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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 29, 1995
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
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On September 28, 1995, Riggs National Corporation (the
"Corporation") announced it has been notified by the Federal
Reserve Bank of Richmond (the "Federal Reserve") that the Federal
Reserve has terminated the Memorandum of Understanding under which
the Corporation has been operating since May 14, 1993. The
Corporation also announced that David D. Addison will assume, on
an interim basis, the position of President and Chief Executive
Officer of the Corporation's proprietary mutual fund management
company, Riggs Investment Management Company (RIMCO).
Item 7. Financial Statements And Exhibits
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The following exhibits are filed as part of this Form 8-K:
Exhibit No. Description
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99 Press release, dated September 28, 1995.
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 29, 1995 /s/ John L. Davis
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John L. Davis
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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Index To Exhibits
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Exhibit No. Description
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99 Press release, issued September 28, 1995,
relating to notification by the Federal
Reserve Bank of Richmond (the "Federal
Reserve") that the Federal Reserve has
terminated the Memorandum of
Understanding with Riggs National
Corporation (the "Corporation"). Also,
the Corporation announced that David D.
Addison will assume the position of
President and Chief Executive Officer, on
an interim basis, of Riggs Investment
Management Company (RIMCO).
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RIGGS (LOGO) NEWS RELEASE
RIGGS NATIONAL CORPORATION
800 17th Street, N.W.
Washington, D.C. 20074-0114
For Immediate Release, September 28, 1995
FEDERAL RESERVE TERMINATES
MEMORANDUM OF UNDERSTANDING WITH RIGGS
Regulator Action Reflects Riggs' Substantially Improved Performance
DAVID ADDISON TO HEAD ON AN INTERIM BASIS
RIGGS INVESTMENT MANAGEMENT COMPANY
Washington, D.C.-----Riggs National Corporation today announced that it has
been informed by the Federal Reserve Bank of Richmond that the Federal Reserve
Bank, as a result of the overall improvement in the financial condition of
both Riggs National Corporation and its principal subsidiary, The Riggs
National Bank of Washington D.C., has terminated effective immediately the
Federal Reserve's Memorandum of Understanding with Riggs National Corporation.
This brings to an end all operating agreements between Riggs and its banking
regulators.
Joe L. Allbritton, Chairman and Chief Executive Officer of Riggs
National Corporation, stated, "We are very pleased that the Federal Reserve
has lifted the Memorandum of Understanding. This is further recognition of
the substantial progress of Riggs both operationally and financially,
including Riggs' improved earnings, significant cash reserves, enhanced
capital position, reduced level of problem assets and strengthened senior
management team.
"Both actions are important to and support Riggs' abilities to
capitalize on its strong
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competitive position in the greater Washington market
as a leader in financial services," he said.
Riggs also reported that David D. Addison, Senior Vice President in
charge of Riggs' trust division and a member of the investment management
committee of Riggs' proprietary mutual fund management company, Riggs
Investment Management Company (RIMCO), will assume the additional position on
an interim basis of President and Chief Executive Officer of RIMCO. Mr.
Addison succeeds Robert von Pentz who, having headed RIMCO for a number of
years, has decided that the time is now appropriate to resign to pursue other
personal business interests.
Mr. Allbritton stated, "David Addison provides appropriate leadership
for RIMCO and permits Riggs management to carefully select a permanent
successor for this position. With David Addison, RIMCO has in place an
individual fully knowledgeable of its business. His leadership will allow
RIMCO to continue the tradition of stability, service and performance that
RIMCO's customers expect and deserve."
The Riggs National Corporation is a Washington, D.C.-based multibank
holding company with banks in Washington, D.C., Virginia, Maryland, Florida,
The United Kingdom, France and The Bahamas. Riggs serves the metropolitan
Washington area with 33 locations in the District of Columbia, 16 in Virginia
and 9 in Maryland. The company's common shares (RIGS) are traded on the
NASDAQ National Market System.
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For more information, contact: Tige Savage, Vice President, 202-835-5510
