Robert D. McKnew, Bank of America's executive vice president for U.S. capital markets, was elected chairman of the Public Securities Association's board of directors.

McKnew, who was elected by PSA members last Thursday, takes office on Jan. 1 and will serve for one year. He is vice chairman of the PSA this year.

As chairman, McKnew succeeds R. Fenn Putman, who is managing director of the municipal finance department at Lehman Brothers Inc. in New York City. Putman will continue to serve as a director on the PSA board.

Last Thursday, PSA members also elected Elaine LaRoche as vice chairman of the board and George B. Pugh Jr. as treasurer.

LaRoche is a managing director at Morgan Stanley & Co. in New York City. She became a PSA director last year and has been the chairman of the group's political action committee.

Pugh, who joined the PSA's board in 1992, served this year as the chairman of the group's municipal securities division. He is executive vice president and managing director of Craigie Inc. in Richmond.

The securities industry trade group also made the following appointments for next year:

* Terry L. Atkinson as chairman of the municipal securities division, and Michael D. McCarthy as vice chairman. Atkinson is a managing director at PaineWebber Inc. in New York City; McCarthy is a partner at Goldman, Sachs & Co, also New York City.

* Evan Firestone, vice president at CS First Boston in New York City, as chairman of the PSA's mortgage securities division, and Thomas K. Guba, managing director at Donaldson, Lufkin & Jenrette Securities Corp., also New York City, as vice chairman.

* John J. Meehan as chairman of the government and federal agency securities division, and Edwin F. Payne as vice chairman. Meehan is a managing director at Deutsche Bank Securities Corp. in New York City; Payne is a senior vice president at Prudential Securities Inc., also New York City.

* Mario J. Pierro, vice president at J.P. Morgan Securities Inc. in New York City, as chairman of the funding division.

* Louis S. Caro Jr., a vice president at the Industrial Bank of Japan, New York City, as chairman of the money market committee.

* Peter Lahti, executive vice president at Kemper Securities Inc. in Chicago, as chairman of the PSA's political action committee.

Caro, Firestone, Guba, and Pierro were also named to the PSA's board of directors.

Other new board members are: Franklin P. Allen 3d, managing director at Morgan Keegan & Co. in Memphis; Dominick Antonelli, chairman and chief operating officer at Roosevelt & Cross Inc. in New York City; William S. Demchak, managing directing at J.P. Morgan Securities Inc. in New York City; Theresa Lang, treasurer at Merrill Lynch & Co. in New York City; Lawrence E. Thomas. partner at Edward D. Jones & Co in St. Louis; and Donna Sims Wilson, senior vice president at M.R. Beal & Co. in Chicago.

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