The Earliest Incarnation

The earliest incarnation of Riggs Bank was formed in 1836 when William Wilson Corcoran opened a small brokerage house. In 1840, Corcoran and George Washington Riggs, the son of a neighbor, formed “Corcoran Riggs”, which offered services and depositing checks. The bank got a major boost in 1844 when the United States government decided that “Corcoran Riggs” was the only federal bank to deposit money in Washington. In 1854 Corcoran retired, and the bank changed its name to “Riggs Co.”. After accepting a government charter, was born in 1886 “Riggs National Bank. Around 1900, the Riggs bank was twice as large as any other city. He embarked on a successful project to be known as the bank of embassies and diplomats, and about 1950, most of the embassies in Washington were customers of Riggs. After that, many offices were opened in the embassies in Washington and London.As a result of several notable scandals in the early years of the 2000s, Riggs Bank was bought by PNC Bank for USD 779 million on 16 July 2004.

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