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.

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