Directors of Greater Washington Investors Inc., a publicly owned venture capital investment company, have elected Jeffrey T. Griffin vice president. The founder and former president of the small business investment affiliate of American Security Bank, Griffin will focus on developing a portfolio of venture investments in established industries, the company said. Also, Barbara L. Shaw, formerly an associate, has been elected assistant treasurer with responsibility for financial reporting, cash management and shareholder communications.

The Acacia Group, which operates two insurance companies, a group of mutual funds and other financial services companies, has announced two appointments: E. Patrick Coady, founder of a New York investment banking firm, Coady & Co., has joined the Washington firm in the newly created position of chief finacial officer. Coady, a graduate of Harvard Business School, has been assigned the task of developing new financing techniques for the companies and to enhance Acacia's financial reporting system. M. C. McGlasson, after serving three years as senior vice president of an Acacia subsidiary, Creative Business Concepts, becomes senior vice president for corporate development.

Continental Federal Savings Bank has named Thomas A. Cramer, formerly manager of data processing for Perpetual American Bank in Alexandria, as senior vice president in charge of the Fairfax bank's information systems department. Also, Janelle W. Edgar, formerly a business manager for Financial Technologies, a subsidiary of the Pentagon Federal Credit Union, has joined the publicly owned savings bank as vice president in charge of operations.