The former chief executive of an Illinois bank has consented to a $40,000 civil penalty and a permanent ban from the industry for allegedly selling bank-owned property to his daughter at less than fair market value, the Office of the Comptroller of the Currency announced this week.

Stanton Grotenhuis, former chairman, president, chief executive, and controlling shareholder of $64 million-asset Casey (Ill.) National Bank, neither admitted nor denied wrongdoing in agreeing to the Comptroller's enforcement order.

His daughter, Laura Grotenhuis Gard, the bank's assistant cashier, agreed to a $10,000 civil money penalty and a four-year cease-and-desist order limiting her participation in banking.

The Comptroller's office alleged that Mr. Grotenhuis caused the bank to receive less than fair market value for property that the bank transferred to Ms. Gard.

The agency also charged that Mr. Grotenhuis used Ms. Gard to borrow money from the bank on his behalf, and that he caused the bank to purchase loans from another financial institution at a premium in order to permit his daughter to buy property from the same institution at a price below fair market value.

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