Joe L. Albritton, the longtime chairman and chief executive at Riggs National Bank in Washington, died of heart failure Wednesday in a Houston hospital, according to the Washington Post. He was 87.

Albritton acquired a majority stake in Riggs in 1982 and ran the venerable bank for more than two decades until he was forced to resign after regulators uncovered a money-laundering scheme in which the bank was found to be hiding assets for such foreign dictators as Chile's Augusto Pinochet and Equatorial Guinea's Teodoro Obiang Nguema. In 2004 it was fined $25 million by the Office of the Comptroller of the Currency for failing to file suspicious activity reports for overseas clients and in July of that year the bank, which once boasted of serving presidents and financing the Mexican-American War and the purchase of Alaska, announced it was selling itself to PNC Financial Services Group of Pittsburgh.

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