The Industrial Bank of Washington elected Margaret B. Stewart to its board of directors, replacing her husband John T. Stewart, who died last year. She is secretary-treasurer of Stewart Funeral Home in Northeast. In addition, Effie M. Faucett was promoted to vice president of the bank. Faucett has been assistant vice president since 1978.

Cordell H. Hayes was also promoted to vice president of Industrial Bank.

John J. Byrne Jr. and Stephen Hartwell have been elected directors of Washington Mutual Investors Fund. They will replace Charles T. Akre and Daniel J. Callahan Jr., who were not up for reelection. Byrne is chairman of the board, president and chief executive officer of GEICO Corp. Hartwell is president of Washington Mutual Investors Fund.

Peter H. Daly has been appointed deputy executive director of the U.S. Savings Bond Division of the Department of Treasury. He has served as an advisor to the division since February. He was previously chief of Treasury's office of planning and policy development.

William E. Richeson has been promoted to senior vice president and manager of Virginia National Bank's international department. He succeeds Roy M. Newton, who has retired.

Linda Stadtler has been appointed corporate secretary of Loyola Federal Savings and Loan.

M. David Testa has been elected chairman of Rowe Price-Fleming International Inc. In addition, Martin G. Wade was elected president of the firm, which is a joint venture between T. Rowe Price Associates Inc. of Baltimore and Robert Fleming Holdings Ltd. of London.

Richard T. West Jr. and C. Edward Turek have been elected vice presidents of the realty, mortgage banking and insurance firm Weaver Bros. Inc.

Ferris & Co. has promoted to vice president Tom W. O'Bryon II, manager of its McLean branch; Margaret L. Wheeler, an investment executive in the Bethesda office; Daniel G. Shannon, senior portfolio manager for the investment advisory department, and Ralph E. Miller II, manager of the firm's branch in Cumberland, Md.

Suburban Bank has promoted to senior vice president Terry L. Eikenbery, manager of future banking in the retail banking division; Raymond M. Lent Jr., the bank's southern Maryland regional executive; William M. Lynn, head of internal operations in the administrative division, and Alfred J. Serafino, manager of corporate lending in the corporate banking division.

J. Frank Alspaugh has been named vice president and director of economic development for First & Merchants National Bank in Richmond. He was formerly director of industrial development for the state of Virginia.

Marvin F. Janowiak has been named manager of the new Merrill Lynch operations center in Rockville.