BANKING & FINANCE - Oct. 2, 1996

Top Execs Quit San Francisco Investment Firm: The management shake-up at one of the nation’s largest minority-owned investment banking firms clouded the future of the pioneering firm. San Francisco-based Grigsby Brandford & Co. had no comment after senior officials Napoleon Brandford and Suzanne Shank joined New York-based Muriel Siebert & Co. Inc. to form a new municipal finance operation. The departure of Brandford and Shank followed the resignation Sept. 17 of Calvin Grigsby, founder and then-chairman. After Grigsby left, shareholders of the private firm appointed Brandford as chairman of the board of directors and Shank as president and chief executive. Grigsby resigned shortly after it was disclosed authorities were investigating bond deals the firm handled in Dade County, Fla. Grigsby has not been charged with any wrongdoing in the probe.