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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):
March 12, 1997
RIGGS NATIONAL CORPORATION
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(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
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ITEM 5. OTHER EVENTS
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On March 12, 1997, Riggs Capital II, a wholly owned subsidiary of Riggs
National Corporation, announced that it sold, at par, 200,000 shares of
redeemable Trust Preferred Securities, liquidation amount of $1,000, for a
total of $200 million. These securities have an annual dividend rate of 8.875
percent, payable semiannually, beginning in June 1997.
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 March 12, 1997.
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: March 12, 1997 /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 March 12, 1997, relating to
Riggs Capital II, a wholly owned subsidiary of
Riggs National Corporation, which sold, at par,
200,000 shares of redeemable Trust Preferred
Securities, for a total of $200 million.
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RIGGS [logo] NEWS RELEASE
RIGGS NATIONAL CORPORATION
800 17TH STREET, N.W.
WASHINGTON, D.C. 20074-0114
FOR IMMEDIATE RELEASE, WEDNESDAY, MARCH 12, 1997
Riggs Capital II (the "Company") announced today that it sold $200
million in new capital. Riggs Capital II is a wholly owned subsidiary of Riggs
National Corporation (the "Corporation").
The Company said it sold, at par, 200,000 shares of Trust Preferred
Securities, Series C, liquidation amount of $1,000, for a total of
$200 million, in a private placement. These securities mature in 2027 and have
an annual dividend rate of 8.875 percent, payable semi-annually, beginning in
June 1997. The net proceeds from the sale will enhance certain capital ratios
of the Corporation and be available for its general corporate purposes.
Dillon, Read & Co. Inc. of New York acted as placement agent 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
