First American Bankshares Inc

Law Firm headed by Clifford Is Breaking Apart: Clifford & Warnke, the elite 17-lawyer firm headed by Clark M. Clifford, is breaking apart, apparently the victim of the taint of the BCCI scandal. A majority of Clifford & Warnke lawyers are negotiating to join the Washington law firm of Howrey & Simon, according to Ralph J. Savarese, Howrey & Simon's managing partner.

U.S. prosecutors and banking officials settled a legal and diplomatic battle with Abu Dhabi on Saturday when the royal family of the Persian Gulf state agreed to give up claims to $400 million that it had invested in First American Bankshares Inc. The agreement also gives investigators access to a key witness with knowledge of the BCCI financial scandal, sources familiar with the agreement said. In return, a $1.

First American Posts Huge Loss: First American Bankshares Inc., weakened by its connection with an outlaw foreign bank and losses from bad real estate loans, has announced its biggest-ever annual loss--$358.3 million in 1991. First American, the largest bank holding company in the Washington area, has been operating under close supervision of the Federal Reserve since fall.

Former Sen. Charles Mathias was named chairman of First American Bankshares Inc. on Tuesday in a shake-up of the company's officers. Mathias, a Maryland Republican, replaces Nicholas Katzenbach, a former U.S. attorney general who succeeded former Chairman Clark Clifford when he resigned in August after charges stemming from the BCCI scandal. First American Executive Vice President Paul G. Adams III was named president and chief executive. He succeeds George L. Davis.

Board members of Washington's largest bank told a House panel Friday that they were unaware of Bank of Credit & Commerce International's secret ownership and that BCCI did not control the bank's decisions. Members of the House Banking Committee expressed skepticism at the testimony of the five members of First American Bankshares Inc.'s board. The board members said they did not know the Middle Eastern investors who bought First American in 1982.

Banking Firm Sends Out Bid Data: Taking a key step toward its long-awaited sale, First American Bankshares Inc. has sent bidding information to prospective buyers. The Federal Reserve Board ordered the sale of the Washington-based company more than a year ago after discovering that it had been illegally acquired by Bank of Credit & Commerce International, which was subsequently implicated in a massive fraud.

Former Sen. Charles Mathias was named chairman of First American Bankshares Inc. on Tuesday in a shake-up of the company's officers. Mathias, a Maryland Republican, replaces Nicholas Katzenbach, a former U.S. attorney general who succeeded former Chairman Clark Clifford when he resigned in August after charges stemming from the BCCI scandal. First American Executive Vice President Paul G. Adams III was named president and chief executive. He succeeds George L. Davis.

The FBI said it is investigating whether the Bank of Credit & Commerce International tried to manipulate the political process in Georgia to permit the sale of a financially troubled Atlanta bank it controlled to First American Bankshares Inc. of Washington, which regulators said also was under BCCI's control. Sources said the National Bank of Georgia paid Georgia lobbyist Charles Jones and his Hinesville, Ga., law firm $1.

U.S. prosecutors and banking officials settled a legal and diplomatic battle with Abu Dhabi on Saturday when the royal family of the Persian Gulf state agreed to give up claims to $400 million that it had invested in First American Bankshares Inc. The agreement also gives investigators access to a key witness with knowledge of the BCCI financial scandal, sources familiar with the agreement said. In return, a $1.

Former Secretary of Defense Clark M. Clifford, an elder statesman of the Democratic Party, and his business partner and protege Robert A. Altman pleaded not guilty in federal court Friday to charges stemming from their alleged involvement in the Bank of Credit & Commerce International scandal. During the brief courtroom appearance, U.S. District Judge June Green set trial for Oct. 26.

Banking Firm Sends Out Bid Data: Taking a key step toward its long-awaited sale, First American Bankshares Inc. has sent bidding information to prospective buyers. The Federal Reserve Board ordered the sale of the Washington-based company more than a year ago after discovering that it had been illegally acquired by Bank of Credit & Commerce International, which was subsequently implicated in a massive fraud.

Judge Lifts Freeze on BCCI Defendants' Assets: A New York judge lifted an injunction that froze many of the assets of Washington attorneys Clark Clifford and Robert Altman, who face state and federal criminal charges that they helped defunct Bank of Credit & Commerce International take over First American Bankshares Inc. But New York State Supreme Court Justice Stephen Crane left intact an order freezing $18 million that Clifford has in New York accounts.

Former Secretary of Defense Clark M. Clifford, an elder statesman of the Democratic Party, and his business partner and protege Robert A. Altman pleaded not guilty in federal court Friday to charges stemming from their alleged involvement in the Bank of Credit & Commerce International scandal. During the brief courtroom appearance, U.S. District Judge June Green set trial for Oct. 26.

A former executive of the Bank of Credit & Commerce International told Senate investigators Thursday that indicted Washington lawyer Robert A. Altman directed a cover-up of former Panama strongman Manuel A. Noriega's secret $20-million bank account.

Independence Bank, an Encino institution authorities contend was purchased illegally by a front man for the scandal-ridden Bank of Credit and Commerce International, will likely receive a much-needed cash infusion as a result of a guilty plea to financial fraud charges by the bank, two sources familiar with the details said Wednesday.