Riggs National Corp.
1503 Pennsylvania Ave. NW
Washington, D.C. 20005
www.riggsbank.com Year founded: 1836 Industry: Banking Revenue: n/a Net Income/Loss: $979.00 Thousand Earnings per share: $0.03 Dividend: $0.20 Stockholder equity: $373.52 Million Auditor: KPMG LLP Stock: RIGS Assets: $6.37 Billion Market capitalization: $468.29 Million 52-week high: 17.65 4/7/2004 52-week low: 13.25 4/17/2003 Chairman and CEO: Robert L. Allbritton President: Timothy C. Coughlin Employees: 1450 Local employees: 1360 Description: Riggs National is a banking company with 48 branches. The 167-year-old company has long most of the embassy banking business in Washington. Developments: Riggs's longtime emphasis on banking for diplomats cane under scrutiny this spring with news that the FBI is investigating Saudi officials' transactions at the bank, including millions of dollars' worth of deposits and withdrawals in December by the Saudi ambassador. And a federal grand jury is looking into the bank's dealings with the African nation of Equatorial Guinea. Riggs fired an officer in connection with its own investigation into those dealings, the bank confirmed. Meanwhile, as larger regional and national banks continued to report record profits, Riggs, the last big homegrown bank in the District, posted a loss of $6.9 million in the fourth quarter of 2003 as the value of its loan portfolio dropped. Chief executive Robert L. Allbritton said a multimillion-dollar project to improve back-office technology also contributed to the loss, but the benefits will begin this year. And profitability took a hit from customers rapidly paying off mortgages to take advantage of low interest rates. Rumors that Riggs could be acquired continue to percolate. Riggs has not commented on the rumors. Riggs disclosed in March that the Office of the Comptroller of the Currency was considering fining the institution for allegedly failing to live up to an earlier consent order to improve its compliance with anti-money laundering rules. The OCC has classified Riggs as a "troubled" institution because of the problems. In February of this year Riggs announced it would close its Berlin office and eliminate 87 positions. Executive Compensation
Chairman and CEO: Robert L. Allbritton
Total Cash: $541,360.00
Total Compensation: $3,219,806.00
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