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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): September 27, 1994
RIGGS NATIONAL CORPORATION
_______________________________
(Exact name of Registrant as specified in Charter)
Delaware 0-9756 52-1217953
___________________ ____________ _____________________
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
1503 Pennsylvania Avenue, N.W., Washington, D.C. 20005
____________________________________________________
(Address of principal executive offices)
Registrant's telephone number, including area code: (202) 835-6000
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Item 5. OTHER EVENTS
On September 27, 1994, Riggs National Corporation announced it has
repurchased all of the outstanding shares of its 7 1/2% Cumulative
Convertible Preferred Stock, Series A.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
The following exhibits are filed as part of this Form 8-K:
EXHIBIT NO. DESCRIPTION
99 Press release, dated September 27, 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.
Date: September 27, 1994 /s/ John L. Davis
__________________ ______________________
John L. Davis
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
99 Press release, issued September 27, 1994, relating to
the repurchase of all of its 7 1/2% Cumulative
Convertible Preferred Stock, Series A.
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LOGO
RIGGS NEWS RELEASE
RIGGS NATIONAL CORPORATION
800 17th Street, N.W.
Washington, D.C. 20074-0114
RIGGS REPURCHASES SERIES A PREFERRED STOCK
For Immediate Release, Tuesday, September 27, 1994
Riggs National Corporation announced that it has
repurchased all 764,537 shares of its 7-1/2% Cumulative
Convertible Preferred Stock, Series A, from The Norwich
Union Life Insurance Society, a major insurance company
headquartered in Norwich, England. Riggs paid $19,113,425
to repurchase the shares, which is equal to the original
issue price in June 1992. The shares were convertible into
2,002,141 shares of Riggs common stock at $9.5465 per share.
Riggs common shares closed yesterday at $10.375. The Series
A shares will be canceled and will revert to authorized but
unissued shares.
As a result of the repurchase, the company's dividend
expense will be reduced by $1.4 million annually, and a
source of potential dilution of its common stockholders has
been eliminated.
After repurchase of the Series A shares, the company's
capital ratios remain substantially in excess of regulatory
minimum requirements. On a pro forma basis at June 30,
1994, the company's Tier I capital to risk-based assets
ratio was 10.55 percent; the total capital to risk-based
assets ratio was 17.11 percent; and the leverage ratio was
6.19 percent. These ratios compare favorably with minimum
regulatory guidelines of 4.00 percent for the Tier I capital
ratio; 8.00 percent for the total capital ratio; and 4.00 to
5.00 percent for the leverage ratio for most bank holding
companies.
Riggs National Corporation is a Washington, D.C.-based
multibank holding company, with banks in Washington, D.C.,
Virginia, Maryland, The United Kingdom and France. Riggs
serves the metropolitan Washington area with 34 locations in
the District of Columbia, 17 in Virginia and 11 in Maryland.
The company's common shares (RIGS) are traded on the NASDAQ
National Market System.
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For more information, contact:
James E. Day
Director of Communications
202-835-5156
