September 28, 2011
Federal Reserve Board issues order of prohibition against Max Grunhof
For immediate release
The Federal Reserve Board on Wednesday announced the issuance of a Consent Order of Prohibition against Max Grunhof, a former institution-affiliated party of First Pryority Bank, Pryor, Oklahoma, a state member bank
The consent order resolved administrative charges brought by the Federal Reserve Board in April 2011. Those charges alleged that Grunhof had engaged in violations of law and unsafe and unsound banking practices, and breached his fiduciary duties in connection with First Pryority's issuance and administration of commercial real estate and other loans.
The charges also included a notice of assessment of a civil money penalty. The Board dismissed the civil money penalty assessment notice after Grunhof provided information showing he lacked the ability to pay.
A copy of the Notice is attached.
For media inquiries, call 202-452-2955.