Susan J. Reynolds has joined the Chevy Chase office of Bache Halsey Stuart Shields Inc. as a senior account executive. Reynolds previously worked as an account executive and product manager with Merrill Lynch for seven years.

William A. Delphos has been named vice president for operations of the Overseas Private Investment Corp. As part of this new position, Delphos will be responsible for the operations of the insurance and finance departments, marketing, operations and strategic planning.

Rex M. Phares has been elected to the board of directors of New Virginia Bancorporation. Phares is president of two transportation and financially oriented companies, JETCO and Transportation Factors Inc.

William G. McClain has been named vice president for branch administration by Wheat, First Securities Inc. He was formerly with Shearson Loeb Rhodes here.

Legg Mason Wood Walker Inc. has appointed Eric Conrad Kovacic and Margaret Winkler as stockbrokers in the Washington office.

Naomi London Jaffe has been appointed director of research of The Monetary Group Ltd., a local brokerage of U.S. Treasury securities. Jaffe was formerly a financial economist and senior staff member at the Commodities Futures Trading Commission.

David J. Callard, a partner with Alex. Brown & Sons of Baltimore, has been elected to the board of directors of U.S. Capital Corp., of Columbia, S.C. Callard previously worked for Morgan Guaranty Trust Co. of New York.