A 462
This is only conjecture, but from examining the surrounding pages, I'd say the long text of the spell is correct (Greater Bane should be 3rd level).
The level entries for all of the other initiate feats are pretty consistent in their layout of lower level spells to higher level. Initiate of Hextor is the only one that has multiple spells for the same level that don't seem to make sense-- compare that entry to Initiate of Fharlanghn, who has two first level spells that are clearly supposed to be first level spells. Combined with the effect of Greater Bane as pretty in line with 3rd level effects, I'm pretty confident in saying that the Initiate feat is the one that has the typo.