CHARLOTTE, N.C. — First Union Corp. said it has combined parts of its banking and securities operations to form a public sector group that will focus on government, educational, and not-for-profit clients.

First Union said the group will be led by Thomas Bracken. It will include a municipal securities group headed by Alex Wallace and a regionally managed government-banking division.

“The new structure will enable us to continue to deliver our extensive capital markets capabilities to our traditional government, educational, and not-for-profit client base. Furthermore, it will enhance our ability to sell traditional banking products and services to customers whose relationship with our company has historically been capital markets-based only,” Mr. Bracken said in a statement.

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