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):
December 13, 1996
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
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(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 887-6000
________________
Item 5. Other Events
On December 13, 1996, Riggs Capital, a wholly owned subsidiary of Riggs
National Corporation, announced that it sold, at par, 150,000 shares of
redeemable trust preferred securities, par value of $1,000, for a total of
$150 million. These securities have an annual dividend rate of 8.625
percent, payable semiannually, beginning in June 1997.
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 December 13, 1996.
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: December 13, 1996 /s/ John L. Davis
_________________ _______________________
John L. Davis
Chief Financial Officer
(Principal Financial and
Accounting Officer)
Index To Exhibits
__________________
Exhibit No. Description
___________ _________________
99 Press release, issued December 13, 1996, relating
to Riggs Capital, a wholly owned subsidiary of
Riggs National Corporation, which sold, at par,
150,000 shares of redeemable trust preferred
securities, for a total of $150 million.
RIGGS <logo> NEWS RELEASE
Riggs National Corporation
800 17th Street, N.W.
Washington, D.C. 20074-0114
For Immediate Release, Friday, December 13, 1996
Riggs Capital (the "Company") announced today that it sold $150 million in
new equity capital through the private placement of redeemable trust
preferred securities. Riggs Capital is a wholly owned subsidiary of Riggs
National Corporation (the "Corporation").
The Company said it sold, at par, 150,000 shares of redeemable trust preferred
securities, par value of $1,000, for a total of $150 million. These
securities have an annual dividend rate of 8.625 percent, payable
semi-annually, beginning in June 1997. The net proceeds from the sale will
enhance the capital ratios of the Corporation and be available for its
general corporate purposes.
Dillon, Read & Co. of New York and Friedman, Billings, Ramsey & Co., Inc. of
Washington, D.C., acted as placement agents for the offering.
Riggs National Corporation is a Washington, D.C. based bank holding company
with banks in the Washington, D.C. metropolitan area, The United Kingdom and
France. Riggs serves the Washington community with 32 locations in the
District of Columbia, 16 in Virginia and 9 in Maryland. The Corporation's
common shares are traded on the NASDAQ National Market System under the
symbol "RIGS."
For more information, contact:
Timothy C. Coughlin, 202-835-5507
