compressor, it surpasses the peak performance of the competitive baseline while effectively reducing the training time by approximately 40\%.