Bank Notes

Former BofA exec to head Wachovia unit

Charlotte-based Wachovia Corp. said it had hired a former Bank of America Corp. executive as head of its government and institutional banking unit and as co-head of municipal products.

In his role, Phil Smith will lead the group that works with state, local and municipal governments, nonprofit organizations and not-for-profit health care firms served by Wachovia's general bank. He and Robin Sheth also will head the municipal products business within the corporate and investment banking unit, which offers Wall Street-style services such as stock and bond offerings.

Smith will report to Carlos Evans, head of wholesale banking, and Thold Gill, head of global rates. He was previously head of public finance at Bank of America. Rick Rothacker

New leader for equity research department

Bank of America Corp. said it had hired Michael Rietbrock as head of the equity research department in its corporate and investment banking unit.

He joins the Charlotte bank from Caxton Associates, where he managed a portfolio of global real estate and travel-related securities for the past two years. He will be based in New York.

Rietbrock replaces Greg Ransom, who has been named head of trading risk analytics. Rick Rothacker

$4.2 million investment in wireless provider

Charlotte investment bank Dragonfly Capital said it facilitated a $4.2million investment in ETAK Systems Inc., a Charlotte provider of wireless battery services, by Azalea Capital. Rick Rothacker