| For immediate release |
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The Federal Reserve Board today announced the issuance of a Combined Order to Cease and Desist and Order of Assessment of a Civil Money Penalty against Paul P. Piper, Jr., a former institution-affiliated party of First National Summit Bankshares, Crested Butte, Colorado, a former registered bank holding company, and the First National Summit Bank, Gunnison, Colorado, a former national bank. Mr. Piper, without admitting to any allegations, consented to the issuance of the Order in connection with his alleged involvement in the acquisition of control of more than 25 percent of the outstanding voting shares of First National Summit Bankshares without the prior approval from the Board of Governors. Mr. Piper paid a fine of $25,000. A copy of the Order is attached.
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| Order (187 KB PDF) |