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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):
August 3, 1998
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) (Zip Code)
Registrant's telephone number, including area code: (301) 887-6000
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Item 5. Other Events
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On August 3, 1998, Riggs National Corporation announced the redemption
of its 4 million shares outstanding of $100 million, 10.75%
Noncumulative Perpetual Series B Preferred Stock, on October 1, 1998.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) The following exhibit is filed as part of this Form 8-K.
Exhibit No. Description
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99 Press release, dated August 3, 1998.
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: August 3, 1998 /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 August 3, 1998, relating to Riggs
National Corporation's announcement of the redemption of its 4
million shares outstanding of $100 million 10.75%
Noncumulative Perpetual Series B Preferred Stock, on October
1, 1998.
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RIGGS [logo] NEWS RELEASE
RIGGS NATIONAL CORPORATION
800 17th Street, N.W.
Washington, D.C. 20074-0114
FOR IMMEDIATE RELEASE CONTACT: TIMOTHY C. COUGHLIN
202/835-5507
RIGGS NATIONAL CORPORATION CALLS FOR
REDEMPTION OF PREFERRED SHARES
WASHINGTON, D.C., AUGUST 3, 1998 -- Riggs National Corporation (NASDAQ: RIGS),
the largest bank holding company headquartered in the nation's capital,
announced today that it has called for redemption on October 1, 1998, at $27.25
per share, all of the 4 million shares outstanding of its $100 million of 10.75%
Noncumulative Perpetual Series B Preferred Stock. October 1, 1998, is the date
when the Preferred Stock is first eligible to be called for redemption.
Joe L. Allbritton, Chairman and Chief Executive Officer of Riggs National
Corporation, said, "Redeeming this high cost capital provides Riggs with an
excellent opportunity to take advantage of its strong capital position for the
benefit of its common shareholders."
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Riggs National Corporation, the largest bank holding company headquartered in
the nation's capital, has 54 branches in the Washington, D.C. metropolitan area,
as well as three locations in London, England.
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