First American Corp.'s brokerage chief - who is also president of the Bank Securities Association - has left the company, just as former investment program officials from two other big banks were taking nonbank berths .

L. Rainey Gray, who had surprised industry observers last year by jumping from Boatmen's Bancshares to the smaller program at First American, said he realized the new position "wasn't going to be right for the long haul."

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