Donald Norris Hayes, a former vice president of the municipal bond group at Washington, D.C.-based investment firm Folger Nolan Fleming Douglas Inc., died Feb. 3 of congestive heart failure. He was 78.

Mr. Hayes began his career in finance by working as a bank teller with American Security Bank. He joined the municipal world five decades ago when he became a trader with Folger Nolan in 1960.

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