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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 1994
RIGGS NATIONAL CORPORATION
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(Exact name of Registrant as specified in Charter)
Delaware 0-9756 52-1217953
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
1503 Pennsylvania Avenue, N.W., Washington, D.C. 20005
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(Address of principal executive offices)
Registrant's telephone number, including area code: (202) 835-6000
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Item 5. Other Events
On May 9, 1994, Riggs National Corporation (the "Company") announced that
Paul M. Homan has decided to end his association with the Company.
Item 7. Financial Statements and Exhibits
The following exhibit is filed as part of this Form 8-K:
Exhibit No. Description
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99 Press release dated May 9, 1994
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
May 9, 1994 /s/John L. Davis
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JOHN L. DAVIS
Chief Financial Officer
(Principal Financial and
Accounting Officer)
Riggs National Corporation
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Index to Exhibits
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Exhibit No. Description
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99 Press release, issued May 9, 1994, regarding the Paul
Homan ending his association with the Company.
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[LETTERHEAD OF RIGGS NATIONAL CORPORATION APPEARS HERE]
For Immediate Release, Monday, May 9, 1994
Riggs National Corporation today reported that Paul M. Homan has decided to
end his association with the Riggs organization. His helping to return Riggs to
firmer financial footing is consistent with his prior achievements in the
banking industry.
In ending his association with Riggs, Mr. Homan has resigned as president,
chief executive officer and a director of the company's principal banking
subsidiary, The Riggs National Bank of Washington, D.C., and as a director and
vice chairman of the parent company.
Joe L. Allbritton, chairman and chief executive officer of Riggs National
Corporation, said, "Riggs is achieving substantial progress in positioning
itself for long-term profitable growth. We have developed and are implementing
a three-year capital plan, have greatly improved credit quality, and have put in
place highly skilled managers throughout the organization. The effects of this
progress are reflected in Riggs's return to profitability over the last three
quarters and the highest capital ratios in our history.
"We are grateful for Paul Homan's contribution, and his departure is wholly
voluntary. He joined our organization nearly a year ago with a reputation for
expertise in rebuilding the financial strength of banking organizations. He
has met our expectations in this regard. Our focus now is on using our
enhanced capabilities to take advantage of Riggs's position in the Washington,
D.C., marketplace and to move forward as a supercommunity bank."
Mr. Allbritton will assume, on an interim basis, the responsibilities of
president and chief executive officer of Riggs-Washington. The search committee
of the board of directors will meet on Wednesday to begin the search for a
permanent president and chief executive.
In an unrelated matter, Riggs reported that George W. Grosz, executive vice
president of Riggs's Financial Services Group, recently resigned to accept the
position of president of another financial entity. Peter M. Welber, senior vice
president and a Riggs banker for 21 years, will assume Mr. Grosz's
responsibilities on an acting basis.
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For more information, contact:
James E. Day, Communications Director
202-835-5156
