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Riggs National Corp

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BUSINESS
February 11, 2005 | From Associated Press
Salvaging a deal that had appeared dead this week, PNC Financial Services Group Inc. struck an agreement to pay about $642 million in cash and stock for Riggs National Corp., an old-line Washington institution that ran into legal trouble over suspicious financial transactions. PNC said that it had agreed to pay $20 a share for Riggs, $4.25 less than the price announced in the summer before Riggs ran into regulatory trouble.
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BUSINESS
February 11, 2005 | From Associated Press
Salvaging a deal that had appeared dead this week, PNC Financial Services Group Inc. struck an agreement to pay about $642 million in cash and stock for Riggs National Corp., an old-line Washington institution that ran into legal trouble over suspicious financial transactions. PNC said that it had agreed to pay $20 a share for Riggs, $4.25 less than the price announced in the summer before Riggs ran into regulatory trouble.
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BUSINESS
July 17, 2004 | From Associated Press
PNC Financial Services Group Inc. said it agreed to buy Riggs National Corp. in a $779-million deal that would close Riggs' international and embassy banking business that led to a $25-million fine and government scrutiny over its treatment of the accounts of dictators and diplomats. Pittsburgh-based PNC is a regional banking powerhouse more than 12 times bigger than Riggs, an old-line Washington institution with a virtual monopoly on business with the capital's diplomatic community.
BUSINESS
July 17, 2004 | From Associated Press
PNC Financial Services Group Inc. said it agreed to buy Riggs National Corp. in a $779-million deal that would close Riggs' international and embassy banking business that led to a $25-million fine and government scrutiny over its treatment of the accounts of dictators and diplomats. Pittsburgh-based PNC is a regional banking powerhouse more than 12 times bigger than Riggs, an old-line Washington institution with a virtual monopoly on business with the capital's diplomatic community.
BUSINESS
August 5, 2004 | From Bloomberg News
Marathon Oil Corp. and Amerada Hess Corp., the fourth- and fifth-largest U.S. oil producers, said the Securities and Exchange Commission was investigating their payments to the government of Equatorial Guinea. The companies said they were cooperating with the inquiry. The probe follows a U.S. Senate subcommittee report last month on transactions between Riggs National Corp. of Washington and various foreign governments, including Equatorial Guinea. U.S.
BUSINESS
January 28, 2005 | From Reuters
Riggs Bank pleaded guilty to a criminal violation of the Bank Secrecy Act, a U.S. anti-money- laundering law, and agreed to pay $16 million for failing to report suspicious activity in accounts held by former Chilean dictator Augusto Pinochet and Equatorial Guinea officials. In federal court, Riggs also agreed to a five-year probation deal with the Justice Department, which can be terminated if the bank is sold. Riggs' parent company, Riggs National Corp.
BUSINESS
August 7, 2004 | From Associated Press
The Securities and Exchange Commission is examining payments by five big U.S. oil firms to officials of Equatorial Guinea and businesses they controlled, as government inquiries related to Riggs Bank proliferate. Spokesmen for the companies -- Amerada Hess Corp., ChevronTexaco Corp., Exxon Mobil Corp. and Marathon Oil Corp. and Devon Energy Corp. -- confirmed the preliminary investigation. At issue is whether U.S. anti-bribery laws were broken.
BUSINESS
March 8, 2005
* American International Group Inc. said that Chairman Maurice "Hank" Greenberg received a subpoena from New York Atty. Gen. Eliot Spitzer regarding policies that may help companies smooth earnings. * Kroger Co. will restate and cut profit for three years after new regulatory guidelines were issued on accounting for store leases. Kroger will reduce earnings by less than 1 cent a share for 2001, 2002 and 2003, the Cincinnati-based company said. * National Medical Health Card Systems Inc.
BUSINESS
April 30, 1988 | From Reuters
A quarter point increase Friday in the prime lending rate charged by Riggs National Bank of Washington appears anticipatory, but it underscores the sentiment in financial markets that interest rates are headed higher. Riggs, a unit of Riggs National Corp., said the increase to 8.75% "was the result of upward trends in interest rates and higher costs of funds." Riggs, about the 75th-largest among U.S.
WORLD
February 26, 2005 | From Times Wire Services
Washington-based Riggs Bank agreed to pay $8 million into a fund for victims of former Chilean dictator Gen. Augusto Pinochet, the bank said Friday. Members of the Albritton family, which controls the bank, will pay an additional $1 million, an attorney working with Spanish investigators said.
NEWS
April 16, 2002 | From Reuters
A hoax by a 13-year-old Dutch boy shut down several bank branches in the capital Monday after he phoned in a bomb threat to the local police over the weekend, authorities said. The public prosecutor's office in the Netherlands said it had found the boy, who confessed. Prosecutors informed U.S. authorities. "We have the idea that the boy acted on his own and that it was intended as a joke," spokesman Wim de Bruin said, adding that the public prosecutor would launch an investigation.
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